Believe it or not, Germany is the Number 1 coal consuming country in the EU...
If one really cared about climate, would one shut down nuclear or coal power plants first? Source: Michael A. Arouet
Europe deindustrialization continues
German industrial production fell for 7th consecutive month in December, the longest decline in the history of the data series. The 1.6% MoM decline came as a huge downside surprise. Source: Bloomberg, HolgerZ
Eurozone Retail Sales Volume
Source: The Daily Shot
German factory orders unexpectedly advanced at year end
GERMANY DEC. FACTORY ORDERS RISE 2.7% Y/Y; EST. -5.3% - BBG *GERMANY DEC. FACTORY ORDERS RISE 8.9% M/M; EST. -0.2% That jump —defying a median economist estimate of a 0.2% decline — was thanks to major orders, without which there would have been a 2.2% drop , Destatis said. Source: Bloomberg, C.Barraud
Germany's exports to Kyrgyzstan were up 1200% in 2023 vs before Russia invaded Ukraine...
Source: Robin Brooks
The reason why tighter bank lending conditions bite Eurozone economy faster, while US companies still don’t suffer under higher rates due to longer duration.
Source: Patrick Krizan, Michel A.Arouet
European stocks are currently trading at their lowest valuation relative to U.S. Stocks in history
Source: Win Smart, IBES
Germany troubles in one chart. Retail sales have fallen by 4.4% in Dec YoY.
This means that even Christmas sales fell through. Germans have gone on a buyers' strike since the outbreak of inflation & have even cut back on gifts for children during the Christmas season. This also explains why Germany has some of the toughest competition in the retail sector and the lowest profit margins there. Source: Bloomberg, HolgerZ
