BERLIN - German business sentiment deteriorated more than expected in August to hit its lowest since November 2012, a survey showed on Monday, in a further sign that escalating trade disputes are pushing Europe’s largest economy toward a recession.
Germany’s export-reliant manufacturers are struggling with weaker foreign demand, tariff disputes sparked by U.S. President Donald Trump’s ‘America First’ policies and business uncertainty linked to Britain’s decision to leave the European Union. “There are ever more indications of a recession in Germany,” Ifo President Clemens Fuest said in a statement. Companies were much less satisfied with their current situation and their pessimism about the coming months also increased, he added.
The Ifo survey followed Markit’s survey of purchasing managers released on Thursday that showed Germany’s private sector continued to struggle in August as a manufacturing recession dragged on and activity in the services sector eased slightly.
Morale...
The reckoning for the EU is approaching. The beginning of the end of this unsustainable exercise in Global Elitism come 10/31 with Brexit. I’d be depressed too if I was German. Hamelin comes to mind as Merkel continues to pipe on.
あらあら…これは何かが始まる予兆のようですね…