Euro is benefitting from the pound’s weakness, despite relatively poor forecasts for eurozone GDP growth and employment data, due mid-morning. German industrial figures also came in 0.9% below forecasts, meaning they are still in negative territory from last month. It doesn’t help to allay fears over a potential German recession, with little sign that industrial production is going to bottom out any time soon. Six out of the previous twelve months, albeit not concurrent, have shown contraction now.
Angela Merkel is meeting Xi Jinping in China tonight, and told reporters that she hoped ‘there would be a solution in the trade dispute with the United States since it affects everybody.’
