German Economy – WBTS Forum http://wbts-forum.org/ Wed, 15 Sep 2021 19:11:15 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://wbts-forum.org/wp-content/uploads/2021/04/default1.png German Economy – WBTS Forum http://wbts-forum.org/ 32 32 Rivian is the “first” to build an EV pickup after Ford and GM https://wbts-forum.org/rivian-is-the-first-to-build-an-ev-pickup-after-ford-and-gm/ https://wbts-forum.org/rivian-is-the-first-to-build-an-ev-pickup-after-ford-and-gm/#respond Wed, 15 Sep 2021 15:13:00 +0000 https://wbts-forum.org/rivian-is-the-first-to-build-an-ev-pickup-after-ford-and-gm/ Long after Ford and Chevy stopped making their own all-electric pickup trucks, a startup stepped in to take their place. It sounds familiar. All this and more in The morning shift by September 15, 2021. 1st gear: Rivian just got government approval for production, had been waiting since mid-August OK, so the big news is […]]]>

It's real, all of you.

Long after Ford and Chevy stopped making their own all-electric pickup trucks, a startup stepped in to take their place. It sounds familiar. All this and more in The morning shift by September 15, 2021.

1st gear: Rivian just got government approval for production, had been waiting since mid-August

OK, so the big news is that Rivian, the Ford and Amazon-linked EV pickup / SUV startup, has started building production cars for customers because the the boss tweeted:

The deeper news is that Rivian got government approval to start shipping these trucks to customers, like Bloomberg reports:

Rivian Automotive Inc., the electric pickup manufacturer backed by Amazon.com Inc., claims to have received full regulatory certifications and can begin delivering its first electric vehicle to US customers.

“Rivian vehicles are fully certified by NHTSA, EPA and CARB, and are ready for sale in all 50 states,” a Rivian spokesperson wrote in an email.

Depending on who you ask, Rivian was either ready to manufacture these trucks in August and was awaiting federal approval …

Of Electrek:

Rivian says his R1T electric pickup is virtually production-ready and is now awaiting government approval to begin deliveries.

The R1T was due for delivery earlier this summer, but Rivian encountered production issues as you would expect when launching a new vehicle program and especially a new startup that has never delivered a consumer vehicle before.

The company has since guided a start of deliveries in September.

… Or it was stuck waiting for components.

Of Bloomberg:

Rivian Automotive Inc., the electric pickup manufacturer backed by Amazon.com Inc., is pushing back production of its first vehicle from two months to September due to supply chain bottlenecks.

The startup also shifted the schedule for its planned second model, an electric sport utility vehicle, from August to an unspecified time in the fall, according to a letter to clients Friday. The company cited a shortage of components.

Both are probably true.

In all cases, Ford manufactured 1,500 all-electric Ranger electric vehicles from 1998 to 2002, and Chevrolet has made their own S-10 EVs, but neither has embarked on their programs in the era of cheap gasoline.

2nd Gear: Workhorse Drops USPS Drama

It’s been weird, with a small business claiming bribery, or, uh, unfair use on a large government contract that went to an existing large government contractor. This kind of thing never happens in America!

Anyway, the little guy gave up, like David Shepardson reports in Reuters:

Electric vehicle company Workhorse Group voluntarily sacked on Tuesday his legal challenge against a move by the US Postal Service to award a multi-billion dollar contract to Oshkosh Defense for delivery vehicles. 10-year contract announced in February could be worth over $ 6 billion and deliver 50,000 to 165,000 vehicles. Workhorse had offered to build a fleet of all-electric vehicles for the USPS, while Oshkosh plans a mix of internal combustion and battery-electric vehicles. Workhorse’s legal challenge, filed in June, was due to face arguments before a judge on Wednesday in the United States Federal Claims Court.

Workhorse and Oskhosh did not immediately respond to requests for comment on Tuesday evening. USPS declined to comment immediately.

3rd gear: Foxconn, Apple supplier, also gives up its partnership with electric vehicles

Speaking of quitting, a major Apple supplier has given up on its automotive aspirations just like Apple’s path to auto manufacturing has stuttered. Of Reuters:

Apple supplier Foxconn’s electric vehicle project with Byton has been put on hold due to the Chinese startup’s deteriorating financial situation, according to Nikkei newspaper reported wednesday, citing unidentified sources with knowledge of the matter.

“The project is not officially finished yet, but it is very difficult to proceed at the moment,” said one of the sources. Nikkei Asia.

4th gear: Germans can drive as fast as they want and still drive most of the time Less than 80 MPH

I am always interested in the world of driver management. How we set speed limits, how we calm traffic and design the roads themselves – it all feels like it’s done wrong in America. But what about that beacon of automotive infrastructure, Germany, where village streets are filled with traffic calming measures and major highways have unrestricted and unrestricted driving sections? speed.

Perhaps surprisingly, the Germans don’t even take advantage of it, according to a new study, as Der Spiegel reports:

[O]years only a small proportion of people even need to hurtle down the streets at speeds of over 130 kilometers per hour.

It is the result of a analysis of the Institute of German Economics (IW) related to employers in Cologne . According to the institute, experts evaluated real-time data from sections of freeway without speed limits for the investigation. The data come from automated metering stations on the highways of North Rhine-Westphalia , from mid-May to the end of August. In total, 1.2 billion car movements were included in the analysis.

