German Gfk Consumer Sentiment for October rose to 9.9, up from 9.7 and beat expectation of 9.7. Economic Expectations improved from -12 to -9. However, it was still down -33.6 pts from 24.6 from a year ago.
Gfk noted: “According to consumers, the risk of a recession still cannot be eliminated. The trade conflict with the US as well as the lack of clarity as to whether there will be a no-deal Brexit are above all affecting export-driven companies and their suppliers though are certainly impacting the rest of the economy as well.”
“Should the German economy shrink again following the decline in the second quarter, which is already seen as a possibility by many experts, this would constitute a technical recession.”
