from Deutsche Bank Research, the new edition of Focus Germany:
Economic Weakness, Political Turbulence [PDF]
German exports and global trade have been moving in lockstep recently and more or less ground to a halt in YoY terms. We found that the Bundesbank’s leading indicator for global industrial production leads German exports by 4 to 5 months. Recent declines in this indicator do speak against a recovery in German exports before the end of Q1 2020, despite recent signs of stabilization in German foreign order intake. (Also included in this issue: house prices in Germany, labor market, automotive industry and German politics.)
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