This shows: Even without a speed limit, 77% of cars on freeways were traveling less than 130 km / h at the time of the sample. Twelve percent drove at 130 to 140 kilometers per hour. Nine percent of drivers orientated at speeds between 140 and 160 kilometers per hour. According to the study, less than two percent of drivers were going faster than 160 kilometers per hour.

130 km / h is about 80 miles per hour, 160 km / h is about 100 mph. The truth is that there aren’t many unrestricted German highways, and when it is you don’t always want to make more than money.

5th gear: this is wrong

I don’t know what’s wrong with this, but all of my warning flags are going up. Of Detroit News:

Ford Motor Co. and Argo AI announced on Wednesday that they are teaming up with retail giant Walmart Inc. to offer autonomous vehicle delivery service to three U.S. cities starting at the end of the year.

The last mile delivery service, which the companies say marks Walmart’s first multi-city autonomous delivery collaboration in the United States, is set to start in Miami, Austin and Washington, DC. Walmart customers in defined service areas of cities will be able to order groceries and other items online, with delivery being handled by Ford vehicles equipped with the Argo autonomous driving system.

Conversely: only a few years before the railway was connected

Of Story:

On September 15, 1858, the new Overland Mail Company sent its first two stages, inaugurating the government postal service between the eastern and western regions of the country.

Neutral: When did major manufacturers give up an early advantage?

You could kind of say that Jeep has lost a lead in China’s SUV boom, but that would only be if you hadn’t read the business mismanagement case study that is Beijing jeep.


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Germany allows entry to 2,000 vulnerable Afghans: reports https://wbts-forum.org/germany-allows-entry-to-2000-vulnerable-afghans-reports/ https://wbts-forum.org/germany-allows-entry-to-2000-vulnerable-afghans-reports/#respond Tue, 14 Sep 2021 02:59:00 +0000 https://wbts-forum.org/germany-allows-entry-to-2000-vulnerable-afghans-reports/ Germany has allowed entry to 2,000 Afghan rights activists, artists, scientists and journalists who face reprisals from the Taliban, media reported on Monday. The Home Office has now started issuing entry permits to people designated as vulnerable by the Foreign Office, according to the RND newspaper group. Home Office spokesman Steve Alter told reporters in […]]]>

Germany has allowed entry to 2,000 Afghan rights activists, artists, scientists and journalists who face reprisals from the Taliban, media reported on Monday.

The Home Office has now started issuing entry permits to people designated as vulnerable by the Foreign Office, according to the RND newspaper group.

Home Office spokesman Steve Alter told reporters in Berlin that security forces would carry out identity checks after Home Office Horst Seehofer admitted people with records court had been flown to Germany from Kabul.

The German news agency DPA says there are around 2,600 people at risk and their family members on the list of ministries.

The majority of them remain in Afghanistan or have fled to neighboring countries after the Taliban took power in mid-August.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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Bavarian CSU rallies to struggling Laschet as German vote looms https://wbts-forum.org/bavarian-csu-rallies-to-struggling-laschet-as-german-vote-looms/ https://wbts-forum.org/bavarian-csu-rallies-to-struggling-laschet-as-german-vote-looms/#respond Sat, 11 Sep 2021 13:14:00 +0000 https://wbts-forum.org/bavarian-csu-rallies-to-struggling-laschet-as-german-vote-looms/ BERLIN, September 11 (Reuters) – Armin Laschet, the Conservative candidate to succeed Angela Merkel as German Chancellor, received strong support from the Christian Social Union (CSU) of Bavaria on Saturday as he strives to close the gap in the polls with the Democrats (SPD) two weeks before the national elections. Christian Democratic leader (CDU) Laschet, […]]]>

BERLIN, September 11 (Reuters) – Armin Laschet, the Conservative candidate to succeed Angela Merkel as German Chancellor, received strong support from the Christian Social Union (CSU) of Bavaria on Saturday as he strives to close the gap in the polls with the Democrats (SPD) two weeks before the national elections.

Christian Democratic leader (CDU) Laschet, candidate for chancellor of Angela Merkel’s CDU / CSU alliance, struggles to attract voters ahead of September 26 vote in which Merkel does not seek a historic fifth term .

CDU greats backed Laschet in April as a conservative candidate ahead of popular CSU leader Markus Soeder. The two parties form a parliamentary bloc and some in Bavaria are not very enthusiastic about the idea of ​​the common candidate.

However, on the last day of their party’s conference, CSU delegates clapped and cheered as Laschet walked into the room and gave him a long standing ovation after a broad and combative speech.

Laschet said the election was a watershed moment for Germany, even though the past few weeks had not gone so well for the Tories. He targeted his SPD rival Olaf Scholz, currently finance minister in the ruling coalition with the Conservatives.

“He only did a decent job (with the economy) because Angela Merkel was watching him,” he said with a laugh.

He also demanded an apology from Scholz for criticizing prosecutors who raided the finance and justice ministries as part of an investigation into the government’s anti-money laundering agency. Read more

Thursday’s searches, which highlight German failures in the fight against financial crime, come at a pivotal moment for Scholz who said prosecutors could have put their “direct” questions in writing.

“At a time when prosecutors are looking for a ministry, the right answer is to say that we will help prosecutors, not to question the rule of law. It helps populists when you react like that,” Laschet said under thunderous applause.

“I hope he apologizes,” said Laschet, adding that Germany should be a model for accepting the actions of justice officials as it criticizes populist governments elsewhere for discrediting prosecutors and law enforcement officials. judges.

