Independent Strategy

GermanyGermany Sep IFO Survey

Another weak IFO survey.  The manufacturing sector remains particularly soft, offsetting what was a modest bounce on the (resilient) services side of things.  The IFO clock moved further towards recession territory.  While it might not yet be formally in this quadrant, the scale of the decline over the past year suggests we’re closer to, if not already in, a technical slump.

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