Production in Iran is tumbling as sanctions begin to bite OPEC+ only able to partly compensate for lower Iranian production…
The slowdown in Chinese retail sales is even more pronounced than the headline growth number suggests. Since goods inflation has been pushed up by pork and other meats, real growth in retail sales is now down to 5% #macrobond
German economy grew by 0.1% q/q in Q3 - better than expected. Business investments declined in line with confidence indicators, but private and public consumption added to growth. Employment no longer increasing, but real wage gains sustain moderate consumption growth #macrobond
Finally some good news from Germany as the ZEW economic sentiment index jumped in November. However, economists' expectations say little about actual GDP-growth. The more relevant "current conditions" increased only marginally, but at least it did not drop further #macrobond
Auto sales in China declined further in October and total sales now stands at the lowest level since 2015. A sign that Chinese households remain reluctant to make large purchases despite government efforts to boost sales. Also not great news for German auto producers #macrobond
German exports increased more than expected in September but have been pretty flat for more than a year. Imports also increased, but trade surplus widened. There is no sign of a pickup in domestic consumption and investments #macrobond
