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5 Jul 2024

Deindustrialization continues unabated in Germany.

Industrial production fell by 2.5% in May to a level last seen in 2010 - except for covid –, meaning industrial activity is unlikely to contribute to GDP growth in Q2. The consensus forecast was for a 0.1% increase in May. Production in industry, excluding energy & construction, dropped 2.9%, mainly driven by lower activity at car & machinery producers. Construction output decreased 3.3%, while energy production increased 2.6%. Source: Bloomberg, HolgerZ

10 May 2024

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 Source: Michel A.Arouet, Bloomberg

18 Mar 2024

Everyone is aware of German deindustrialization by now, unfortunately industrial production in other major European countries is not looking much better.

Source: Michel A.Arouet, skhanniche

27 Feb 2024

Deindustrialization in one chart:

Price for CO2 emission rights (Carbon Futures) hit lowest since Jul 21. Source: HolgerZ, Bloomberg

9 Feb 2024

Construction spending has surged on late cycle government stimulus, helping to drive economic growth in the US

But it is coming at a cost as the US government is running an enormous deficit for a non-recessionary period $1.5 trillion for 2024 alone, down slightly from 2023 Source: Bloomberg, markets & Mayhem

8 Feb 2024

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


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