At the end of the speech, Soeder grabbed Laschet’s hand and held it up in the air, calling him the next Chancellor of Germany.

“We fully support our candidate for vice-chancellor and wish to see Armin Laschet in the chancellery,” the CSU chief said in his opening speech on Friday.

An FGW poll on Friday estimated support for the SPD at 25%, ahead of the CDU / CSU bloc at 22%, the Greens at 17%.

Reporting by Madeline Chambers; Editing by Mike Harrison

Our Standards: The Thomson Reuters Trust Principles.


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German elections: what’s next for Russian-German relations? | Russia News https://wbts-forum.org/german-elections-whats-next-for-russian-german-relations-russia-news/ https://wbts-forum.org/german-elections-whats-next-for-russian-german-relations-russia-news/#respond Wed, 08 Sep 2021 15:46:17 +0000 https://wbts-forum.org/german-elections-whats-next-for-russian-german-relations-russia-news/ Berlin, Germany – Both are the same age, speak the other’s native languages ​​fluently, are former residents of Dresden in Communist East Germany, and define political figures of their time. Shared experiences have underpinned the relationship between German Chancellor Angela Merkel and Russian President Vladimir Putin, which was at times courteous – the couple exchanging […]]]>

Berlin, Germany – Both are the same age, speak the other’s native languages ​​fluently, are former residents of Dresden in Communist East Germany, and define political figures of their time.

Shared experiences have underpinned the relationship between German Chancellor Angela Merkel and Russian President Vladimir Putin, which was at times courteous – the couple exchanging gifts of beer and smoked fish – and at times deeply recriminal.

Merkel’s 20 visits to Moscow throughout her tenure made her the main representative of Europe and the West in the corridors of the Kremlin.

Now, as Merkel prepares to retire from politics after the German federal election, her successor will take over at a time when Russian-German relations are at their lowest in years.

Russia’s involvement in the war in Ukraine, its continued crackdown on political opponents, and perceived attempts to undermine democracy in Germany have led to a breakdown in dialogue and growing doubt in Berlin about maintaining a cooperative approach. towards Russia, analysts told Al Jazeera.

“This is the question: what is the future of relations between the EU and German Russia with a regime that is more aggressive on the outside and repressive on the inside?” », Declared Stefan Meister, expert on Russia at the German Council on Foreign Relations.

“I think there will be even more alienation.”

Russia’s annexation of Crimea and its covert use of military forces in Ukraine in 2014 broke the diplomatic status quo with Germany, which has since played a leading role in imposing EU sanctions and supported Ukraine with more than one billion euros ($ 1.18 billion) in financial assistance. .

Mutual trust declined further after a 2015 cyberattack on the German parliament, which the federal prosecutor entrusted to an agent from GRU, Russia’s foreign intelligence agency.

Merkel denounced the hack, which included the theft of 16 gigabytes of emails and sensitive data, as an example of Moscow’s “hybrid war”.

Germany nevertheless maintains strong economic ties with Russia, its second largest trading partner and a major supplier of natural gas.

“The basis of relations between Germany and Russia is more economic than political,” Alexander Baunov, senior researcher at the Carnegie Center in Moscow, told Al Jazeera.

“It’s more about trade, deals, technology and investment than about who is the most important in the world.”

Russian President Vladimir Putin, right, and German Chancellor Angela Merkel walk to attend a press conference after their talks at the Kremlin in Moscow on August 20 [File: Alexander Zemlianichenko/AFP]

Replacements for Merkel

The two favorites to succeed Merkel as chancellor – Olaf Scholz of the Social Democratic Party (SDP) and Christian Democrat leader Armin Laschet – are both part of the current government coalition and have indicated they will not walk away. not Merkel’s approach of separating diplomatic criticism. economic cooperation.

Neither Laschet, currently head of Germany’s largest state, North Rhine-Westphalia, nor Scholz, the country’s finance minister, have significant experience in foreign affairs, or with Russia in particular.

Scholz, whose SDP currently leads the polls, criticized Russia’s violation of Ukraine’s “inviolable borders” and its attempt to destabilize European politics, while also proposing a renewed European “Ostpolitik”. to the reconciliation policy of his predecessor Willy. Brandt to the USSR.

“If things are to change, there must be bridges and channels of dialogue in order to get back to a better relationship,” he said during a foreign policy discussion in June.

Laschet also criticized Russia’s interference in other countries and the Kremlin’s crackdown on critics in his country. He called for more dialogue and the development of a united approach on the part of EU member states.

“We have sanctions, but severing diplomatic ties or something like that would be wrong,” he told broadcaster Deutsche Welle earlier this year.

The two leaders are backing the Nord Stream 2 pipeline, which when completed will deliver 55 billion cubic meters (1.9 trillion cubic feet) of natural gas per year directly from Russia to Germany.

The Green Party, which is third in the polls and could be a coalition partner in the next government, is significantly more hawkish towards Russia and could influence policy if it is put in the foreign ministry. The party said its candidate, Annalena Baerbock, had been the target of a Kremlin-backed campaign of abuse on social media, including doctored images and conspiracy theories, for opposing the pipeline.

“As far as Laschet and Scholz are concerned, one has to expect more or less continuity,” said Liana Fix, director of international affairs at the Koerber Foundation.

“The only question left is how strong the value base will be. So to what extent would they focus on human rights and national developments in Russia? [or rather] on economic interests?

