Yesterday morning the ZEW institute released August sentiment data showing the current situation had deteriorated to -13.5 from -1.1 in July. Far worse, the expectations reading collapsed to -44.1 from -24.5, the lowest level since December 2011 (following which the ECB’s Mario Draghi was forced into his ‘whatever it takes’ mode), in turn the weakest reading since December 1992 when Germany was ‘the weak man of Europe’. This morning Q2 GDP data dipped 0.1 per cent on the quarter taking to annualised rate to flat – no growth.
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