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☆ Higher energy prices in Germany impact competitiveness of manufacturers, economist says
▼ + stars: | 2024-04-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHigher energy prices in Germany impact competitiveness of manufacturers, economist saysTimo Wollmershäuser, head of economic forecasts at IFO, discusses the German economy and the competitiveness of companies.

Persons: Timo Wollmershäuser Locations: Germany

☆ Germany’s housebuilding sector is in a 'confidence crisis' as the economy struggles
▼ + stars: | 2024-02-23 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Patrick Pleul | Picture Alliance | Getty ImagesGermany's housebuilding sector has gone from bad to worse in recent months. "The housebuilding sector is, I would say, a little bit in a confidence crisis," Dominik von Achten, chairman of German building materials company Heidelberg Materials, told CNBC's "Squawk Box Europe" on Thursday. In January both the current sentiment and expectations for the German residential construction sector fell to all-time lows, according to data from the Ifo Institute for Economic Research. The business climate reading fell to a negative 59 points, while expectations dropped to negative 68.9 points in the month. Habeck pointed to higher interest rates as a key challenge for the economy, explaining that those had led to reduced investments, especially in the construction sector.

Persons: Patrick Pleul, Dominik von Achten, CNBC's, Klaus Wohlrabe, Robert Habeck, Wohlrabe, It's, Achten Organizations: Getty, Heidelberg Materials, Ifo Institute for Economic Research, Hamburg Commercial Bank, PMI, Climate Locations: Germany, Ifo, Heidelberg

The inflation rate fell to 2.3% in November. Analysts polled by Reuters had expected inflation to ease to 2.6%. Core inflation, which excludes volatile food and energy prices, fell to 3.8% in November from 4.3% the previous month. "But the inflation rate will fall to below 3% as early as the beginning of next year," Wollmershaeuser said. Economists pay close attention to German inflation data, as Germany publishes its figures one day before the euro zone inflation data release.

Persons: Fabian Bimmer, Timo Wollmershaeuser, Wollmershaeuser, Commerzbank's, Ralph Solveen, Solveen, Bert Colijn, Colijn, Miranda Murray, Maria Martinez, Linda Pasquini, Sharon Singleton, Kirsten Donovan Organizations: REUTERS, Rights, Reuters, Union, European Central Bank, Thomson Locations: Hamburg, Germany, Spanish

☆ German export sentiment improves in November - Ifo
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

A cargo ship is seen on river Main in front of the skyline during a summer evening in Frankfurt, Germany, August 13, 2023. REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsNov 27 (Reuters) - Sentiment among German exporters improved in November, although only a few sectors expected exports to increase, according to a survey by the Ifo economic institute released on Monday. The institute's export expectations indicator rose to minus 3.8 points in November from minus 6.3 points in October. "However, the export economy still isn't managing to develop any momentum," Klaus Wohlrabe, head of surveys at Ifo, said. "German companies have yet to benefit much from the economic upswing in many countries," he added.

Persons: Kai Pfaffenbach, Klaus Wohlrabe, Amir Orusov, Rachel More Organizations: REUTERS, Thomson Locations: Frankfurt, Germany, Ifo

Lindner plans to lift self-imposed limits on borrowing and present a supplementary budget next week after a constitutional court ruling wiped billions from the federal budget and forced the government to freeze most new spending commitments. HANDS TIED IN A BOXING MATCHThe crisis has sparked calls for reforming the debt brake. "With the debt brake as it is, we have voluntarily tied our hands behind our backs and are going into a boxing match. A poll by the broadcaster ZDF suggested only a minority of Germans, 35%, supported suspending the debt brake however, compared to 61% wanting it to stay in place. Some 57% wanted the budget shortfall from the court ruling to be covered by spending cuts, 11% favoured tax increases and 23% wanted the state to take on additional debt.

Persons: Christian Lindner, Lindner, hawkish Lindner, Chancellor Olaf Scholz's, Robert Habeck, Habeck, Thomas Gitzel, Holger Hansen, Christian Kraemer, Miranda Murray, Rene Wagner, Matthias Williams, Toby Chopra Organizations: BERLIN, German Finance, Greens, ZDF, Bank, Thomson Locations: Germany, China, Europe

☆ 'Some positive news': Ifo president on data showing improved German business sentiment
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Some positive news': Ifo president on data showing improved German business sentimentClemens Fuest, president of the Ifo institute, discusses German business sentiment after data shows improved morale for the third consecutive month in November.