Campaign posters featuring German Finance Minister, Vice Chancellor and Social Democratic Party (SPD) candidate for Chancellor Olaf Scholz, left, and Armin Laschet, Christian Democratic Union (CDU) candidate chancellor conservative [File: Thomas Kienzle/AFP]

Pipeline divisions

The last section of the nearly 2,500-kilometer (1,553-mile) Nord Stream 2 pipeline was welded on Monday, and Russian energy conglomerate Gazprom, its sole shareholder, expects it to start pumping gas under the pipeline. Baltic Sea later this year.

Germany has backed completion of the $ 11 billion mega-project despite threats from the United States to sanction the companies involved and fears that Ukraine will remain vulnerable when its current gas transit deal with Russia expires in 2024.

Supporters, including the German industrial sector, have argued that the pipeline is necessary for German energy security and its phasing out of coal.

But prioritizing its economic interests has undermined confidence in Germany in the eyes of Poland, the Baltic states and Ukraine, Fix said.

“It is not known how a strong stance on Russian sanctions against Ukraine has combined with Nord Stream 2,” she said.

On her last trip to Kiev in August, Merkel tried to allay fears that the pipeline was being used for political purposes by warning of retaliatory sanctions. However, Ukrainian President Volodymyr Zelenskyy remained unconvinced.

“I think not to notice that this is a dangerous weapon, not only for Ukraine but for the whole of Europe, is a mistake,” he said in a statement. joint press conference.

Divisions within Europe on the pipeline will not go away and could be exploited by Putin, Meister told Al Jazeera.

“This will always create a vulnerability or a weak point for Germany, criticized by Washington and also criticized by very many EU member states,” he added.

Criticism of the imprisoned Kremlin

The poisoning of Russian opposition figure Alexei Navalny last year has cast a new veil on relations between the two countries.

After falling seriously ill on a flight, Navalny was rushed to Berlin for treatment at Charite Hospital, where German investigators confirmed the presence of Novichok, a rare nerve agent developed in the Soviet Union. German officials have suggested that its use indicates the involvement of Russian state actors. Russia has denied any involvement and said it had seen no evidence that he was poisoned.

The German government has continued to defend Navalny, who was sentenced to two and a half years in prison after returning to Russia, on what human rights groups have called politically motivated fraud charges.

Merkel opened up about her plight with Putin during their farewell meeting in August.

“I once again asked the president to release Navalny and made it clear that we would stay on the case,” she said.

Putin bluntly dismissed his concerns, saying there was nothing political about Navalny’s conviction.

This growing rift between the two longtime counterparts does not bode well for Merkel’s successor, who will lack the stature and respect she has built over the years, Meister said.

“There isn’t much room for dialogue at the moment. Now there are very few topics left that Russia has an interest in talking about with Germany, Europe or the West. “


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The end of the era Angela Merkel poses big questions for Europe https://wbts-forum.org/the-end-of-the-era-angela-merkel-poses-big-questions-for-europe/ https://wbts-forum.org/the-end-of-the-era-angela-merkel-poses-big-questions-for-europe/#respond Sat, 04 Sep 2021 11:00:02 +0000 https://wbts-forum.org/the-end-of-the-era-angela-merkel-poses-big-questions-for-europe/ Angela Merkel has been the face of European leadership, a global power broker, a force for stability and a trusted friend of several US presidents. But it is on the verge of handing over the keys to European economic power and one of the most respected countries in the world. Why is this important: The […]]]>

Angela Merkel has been the face of European leadership, a global power broker, a force for stability and a trusted friend of several US presidents. But it is on the verge of handing over the keys to European economic power and one of the most respected countries in the world.

Why is this important: The two main candidates to replace Merkel position themselves as her political heir. But whoever wins will likely have to chart a different course than Merkel’s, including navigating the thorny balance of power between the United States and China.

Merkel’s “cautious incrementalism” style has seen Germany go through several crises, says Constanze Stelzenmüller of the Brookings Institution, but it appears increasingly inadequate in the face of current challenges.

  • On issues such as climate change and China, Merkel has been reluctant to disrupt a status quo that benefits the German economy, especially the auto industry.
  • “[Merkel’s] an exquisitely tempered balancing style was fantastic for negotiating results at European conferences, “Stelzenmüller said.” This is clearly not the best approach when dealing with aggressive authoritarian powers, and it clearly does not have enough reflected on preparing Germany for a much more disruptive future. . “

Consensus is changing in Berlin with regard to relations with Russia and in particular China, notes Sudha David-Wilp of the German Marshall Fund.

  • She says it will be difficult for the next Chancellor to “follow Merkel’s line”, to defend democratic values ​​and to stay close to the United States, while protecting the German export machine.
  • Merkel delayed the decision to allow Huawei access to German 5G networks and helped seal an EU-China investment deal (since frozen) in December, despite objections from the new Biden administration.
  • “It got to the point of dividing Germany and Europe,” said David-Wilp.

Who is next: The race to replace Merkel is between Olaf Scholz, the leader of the Social Democrats, and Armin Laschet, Merkel’s successor at the head of the Christian Democrats.

  • The two are effectively running as contenders for continuity, but voters may see more parallels with Merkel in the technocratic Scholz than the jovial and blundering Laschet, who scored just 10% in a recent poll of preferred chancellor candidates. Germans, at 31% for Scholz.

Many Germans to see the end of the Merkel era with trepidation. She remains by far the most popular politician in the country, and her nickname “Mutti”, or mom, speaks to the national role she has played for so long.

