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German inflation unexpectedly accelerated in July to 2.3% YoY from 2.2% in June as food price inflation keeps rising, core inflation, and services inflation remain sticky at 2.9% and 3.9%.
Source: HolgerZ, Bloomberg
Chinese EVs Seize Record 11% Share in Europe Ahead of Tariffs - Bloomberg
Chinese brands captured 11% of the European electric-car market in June, notching record registrations as manufacturers raced to beat stiff European Union tariffs that took effect early this month.
As highlighted by Michel A.Arouet on X: the German business model was based on:
1. Cheap energy from Russia 2. Cheap subcontractors in Eastern Europe 3. Steadily growing exports to China All three are gone by now, and not much has been done to change the trend. Source: Bloomberg, Michel A.Arouet
Interesting point by HolgerZ on X. Unlike on Wall Street – big stocks in germany are still doing well, while small stocks are struggling.
This can be seen in the ratio of the Benchmark Index Dax to the Mid-Cap-Index MDax, which hit its highest level since 2011. This could be because the economy isn't doing great, and small companies are more affected by this. The Purchasing Managers' Index for Germany dropped below make-or-break 50 this week, highlighting Germany's economic challenges. Source: HolgerZ, Bloomberg
Since its inception in 1999, the Euro has lost 40% of its purchasing power.
To put this into perspective: 1 Euro today can only purchase about 60% of what it could back in 1999. Source: Relai 🇨🇭
In Germany, the number of corporate insolvencies up by a third.
In April 2024, the local courts reported 1,906 corporate insolvencies. The courts put the creditors' claims from the corporate insolvencies reported in April 2024 at ~€11.4bn. In April 2023, the claims had totaled ~€1.3bn. Source: HolgerZ, Bloomberg
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