Persons: Clemens Fuest

Europe's largest economy shrank 0.1% in the July-to-September quarter as inflation eroded people's willingness to spend, Germany's statistics office confirmed Friday. The downbeat figures come as the country's budget crisis raises the possibility of deep spending cuts next year. A court ruled last week that previous spending violated constitutional limits on deficits, forcing Chancellor Olaf Scholz's government to put off a final vote on next year's spending plan. The court said the move violated rules in the constitution that limit new borrowing to 0.35% of annual economic output. He termed the uptick in the Ifo survey of business managers as “a bottoming out” rather than a rebound.

Persons: Chancellor Olaf Scholz's, quarrelsome, Christian Lindner, ”, Carsten Brzeski, Brzeski Organizations: International Monetary Fund, Finance, ING Locations: FRANKFURT, Germany, Russia, Ukraine

[1/3] FILE PHOTO: German Chancellor Olaf Scholz looks on as he meets NATO's Secretary General Jens Stoltenberg in Berlin, Germany, November 9, 2023. Wednesday's decision by the constitutional court could also set a precedent for fiscal responses to future crises. "FAR-REACHING CONSEQUENCES""The court ruling has far-reaching consequences for fiscal policy in Germany," said Clemens Fuest, President of the Ifo economic institute. This was done with the Second Supplementary Budget Act 2021, which retroactively amended the Budget Act for 2021. The constitutional court ruled that this act was incompatible with Germany's Basic Law and so was void.

Persons: Olaf Scholz, Jens Stoltenberg, Liesa, Chancellor Olaf Scholz's, Christian Lindner, Lindner, Scholz, Robert Habeck, Clemens Fuest, Ralph Solveen, Habeck, Friedrich Merz, Maria Martinez, Christian Kraemer, Ursula Knapp, Matthias Williams, Kirsti Knolle, Madeline Chambers, Susan Fenton, William Maclean, Catherine Evans Organizations: REUTERS, Rights, Finance, Union, Social Democrats, Free Democrats, Christian Democratic Union, Thomson Locations: Berlin, Germany, Ukraine

☆ German housebuilding is collapsing — and could drag the economy down with it
▼ + stars: | 2023-11-15 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +4 min

Fast forward two years, and German housebuilding looks like it's collapsing, putting pressure on both his hard-to-reach goal, but also the overall economy of the country. Over 22% of companies surveyed reported the cancellation of residential construction projects in Germany in October, a new record high. Expectations for the residential construction industry fell to what the Ifo described as an "exceptional low." "Things continue to go from bad to worse in Germany's construction sector. But it's also the jobs market that could be impacted by troubles in the homebuilding sector, Brzeski noted.

Persons: Soeren, Germany's Olaf Scholz, —, Cyrus de la Rubia, Carsten Brzeski, Brzeski, Klaus Wohlrabe, Wohlrabe, it's Organizations: Getty, Ifo Institute for Economic Research, Hamburg Commercial Bank, German Federal, Office, ING, CNBC, European Central Bank, ECB, European Commission Locations: downtown Wittenberg, Germany, Hamburg

☆ German Court deals blow to Scholz government with budget ruling
▼ + stars: | 2023-11-15 | by ( ) www.cnbc.com time to read: +1 min

Germany's constitutional court ruled on Wednesday that the government's re-allocation of 60 billion euros ($65 billion) of unused debt from the pandemic era to a climate fund was illegal, dealing a blow to Chancellor Olaf Scholz's coalition. This was done with the Second Supplementary Budget Act 2021, which retroactively amended the Budget Act for 2021. The constitutional court ruled that this act was incompatible with Germany's Basic Law and so was void. In addition, the government changed the accounting principal by which borrowing counted against the budget deficit in the year the borrowing was actually done. "The court ruling has far-reaching consequences for fiscal policy in Germany," said Clemens Fuest, President of the Ifo economic institute.