  • “The absence of a leader as experienced, resourceful and well connected as Angela Merkel will be felt in times of disruption and insecurity,” predicts Stelzenmüller.

The bottom line: “The new chancellor, whoever he is, will not have the same place on the international stage at the start. It’s sure, ”a European diplomat told Axios.

Go further.


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Falling retail sales in Germany signal weak start to quarter https://wbts-forum.org/falling-retail-sales-in-germany-signal-weak-start-to-quarter/ https://wbts-forum.org/falling-retail-sales-in-germany-signal-weak-start-to-quarter/#respond Wed, 01 Sep 2021 18:00:00 +0000 https://wbts-forum.org/falling-retail-sales-in-germany-signal-weak-start-to-quarter/ German retail sales fell far more than expected in July after two months of strong increases, data showed on Wednesday, a sign that a consumer-led recovery in Europe’s largest economy could falter in the third quarter . The Federal Statistical Office said retail sales fell 5.1% on the month in real terms after a revised […]]]>

German retail sales fell far more than expected in July after two months of strong increases, data showed on Wednesday, a sign that a consumer-led recovery in Europe’s largest economy could falter in the third quarter .

The Federal Statistical Office said retail sales fell 5.1% on the month in real terms after a revised 4.5% jump in June and a 4.6% increase in May. The July reading missed a Reuters forecast for a decline of 0.9%.

For all the latest news, follow the Daily Star’s Google News channel.

The monthly comparison was heavily skewed by the lifting of Covid-19 restrictions on purchases in most parts of the country in June, the statistics office said.

Retail sales – a volatile indicator often subject to revision – edged down 0.3% in real terms year over year, he added. Compared with February 2020, the month before the coronavirus crisis hit Germany, retail sales rose 3.8%.

The German economy returned to growth in the second quarter, but rebounded less strongly than other eurozone countries as supply chain bottlenecks slowed industrial production.

Problems with the supply of raw materials and intermediate goods, coupled with the increase in Covid-19 cases due to the more contagious Delta variant, is causing companies to have a darker view of the months to come.

Bankhaus Lampe analyst Alexander Krueger believes retail sales should pick up in the coming months.

, with a strong labor market and more and more companies cutting back on short-time work programs introduced during the pandemic.

However, overall support to the economy from household spending may be weaker in the third quarter than many had hoped, he added.


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A week in review – 08/20/21 https://wbts-forum.org/a-week-in-review-08-20-21/ https://wbts-forum.org/a-week-in-review-08-20-21/#respond Fri, 27 Aug 2021 22:48:41 +0000 https://wbts-forum.org/a-week-in-review-08-20-21/ Major It was a relatively bullish week for the majors in the week ending 27e August. Compared to the losses of the previous week, however, the gains were modest. The DAX30 rose 0.28%, with the DAX30 and EuroStoxx600 ending the week up 0.84% ​​and 0.76% respectively. Private sector PMIs and economic data from Germany tested […]]]>

Major

It was a relatively bullish week for the majors in the week ending 27e August. Compared to the losses of the previous week, however, the gains were modest.

The DAX30 rose 0.28%, with the DAX30 and EuroStoxx600 ending the week up 0.84% ​​and 0.76% respectively.

Private sector PMIs and economic data from Germany tested the support of DAX30 in particular.

While US economic data was mixed during the week, the market focused on Fed Chairman Powell’s political speech at the end of the week.

Uncertainty over Fed policy had gripped the majors during the week. Fed Chairman Powell’s speech supported riskier assets, with the DAX30 reversing losses from the start of the week.

Concerns about the continued increase in the number of cases of Delta variants around the world, however, have been negative for the majors.

Statistics

The preliminary private sector PMIs for August and the German economy were the focus of attention, with statistics skewed negative.

The German manufacturing PMI fell from 65.9 to 62.7, while that of services rose from 61.8 to 61.5.

For France, the manufacturing PMI fell from 58.0 to 57.3 and the services PMI from 56.8 to 56.4.

As a result, the eurozone manufacturing PMI fell from 62.8 to 61.5. The services PMI slipped from 59.8 to 59.7.

Since Germany, the economy grew 1.6% in the 2sd quarter, beating the forecast by 1.5%. Year on year, the economy grew 9.8%. Year over year, the economy contracted 3.4% in the previous quarter.

While the GDP figures were optimistic, business and consumer sentiment disappointed.

The German IFO business climate index fell from 100.7 to 99.4, while the consumer climate indicator GfK fell from -0.40 to -1.20.

The United States

At the start of the week, private sector PMIs were in the spotlight. Weaker numbers weighed in, as the services PMI rose from 59.9 to 55.2 in August, according to preliminary figures.

On Wednesday, core durable goods rose 0.7% in July, following a 0.6% increase in June, which was positive.

2sd GDP figures for the quarter were also revised upwards on Thursday. In the 2sd quarter, the economy grew 6.6%, against an initial estimate of 6.5%.

Unemployment claims were disappointing, however, with initial jobless claims falling from 349,000 to 353,000.

At the weekend, personal spending and inflation figures delivered mixed results.

In July, the Core PCE Price Index rose 3.6% year-on-year, in line with forecasts and figures for June. On a month-to-month basis, the index rose 0.3% after rising 0.5% in June.

Personal spending disappointed, however, with an increase of just 0.3%. Spending rose 1.1% in June.

