germaneconomy
The eurozone's private sector showed stronger-than-expected growth in August, according to preliminary Purchasing Managers' Index (PMI) surveys. However, signs of underlying weaknesses persist, particularly in Germany and in the currency bloc’s manufacturing sector. The Composite PMI Index for the broader eurozone rose to 51.2 this month, up from 50.2 in July and exceeding expectations of 50.1. This marks the sixth consecutive expansion in eurozone private sector activity and the fastest in three months. However, manufacturing across the eurozone continued to contract, with the Manufacturing P...
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The second estimate for the quarter-on-quarter Eurozone gross domestic product (GDP) growth rate for the second quarter of 2024 has been released, coming in at 0.3%. The figure was the same as the previous quarter, as well as in line with forecasts. France grew at 0.3% this quarter, the same as the previous quarter. Although the country could potentially see an economic boost from the Olympics in the third quarter of the year, this is likely to be capped somewhat by ongoing political uncertainty. Spain's GDP growth also came in at 0.8% for the second quarter of the year, which was the same as ...
Euronews (English)
The ZEW Economic Sentiment Index, a key indicator that gauges the expectations of financial experts, fell dramatically from 41.8 points in July to just 19.2 points in August. The falling sentiment reflects growing pessimism about the country's outlook and highlights broader concerns for the eurozone. The decline not only undershot market expectations of a more moderate drop to 32 points but also marked the most significant monthly deterioration since July 2022. Similarly, the eurozone's broader economic sentiment also deteriorated, with the corresponding index dropping from 43.7 to 17.9 points...
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Mercedes-Benz AG, the renowned German luxury automaker, reported a decline in revenue for the last quarter and issued a profit guidance that fell short of expectations, as the company anticipates continued weak customer demand for the rest of the year. Shares of Mercedes-Benz AG dropped more than 2% at the market open in Frankfurt to €61, reaching their lowest level since late January 2024. Revenue for the second quarter of 2024 stood at €36.7bn, down from €38.2bn in the same period last year and below analyst predictions of €37.2bn. The cars division achieved a 10.2% return on sales during th...
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Sentiment among German companies worsened more than anticipated in July, marking the second consecutive monthly decline, the ifo Institute reported on Thursday. The monthly survey, which includes around 9,000 German firms in manufacturing, services, trade, and construction, showed the Business Climate Index dropping from 88.6 points in June to 87 in July, missing economists' forecasts of a rise to 88.9. This overall decline in business confidence was driven by deteriorations in both current conditions and business expectations for the next six months. The expectations gauge fell to 86.9 in Jul...
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SAP SE unveiled its Q2 2024 financial results on Monday after market close, showcasing a robust performance driven by significant strides in cloud revenue and strategic advancements in business AI. Shares of SAP opened 5% higher on Tuesday at €193, reaching new record highs and on course for the best one-day performance since January. The German tech giant reported total revenue of €8.29 billion for Q2 2024, a 10% increase compared to the same period last year, surpassing market expectations of €8.25 billion. This growth was predominantly driven by a 25% surge in cloud revenue, reaching €4.15 ...
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The German year-on-year producer price index (PPI) report for June came in on Friday morning at -1.6%, according to the Federal Statistical Office. This was in line with analyst expectations, as well as being the 12th month in a row of producer prices falling. However, it was still higher than the -2.2% seen in May. June’s figure was mainly supported by energy prices falling -5.9%, with electricity prices dropping -11% and natural prices plunging -14.8%. Intermediate goods’ costs also decreased -0.9%, with basic chemicals’ costs sliding -3.4% and fiber-board costs dropping -8.9%. Paper, paper ...
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After months of argument, the German government has finally agreed budget plans for 2025, according to Reuters. There remains a €17 billion gap between projected spending and actual revenue but the cabinet hopes the gap will be filled by the raising of extra money as and when the economy improves. The eurozone's largest economy just missed going into recession at the beginning of 2024 but current growth is still lower than hoped for. Germany's economic sentiment slips more than expected: Is recovery at risk?Corporate distress levels see a rise in Germany but falls for France and UKThe approved...
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The economic sentiment gauge for Germany, which reflects financial experts' future expectations, fell more than anticipated in July, marking its first decline after eight consecutive months of increases. The ZEW Economic Sentiment Index for Germany eased from 47.5 to 41.8 points, below the expected 42.5. Despite this decline, the barometer of economic morale remained positive, indicating that optimist experts still outnumber pessimists by 41.8 percentage points. Interestingly, the sub index for current conditions improved from -73.8 to -68.9 points, countering expectations of a decline to -74....
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German billionaire Mathias Döpfner and private equity group KKR are planning to reorganise the media firm Axel Springer, reported the Financial Times. According to current proposals, Axel's CEO Döpfner and Friede Springer, the widow of the company’s founder, could take more responsibility for the group's media properties. The firm's online listings sites, meanwhile, could be taken over by KKR and the Canada Pension Plan Investment Board. These companies hold the largest combined shareholding in Axel Springer. Carlsberg taps into Gen-Z's sweet tooth with Britvic buyThe media conglomerate curren...
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