Persons: Chancellor Olaf Scholz's, Christian Lindner, Clemens Fuest Organizations: Social Democrats, Greens, Free Democrats Locations: Germany

☆ Wave of cancellations in German housing construction at new high -Ifo
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 6 (Reuters) - Germany's residential construction sector was again hit by a wave of cancellations in October, according to a survey published on Monday that showed a record number of firms reporting abandoned projects. "It's getting worse all the time, with more and more projects failing due to higher interest rates and elevated construction prices," says Klaus Wohlrabe, Ifo head of surveys. "In residential construction, new business remains very low and companies' order backlogs are diminishing." The number of companies reporting a lack of orders also increased in October, to 48.7% of firms from 46.6% in September. "Nearly half of all residential construction companies are now suffering from a lack of orders, and that number is growing every month," said Wohlrabe.

Persons: Klaus Wohlrabe, Miranda Murray, Rachel More Organizations: Thomson

☆ German structural reforms 'are a must,' IMF chief insists
▼ + stars: | 2023-10-05 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), speaks to the media following talks at the Chancellery on November 29, 2022 in Berlin, Germany. "If you look at the policy decisions Germany is taking, they are around stimulating structural change. And of course, like any other country, structural reforms are a must in this more uncertain world with low gross growth prospects," Georgieva said Wednesday. The auto industry should be a particular focus for reform in Germany if the country wants to increase productivity, according to Georgieva. "For Germany, this is very visible in the need to restructure the automobile sector for this economy of tomorrow," she said.

Persons: Kristalina Georgieva, Carsten Koall, CNBC's Joumanna, Georgieva, Hans, Werner Sinn, Joachim Nagel Organizations: International Monetary Fund, Getty, Ifo Institute, CNBC Locations: Berlin, Germany, Europe, Italy, Ukraine

☆ Germany's political landscape is shifting, with the far-right AfD party ahead in the polls
▼ + stars: | 2023-10-03 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +3 min

The AFD party leadership (front row) holds a banner reading OUR LAND FIRST! during a protest against the rising cost of living in a demonstration organized by the right-wing Alternative for Germany (AfD) political party on October 8, 2022 in Berlin, Germany. The Christian Democratic Union party (CDU), formerly led by chancellor of 16 years, Angela Merkel, currently polls the highest. "First of all you need a political will to stop it and we don't see this will among the other parties. "There is a backlash clearly … The population is now moving to the right," Sinn said, referring to the popularity of the AfD.

Persons: Omer Messinger, Angela Merkel, Robert Lambrou, Lambrou, CNBC's Annette Weisbach, Chancellor Olaf Scholz, Manfred Knof, Hans, Werner Sinn, Sinn Organizations: Getty, Social Democrats, Greens, Free Democrats, Christian Democratic Union, CDU, CNBC, Federal Ministry for Economic Affairs, Handelsblatt Locations: Germany, Berlin, Hesse, Frankfurt, Bavaria, Munich, Sonneberg, Thuringia, Europe

☆ German GDP expected to contract by 0.6% this year, economic institutes say
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

Business sentiment has recently deteriorated again and overall, the indicators suggest that production fell noticeably in the third quarter of 2023, the economic institutes said. GDP is expected to shrink by 0.4% in the third quarter, following stagnation in the second quarter. For 2024, the institutes - four German and one Austrian - forecast GDP growth of 1.3%, down from 1.5% previously. In the following years, a decreasing potential growth rate due to the shrinking labour force will become more and more apparent, the economic institutes said. The Joint Economic Forecasts are prepared by the Ifo Institute, the Halley Institute for Economic Research, the Kiel Institute for the World Economy, the RWI – Leibniz Institute for Economic Research and the Austrian Institute of Economic Research.

Persons: Kai Pfaffenbach, Oliver Holtemoeller, Maria Martinez, Friederike Heine Our Organizations: REUTERS, Rights, Reuters, Halle Institute for Economic Research, Ifo Institute, Halley Institute for Economic Research, Kiel Institute, Institute for Economic Research, Austrian Institute of Economic Research, Thomson Locations: Frankfurt, Germany

Growth of 0.3% had been expected in the institutes' spring forecasts. The so-called Joint Economic Forecasts are to be presented in Berlin on Thursday. The economics ministry usually updates its forecasts incorporating the results of the Joint Economic Forecasts. For 2024, the institutes - four German and one Austrian - forecast GDP growth of 1.3%, down from 1.5% previously. The Joint Economic Forecasts are prepared by the Ifo Institute, the Halle Institute for Economic Research, the Kiel Institute for the World Economy, the RWI – Leibniz Institute for Economic Research and the Austrian Institute of Economic Research.

