The Bundesbank released its latest report yesterday, in which it warned of the possibility of a further contraction in the German economy. Earlier in the morning, Eurozone and German PMI figures came in below expectations, putting further pressure on the euro.
European carmarkers published a joint statement yesterday calling for the avoidance of a ‘no-deal’ Brexit, saying that the application of WTO tariffs would cost the industry and consumers €5.7 billion. It would ‘trigger a seismic shift in trading conditions, with billions of euros of tariffs threatening to impact consumer choice and affordability on both sides of the channel’, the industry leaders said.
This morning, we will see German business climate figures and expectations, currently both expected to show a rise.
