iShares Currency Hedged MSCI Germany ETF (HEWG)

German industry disappointed in May, indicating that the entire economy could have fallen back into negative territory in the second quarter. Industrial production dropped by 2.5% month-on-month in May, from 0.1% MoM in April.

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Business activity in the euro area came close to stabilising in March, as provisional PMI® survey data registered only a marginal decline in output of goods and services.

The German DAX Has Hit An All-Time High In December And This Is Why

The German stock market has gone parabolic in an exceptionally strong move, after meandering over the summer months with sub-par economic releases. The surface reason for this division is that the vast majority of German earnings are not driven by the domestic economy but by their multinational operations.

The debate over whether Germany is emerging as the 'sick man of Europe' again has picked up steam once again over the summer. In our view, the answer is a resounding yes.

Cash is king in Germany. With inflation running high, we look at the German consumer's ability to increase spending, save less and support domestic growth.

The German DAX broke its 200-day moving average in November of last year. It rose more than 3,000 points off its October low (up more than 26%) and is now technically in bull market territory.

The German economy grew by 1.9% in 2022, per the German statistical office first estimate. This implies a stagnating, not contracting, economy in the fourth quarter.

The minutes of the ECB's September meeting delivered a couple of interesting insights. Though quantitative tightening currently looks unlikely, it will come eventually.

House price growth in the eurozone is at its highest since 2006 as housing markets were supported by a limited impact of the pandemic on household finances, rising savings, historically low-interest rates, favorable financing conditions, and changing preferences. The improved macroprudential framework in Europe, increased supply of housing, and bottoming out of interest rates are expected to ease the upward pressures on price growth.

German industrial production's 2.8% month on month increase in October, from -0.5% MoM in September, was only the third monthly increase this year. Industrial production has suffered enormously from global supply chain frictions this year, which have not yet been resolved.

Germany's most prominent leading indicator, the Ifo index, dropped for the fifth month in a row in November, coming in at 96.5. The index now stands at its lowest level since February this year. Both the current assessment and the expectations component weakened.

Leading indicators but also hard data signal a developing manufacturing sector boom while the government prepares the strictest lockdown to date in order to prevent the healthcare system from being overwhelmed by the third COVID-19 wave. The dichotomy between manufacturing and services is wider than ever - and it is not assured that the gap will eventually close from the side of services alone.

Flash Eurozone PMI at 52.5 in March signals return to growth. Manufacturing expands at record pace, helping offset service sector weakness.

Flash Eurozone PMI edges up from 47.8 in January to 48.1 in February. Manufacturing expansion gains momentum, helping offset further service sector weakness.