Persons: Annegret, Christian Kraemer, Rene Wagner, Maria Martinez, Rachel Armstrong, Kirsti Knolle, Sharon Singleton Organizations: REUTERS, Rights, Reuters, Ifo Institute, Halle Institute for Economic Research, Kiel Institute, Institute for Economic Research, Austrian Institute of Economic Research, Thomson Locations: Berlin, Germany

☆ German export sentiment drops to three-year low - Ifo
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

In its fifth consecutive month of decline, the institute's export expectations indicator fell to minus 11.3 points in September, from minus 6.5 points in August. "Germany's export economy is going through a weak phase," Klaus Wohlrabe, head of surveys at Ifo, said. "It's likely that export demand won't pick up again significantly until next year," he added. Wohlrabe said higher interest rates were dampening demand for German goods. Last month's hopes for growth in the German chemical industry did not materialize in September, according to the survey.

Persons: Fabian Bimmer, Klaus Wohlrabe, Wohlrabe, Amir Orusov, Rene Wagner, Rachel More Organizations: REUTERS, Thomson Locations: Bremerhaven, Germany, Ifo

☆ German business sentiment worsens in September - Ifo
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Sept 25 (Reuters) - German business morale deteriorated in September, falling for the fifth month in a row, a survey showed on Monday. The Ifo institute said its business climate index stood at 85.7 versus a forecast of 85.2, according to analysts polled by Reuters. "The German economy is treading water," Ifo president Clemens Fuest said. Companies were less satisfied than in the previous month with their current business situation. Reporting by Friederike Heine and Maria Martinez, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Clemens Fuest, Friederike Heine, Maria Martinez, Miranda Murray Organizations: Reuters, Companies, Thomson

☆ Morning Bid: Fed's hawkish pause keeps pressure on markets
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +3 min

Global markets have been feeling the heat as U.S. bond yields surged and a strengthened dollar hit a six-month high following the Federal Reserve's hawkish tone last week. The euro zone central bank also struck a relatively dovish tone. But markets will have plenty of material to pore over this week as they try to glean future Fed moves. In the euro zone, ECB President Christine Lagarde kicks off a string of speeches and remarks this week. Markets are expecting that the euro zone's central bank is done hiking.

Persons: Jonathan Ernst, Brigid Riley, Neel Kashkari, Christine Lagarde, Francois Villeroy de Galhau, Isabel Schnabel, Fed's Neel Kashkari, Edmund Klamann Organizations: . Federal, REUTERS, Brigid, Brigid Riley Investors, Global, Federal Reserve, U.S, Minneapolis, China, HK, ECB policymaker, Bank of France, ECB, Thomson Locations: Washington, U.S, Europe, Britain, Switzerland, Japan, China, Hollywood

☆ CNBC Daily Open: Even high yields couldn’t stop tech
▼ + stars: | 2023-09-12 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Meanwhile, the European Commission revised its growth forecast for the European Union down from 1% to 0.8%. Only European economy to contractGermany is likely the only major European economy to contract this year, according to fresh forecasts by the European Commission. The commission predicts Germany's economy to shrink 0.4% this year; the International Monetary Fund puts that figure at 0.3%.

Persons: JPMorgan Chase, Jamie Dimon, it'd, Dimon, Cristiano Amon, Hans, Werner Sinn, Tesla Morgan Stanley's, Adam Jonas, Tesla, Jonas Organizations: CNBC, Nasdaq, Commission, European Union, JPMorgan, Qualcomm Qualcomm, Apple, UBS, European Commission, International Monetary Fund Locations: European, U.S, Ukraine, Germany, Europe

☆ CNBC Daily Open: Markets can’t catch a break from rate fears
▼ + stars: | 2023-09-08 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The donations were meant 'to weed out anti crypto dems for pro crypto dems and anti crypto repubs for pro crypto repubs," Salame said in a private message, according to a court document. It's the first time a Chinese president has missed the summit, a sign of how geopolitics have shifted. But Leon Cooperman, the chair and CEO of the Omega Family Office, told CNBC he doesn't think markets will hit a new high for a long time.

