As every weekend, the most important news from the past week, as well as the dates for the coming week.
Also as a video:
https://youtube.com/shorts/IbYaScMMo60?si=ePaPjhlOHN8f9jxQ
Monday:
The ifo index falls again. The ifo business climate is considered the most important barometer for the economy in Germany. The value of 100 is the average of all statements made by managers on the economy in 2015. The index is currently well below the mood in 2015. The index fell to 86.6 points after 87.0 in the previous month.
https://www.handelsblatt.com/politik/konjunktur/konjunktur-ifo-index-sinkt-erneut/100063167.html
Tuesday:
The buying mood in Germany continues to fall. The consumer climate deteriorates to -22 points, 3.4 points less than in July. By comparison, before the coronavirus pandemic, the index was usually around +10 points. The index improved briefly during the European Championships, but the euphoria seems to have faded.
The labor market is also continuing to cool down. The ifo employment barometer fell for the third month in a row. In April, 150,000 employees in industry were already on short-time working.
Wednesday:
The Danish 🇩🇰 toy manufacturer Lego is growing again, leaving its US competitors $MATT (+0 %) Mattel and $HAS (+1,5 %) Hasbro behind it. In the first half of 2024, sales increased by double digits to more than 4 billion euros. Profit grew even faster than turnover to 800 million euros. Lego is benefiting in particular from investments in its own stores and factories.
Björn Höcke makes anti-business statements. The AfD's top candidate in Thuringia wishes all companies that took part in the 'Made in Germany - Made by Vielfalt' campaign 'economic decline'. His reasoning was that the companies that took part in the campaign were responsible for deindustrialization through relocations abroad. However, this statement is really fictitious. 1. the deindustrialization mentioned does not really exist from a scientific point of view. 2. Trigema is also involved in the campaign. If any company does not relocate jobs abroad, it is Trigema.
Thursday:
$DHER (-1,16 %) Delivery Hero wants to list its fast-growing subsidiary Talabat on the stock exchange in Dubai. This would fill Delivery Hero's coffers. Talabat not only delivers food in the Middle East, but also everyday items.
For the first time in three years, the inflation rate is below the ECB's 2.0% target. While prices rose by 2.3% in July compared to the previous year, in August it was only 1.9%. Real wages are also rising again in Germany. Nevertheless, the consumer mood is not really there yet.
Friday:
Growth in India 🇮🇳 is weakening somewhat; instead of 8 or 9 %, GDP grew less strongly at 6.7 % in Q2 compared to the same quarter of the previous year. A problem for the ruling Modi is that he has lost his absolute majority. This means that reforms can be implemented less quickly or not at all, which is hampering growth.
Key dates for the coming week:
Tuesday: 16:00 Manufacturing (USA)
Wednesday: 11:00 Producer prices (EU)
Wednesday: 15:45 Interest rate decision (Canada)