While statistics had an influence, FED President Powell’s speech on Friday was the main event of the week …

Fed Chairman Powell delivered what the markets were looking for, weighing on the dollar while supporting riskier assets. As expected, Powell spoke about tapering later in the year, but stressed that tapering didn’t mean tightening and it wouldn’t translate into a change in interest rate policy …

Market movers

From DAX, it was a bullish week for the automotive sector. Volkswagen recovered 4.03% to lead the way, with Continental and Daimler ending the week up 2.05% and 2.20% respectively. Bmw saw a more modest gain of 1.58% during the week.

It was also a bullish week for the banking sector. German Bank and Commercial bank increased by 0.67% and 2.13% respectively.

From CAC, it was a bullish week for the banks. Agricultural credit and Gen Soc recovered by 3.06% and 3.61% respectively, with BNP Paribas up 2.61%.

It has been a mixed week for the French auto sector, however. Stellantis SA fell by 0.09%, while Renault achieved a gain of 0.06%.

Air France-KLM and Airbus finished the week with gains of 5.40% and 4.11% respectively.

On the VIX index

It was a comeback for the VIX in the week ending 27e August, marking a 4e weekly loss in 6 weeks.

Partially reversing a 20.13% rise from the previous week, the VIX fell 11.69% to end the week at 16.39.

3 days in the red from 5 sessions, which included a 7.60% drop on Monday and a 13.00% drop on Friday delivered the flip side. An increase of 12.21% Thursday, however, limited the decline.

Over the week, the NASDAQ rebounded 2.82%, with the Dow Jones and S & P500 ending the week up 0.96% and 1.52% respectively.

The coming week

It’s another busy week on the economic calendar.

Tuesday, French consumer spending and 2sd GDP figures for the quarter are expected along with German unemployment data.

Expect the GDP and unemployment numbers to have a bigger influence.

German retail sales and Spanish and Italian manufacturing PMIs are expected to come out on Wednesday. However, the final figures for France, Germany and the eurozone will also attract attention.

Barring sharp revisions to the preliminary figures, Italy and Eurozone PMIs and German retail sales will be key.

At the end of the week, the PMIs in the services sector will also be in the spotlight.

From the United States, there is also a lot to consider …

During the first half of the week, consumer sentiment, ADP nonfarm employment and ISM manufacturing PMI figures are the center of attention.

Expect consumer sentiment and ADP numbers to be key.

In the 2sd halfway through the week, the focus will be on jobless claims figures on Thursday.

However, the non-farm payroll for August will finish things off. Another increase in hiring could be the green light for the FED to take a step.

From China, the private sector PMIs for August will also influence… On Wednesday, the Caixin Manufacturing PMI will be the key statistic of the week.

Outside of the economic calendar, COVID-19 news updates and monetary policy discussions will also need to be watched.

This article originally appeared on FX Empire

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German business sentiment in the foreground at the start of the session https://wbts-forum.org/german-business-sentiment-in-the-foreground-at-the-start-of-the-session/ https://wbts-forum.org/german-business-sentiment-in-the-foreground-at-the-start-of-the-session/#respond Tue, 24 Aug 2021 23:58:16 +0000 https://wbts-forum.org/german-business-sentiment-in-the-foreground-at-the-start-of-the-session/ wednesday 25e August German Ifo Business Climate Index (August) Thursday, 26e August German consumer climate GfK (Sept.) Major It was a mixed day for the European majors on Tuesday. The DAX30 gained 0.33%, while the CAC40 and EuroStoxx600 lost 0.28% and 0.02% respectively. Economic data was lighter, with the German economy once again in the […]]]>

wednesday 25e August

German Ifo Business Climate Index (August)

Thursday, 26e August

German consumer climate GfK (Sept.)

Major

It was a mixed day for the European majors on Tuesday.

The DAX30 gained 0.33%, while the CAC40 and EuroStoxx600 lost 0.28% and 0.02% respectively.

Economic data was lighter, with the German economy once again in the center of attention. Better-than-expected German GDP figures provided the DAX with the necessary support to reverse the trend of the day.

For the broader market, however, the Fed’s uncertainty and concerns over the Delta variant continued to weigh down.

Statistics

It was a quieter economic calendar throughout the European session, with German GDP figures in focus.

In the 2sd quarter, the German economy grew by 1.6%, quarter on quarter, recovering from 1st quarter decline of 1.8%. Economists were forecasting growth of 1.5%.

According to Destatis, the economy grew 9.8% year-on-year, compared to 9.6% forecast. In the 1st quarter, the economy contracted 3.3%.

The United States

The new home sales figures for July were the focus of attention, which had a moderate impact on the European majors.

Market movers

For the DAX: It was a bullish day for the auto industry on Tuesday. Bmw and Volkswagen led the way, with gains of 2.04% and 2.11% respectively. Continental and Daimler ended the day up 1.71% and 1.25% respectively.

It was also a bullish day for the banks. German Bank and Commercial bank increased by 1.28% and 0.87% respectively.

From CAC, it was a relatively bullish day for the banks. BNP Paribas and Agricultural credit increased by 0.68% and 0.69% respectively, with Gen Soc gain of 0.59%.

It was also a relatively bullish day for the French automotive sector. Stellantis SA and Renault recorded modest gains of 0.26% and 0.90% respectively.

Air France-KLM jumped 5.58%, with Airbus SE up 1.56%.

On the VIX index

He was back in the green for the VIX on Tuesday, ending a two-day losing streak.

