Europe is becoming an open air museum
Source: OECD
This chart shows either total management failure or how dismal things are in Germany as a business location with high electricity prices.
Thyssenkrupp's stocks have fallen by 62% over the past 5 years, while the competition, particularly from the US, has made strong gains. Source: Bloomberg, HolgerZ
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