Persons: Goldman Sachs, David Solomon, CNBC's David Faber, Instacart, Goldman, Solomon, FTX's Salame, Ryan Salame, Salame, Joe Biden, Xi Jinping, Vladimir Putin, Leon Cooperman Organizations: CNBC, Nasdaq, ifo Institute, Alameda Research, Omega Locations: Germany, Alameda, India

☆ German exports fall less-than-expected 0.9% in July
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsBERLIN, Sept 4 (Reuters) - German exports fell a less-than-expected 0.9% in July from a month earlier as global demand continued to falter, data from the federal statistics office showed on Monday. "Trade is no longer the strong resilient growth driver of the German economy that it used to be, but rather a drag," said Carsten Brzeski, global head of macroeconomics at ING. Imports rose 1.4% on the month, the data showed. German export expectations have deteriorated slightly due to weak foreign demand, an Ifo survey showed in August. "As long as the global economic environment remains weak, German exports will also remain depressed," said Thomas Gitzel, chief economist at VP Bank.

Persons: Phil Noble, Carsten Brzeski, Brzeski, Bastian Hepperle, Hauck Aufhaeuser Lampe, Thomas Gitzel, Maria Martinez, Friederike Heine, Alex Richardson, Christopher Cushing Organizations: REUTERS, Rights, ING . Supply, European Union, VP Bank, Thomson Locations: Hamburg, Germany, China, Hauck

☆ Where in the World Are People Back in the Office?
▼ + stars: | 2023-09-04 | by ( ) www.nytimes.com time to read: +2 min

In London, a politician wrote not-so-subtle notes to remote workers last year, hoping to persuade them to spend more time in the office: “Sorry you were out when I visited,” Jacob Rees-Mogg, then a government minister, recalled writing in messages left on the desks of Cabinet Office staff members who were working from home. When the coronavirus pandemic took hold in 2020, many industries across the world shifted to remote or hybrid work. It was an immense experiment that yielded different results for different cities — with long-term standoffs between executives and workers in some cases, and a sweeping return to the office in others. Whether a person is more likely to do work at a cubicle in a big office tower or on the living room couch now depends on where in the world those cubicles and couches are. Many Asian countries have lower levels of remote work than countries in Europe and North America.

Persons: ” Jacob Rees, Mogg, Jem Kim, videoconference, Autónomo, México Organizations: Sequoia, Stanford, Instituto, Ifo Institute Locations: London, Seoul, San Mateo, Calif, Europe, North America, Britain, Canada, United States

☆ Germany is the 'sick man of Europe' — and it's causing a shift to the right, top economist says
▼ + stars: | 2023-09-04 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +3 min

The "sick man of Europe" moniker has resurfaced in recent weeks as manufacturing output continues to stutter in the region's largest economy and the country grapples with high energy prices. It "has to do with the automobile industry, which is the heart of the German industry and many things hinge on that," he said. Germany reported a foreign trade deficit for the first time in decades in May 2022, totaling 1 billion euros ($1.03 billion). Plunge in business sentimentSinn said investor doubts about the feasibility of Germany's sustainability goals also play into the description of the country as the "sick man of Europe." Uncertainty about energy prices has likely contributed to a "plunge" in business sentiment, Holger Schmieding, chief economist at Berenberg, wrote in the note.

Persons: Hans, Werner Sinn, Sinn, CNBC's Steve Sedgwick, Thomas Lohnes, Berenberg, Holger Schmieding Organizations: European Central Bank, Getty, Ambrosetti, Berenberg Locations: Germany, Europe, Italy, Ukraine, Frankfurt, Saudi Arabia

☆ Germany is the sick man of Europe, Ifo institute says
▼ + stars: | 2023-09-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGermany is the sick man of Europe, Ifo institute saysHans-Werner Sinn, president emeritus of the Ifo institute, discusses the German economy and explains how the energy transition must be managed to support the country's manufacturing sector.

Persons: Hans, Werner Sinn Locations: Europe

☆ Europe stocks open mixed as investors eye global data
▼ + stars: | 2023-09-01 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

European stock markets were mixed at the open on Friday, as investors await a key U.S. jobs report. The regional Stoxx 600 index opened 0.06% lower, with sectors spread between losses and gains. Oil and gas stocks moved 1.6% higher after analysts raised oil price forecasts for the first time in four months in a Reuters poll released Thursday. Autos stocks fell 1.26%, however, after a survey from Germany's ifo Institute flagged a deterioration in sentiment among automakers; almost half said a lack of orders was impeding production.

Organizations: ifo Locations: U.S

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