After falling 7.60% on Monday, the VIX rose 0.41% to end the day at 17.22.

The NASDAQ rose 0.52%, with the Dow Jones and S & P500 ending the day up 0.09% and 0.15% respectively.

The day to come

It’s another relatively busy day in the eurozone’s economic calendar. The German economy is once again the center of attention, with figures from the IFO Business Climate Index in the spotlight.

With business investment being a key element in economic recovery, the numbers will influence.

From the United States, durable goods orders and core durable goods orders for July will also provide guidance at the end of the day.

With the Jackson Hole Symposium quickly approaching, however, we can expect some caution …

Future

In the futures markets, at the time of writing, the Dow Mini was up 3 points.

For an overview of all of today’s economic events, check out our economic calendar.

This article originally appeared on FX Empire

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Wall Street poised to open higher, oil surges, even as Delta fears persist https://wbts-forum.org/wall-street-poised-to-open-higher-oil-surges-even-as-delta-fears-persist/ https://wbts-forum.org/wall-street-poised-to-open-higher-oil-surges-even-as-delta-fears-persist/#respond Mon, 23 Aug 2021 11:08:00 +0000 https://wbts-forum.org/wall-street-poised-to-open-higher-oil-surges-even-as-delta-fears-persist/ Chart: Global Asset Performance http://tmsnrt.rs/2yaDPgn Chart: Global exchange rates http://tmsnrt.rs/2egbfVh LONDON, Aug.23 (Reuters) – Shares rose and risk appetite in global markets increased on Monday, but concerns over the COVID-19 Delta variant hampering economic growth persisted as investors assessed a possible timetable for reducing monetary stimulus. After worries about slowing growth pushed stocks and oil […]]]>
  • Chart: Global Asset Performance http://tmsnrt.rs/2yaDPgn
  • Chart: Global exchange rates http://tmsnrt.rs/2egbfVh

LONDON, Aug.23 (Reuters) – Shares rose and risk appetite in global markets increased on Monday, but concerns over the COVID-19 Delta variant hampering economic growth persisted as investors assessed a possible timetable for reducing monetary stimulus.

After worries about slowing growth pushed stocks and oil prices down last week, they picked up in Asian and European trade.

The MSCI World Stock Index (.MIWD00000PUS), which tracks stocks from 50 countries, rose 0.4% at 10:40 a.m. GMT, recovering after experiencing its biggest weekly decline since June last week.

The European STOXX 600 was up 0.6% (.STOXX) and US equity futures were up around 0.3%,.

Oil prices rose, breaking their seven-day losing streak. Brent crude rose 3.1% and US West Texas Intermediate crude rose 3%, after both marking their biggest week of losses in more than nine months last week as markets braced for a weakened fuel demand due to an increase in viral infections. Read more

In foreign currencies, the dollar index was at 93.311, down 0.2% on the day, from its nine-month high of 92.734 reached on Friday.

USD

“Following the corrections we’ve seen over the past week, it’s really a rebound,” said Marco Willner, head of investment strategy at NNIP.

“People are looking at Jackson Hole, people are looking at the Delta variant as well, so the factors haven’t changed – it’s a technical rebound.”

Data from the PMI survey showed business activity in the eurozone rose sharply in August – although fears that new strains of coronavirus could lead to further restrictions limited optimism. Read more

Activity in the German manufacturing and service sectors increased in August, according to PMI surveys, although the pace of growth declined slightly. Read more

“Concerns about the impact of the Delta variant and input shortages persist but have not derailed the rebound so far,” wrote ING senior economist Bert Colijn in a note to clients.

Germany’s benchmark 10-year yield was at -0.465%, while the US 10-year yield was at 1.2784%, having lacked direction over the past week.

The spread of the Delta variant has the potential to upend the timing of the U.S. Federal Reserve’s plans to scale back its bond buying program.

Dallas Federal Reserve Chairman Robert Kaplan, among the U.S. central bank’s strongest supporters for starting to cut back support for the economy, said on Friday he may have to adjust that view if the Delta variant of the coronavirus significantly slowed economic growth. Read more

Markets will be paying attention to Fed Chairman Jerome Powell’s speech in Jackson Hole this week, although investors looking for clear guidance on tapering may be disappointed. Read more

“One of the key questions will be when the tapering begins. I think it’s not a done deal that Powell will comment on this this week – he could wait until September, maybe even until. ‘in November, [to] make a major announcement around this one, ”said Willner of NNIP.

Expectations that the US Fed will ease monetary stimulus sooner than the European Central Bank have helped the dollar strengthen against the euro in recent weeks, with the euro hitting a nine-month low at 1.1664 $ Friday. It was up 0.2% to $ 1.1719 by 10:49 am GMT on Monday.

Elsewhere, bitcoin broke above $ 50,000 during trading hours in Asia and rose 1.9% on the day to around $ 50,249. The cryptocurrency hit a record high of 64,895.22 in April, fell sharply in May, and has gradually recovered since mid-July.

To access the Reuters Live Markets blog on European and UK stock markets, please click on:

Reporting by Elizabeth Howcroft Editing by Nick Tattersall and Bernadette Baum

Our Standards: Thomson Reuters Trust Principles.


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A week for travel industry news https://wbts-forum.org/a-week-for-travel-industry-news/ https://wbts-forum.org/a-week-for-travel-industry-news/#respond Sun, 22 Aug 2021 17:45:03 +0000 https://wbts-forum.org/a-week-for-travel-industry-news/ Updates on the global economy Sign up for myFT Daily Digest to be the first to know about global economic news. This article is an on-site version of our The Week Ahead newsletter. Sign up here to receive the newsletter directly to your inbox every Sunday Welcome (back) to the work week. I am grateful […]]]>

Updates on the global economy

This article is an on-site version of our The Week Ahead newsletter. Sign up here to receive the newsletter directly to your inbox every Sunday

Welcome (back) to the work week.

I am grateful that I had the opportunity to take a week off annual leave given the constraints of getting out of the house this year. The question for those working in the travel, tourism and hospitality industries is whether this process is going to be made easier and fast enough to avoid long-term scarring. This week we might get a little glimpse of that.

First, there are the airlines. Now is not a good time to be in the industry, as Qantas Airways and Air New Zealand will undoubtedly reveal when they release their quarterly and annual results respectively. The future does not look very bright either, given concerns about climate change.

But hope is everlasting within the sector. This week, the UK’s second largest airport, Gatwick, which itself is severely suffering, will launch its expansion campaign. He wants the government to support his plan to convert its second runway, currently used only in emergencies, into a permanent facility to add 55,000 additional flights per year.

Another indicator of the future will come with consumer confidence data, first from the EU, then for Germany, France and Norway, and quarterly estimates of gross domestic product for Germany and the United States. United. The UK government will (hopefully) help some clarity with an update to its overseas traffic light system.

How do you see the economic situation in the coming months? Email me at jonathan.moules@ft.com.

Companies

One group to celebrate this week is Hays, the recruiting firm that released its annual results on Thursday. The rebound in employment in the UK, its home market, has been a source of hope amid the gloom of Covid-19 not only for this group but for the economy in general, and expectations are high afterwards. that Hays reported a 39% increase in net fees in its fourth quarter. Attention will be focused on the cost of this business growth as consultants are paid on commission and hiring will be required to manage new contracts. During the pandemic, Hays reduced its cost base by 13%. The question now is whether he was able to make this stick.

Economic data

A key set of economic statistics released this week will be the IHS Markit Monthly Purchasing Managers Index, covering France, Germany, the Eurozone, Japan, the United Kingdom and the United States. Although not official data, the international nature of the PMI calculation makes it a useful tool for comparing the relative economic progress of these countries.

Finally, a take for a special Financial Times event this week. You can join FT’s correspondents and guests to discuss The Fall of Afghanistan: What’s Next? Register for a webinar for FT subscribers on Wednesday, August 25 at 3:30 p.m. CET / 2:30 p.m. BST / 9:30 a.m. EDT.

Main economic and corporate reports

Here’s a more comprehensive list of what to expect in terms of corporate reports and economic data this week.

On Monday

  • EU and European Commission shine a light on consumer confidence figures

  • France, euro zone, Germany, Japan, United Kingdom, United States: IHS Markit Composite Purchasing Managers’ Index (PMI) data

  • UK, CBI Monthly Industrial Trends Survey

  • United Kingdom, Office for National Statistics household income, expenditure and wealth data

Tuesday

  • Germany, Q2 GDP growth figures

  • United States, Department of Commerce, July Residential Sales Figures

  • Monthly Index of Investor Confidence in the United States and State Street

  • RESULTS: Best Buy Q2, Polyus Q2, PureTech H1, Wood H1

Wednesday

Thursday

  • Germany, monthly GfK consumer confidence survey

  • Nigeria, Q2 GDP figures

  • Russia, Inflation Outlook

  • UK, monthly automobile production figures from the Society of Motor Manufacturers and Traders

  • UK and Bank of England capital issuance data

  • United States, Bureau of Economic Analysis Q2 GDP estimate

  • United States, Initial jobless claims

  • RESULTS: Air New Zealand FY, Bouygues H1, Brunello Cucinelli Q2, CRH H1, Dell Technologies Q2, Hays FY, HP Q3, Polymetal International H1, TCS Group Q2

Friday

  • China, monthly real estate data in Hong Kong

  • France, National Institute of Statistics and Economic Studies, consumer confidence figures

  • Norway, Monthly consumer confidence figures

  • RESULTS: Lukoil Q2

Global events

Finally, here’s a look at other events and milestones this week.

On Monday

  • UK, deadline for all 16 and 17 year olds in England to be offered a first dose of a Covid-19 vaccine

  • 25th anniversary of bin Laden’s declaration of war on the United States

Tuesday

  • Japan, Tokyo 2020 Paralympic Games start

  • U.S. Vice President Kamala Harris kicks off Southeast Asia tour to strengthen U.S. regional leadership with visit to Singapore

  • United States, Kathy Hochul becomes first woman to lead New York State after Andrew Cuomo resigns

  • UN Security Council meeting to discuss Syria’s political and humanitarian issues

  • UN Human Rights Council to hold special session on Afghanistan

Wednesday

  • United Kingdom, the international Beatleweek festival begins in Liverpool

  • UN Security Council discusses Iraq mission and North Korea sanctions

Thursday

  • United Kingdom, result of the election of the new general secretary of Unite, the largest donor to the Labor party

  • UK overseas government traffic light system update

  • UK Home Office publishes immigration statistics

Friday

  • United States, Annual Jackson Hole Economic Symposium of Central Bankers. Downgraded last week to a one-day virtual event due to Covid-19 risks

  • Music festivals started in UK, Reading and Leeds. Both are exhausted.

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