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‘Verdammt’: Just when you thought the worst was over, Germany’s economy moved dangerously close to falling ‘over the edge’ into recession

“Whatever happened in the second half of last year got worse in Q1, and is now threatening to push the German economy over the edge.”” writes Will Martin for businessinsider.com. They had expressed hope that with those factors out of the way the economy would pick up again in 2019.Pantheon Macroeconomics’ Claus Vistesen had a similarly bleak message about the Ifo survey, noting that the headline figure was “horrible,” and delivers a “somber message” about the German economy.Germany may have narrowly avoided a technical recession at the end of 2018,…

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Germany February Ifo business climate index 98.5 vs 98.9 expected

“A measure of business conditions and sentiment/expectations towards the German economy” reports forexlive.com. Do be reminded the Ifo changed the indicator measurement to take into account of services data too as of April 2018.Economic sentiment continues to dwindle and that’s reflective of the dark rain clouds that have been hanging over the German economy since last year. Not a major release by any means but this will continue to underscore weaker sentiment towards the Eurozone economy as a whole, and in turn the euro. Source: forexlive.com

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Germany Could Let Huawei Build Internet Infrastructure Despite U.S. Concerns

“The United States government has major concerns about Huawei and its alleged potential to spy on countries through its Internet infrastructure” writes Don Reisinger for fortune.com. The meeting will be held after Germany’s cybersecurity experts and several ministries inside the government reportedly concluded that fears of Huawei using Internet infrastructure to spy on Germany are overblown.With 5G technology now being deployed around the world, Germany needs a company to help it catch up—and Huawei could be one of those companies. Source: fortune.com

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GBP News 

A ‘no-deal’ Brexit could hit 100,000 German jobs, study claims

“A U.K. exit from the European Union (EU) with no pre-arranged deal could affect more than 100,000 jobs in Germany, according to a new academic study” writes Krisztian Bocsi for cnbc.com. They then estimated that, in- terms of overall employment, Germany would be the worst hit of all the countries that the U.K. trades with, offering a potential impact on more than 100,000 jobs. Source: cnbc.com

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Markets News 

Bundesbank: Germany is not nearing a recession

“FRANKFURT–Germany’s economic slowdown doesn’t appear to be turning into a recession, the country’s central bank said Monday, as temporary bottlenecks in the auto industry are subsiding and the labor market remains strong” writes Tom Fairless for marketwatch.com. Germany’s economy, Europe’s largest, narrowly avoided a recession at the end of last year as a weak trade performance dragged on growth, the country’s statistics office said last week.In its monthly report, published Monday, the Bundesbank said economic growth probably remained soft early in 2019, reflecting weak confidence among companies that are navigating…

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big increase in the number of security incidents

“The attacks were aimed at sabotaging power supplies and manipulating water supplies or disrupting communications lines, the paper said, adding security authorities suspected foreign intelligence agencies were behind such attacks” writes Min Read for reuters.com. BERLIN (Reuters) – Germany has experienced a big increase in the number of security incidents hitting critical infrastructure such as power grids and water suppliers, the BSI cybersecurity agency said on Sunday, adding however that they were not all due to hacking.German and European authorities have become increasingly worried about the risk of security breaches…

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Germany rejects US call to leave Iran nuclear deal

“German Chancellor Angela Merkel has rejected U.S. calls to withdraw from the Iran nuclear deal and cancel a controversial gas pipeline project with Russia” reports tehrantimes.com. Her remarks came after the U.S. Vice President Mike Pence called on European allies to leave the deal and join Washington’s diplomatic and economic pressure campaign against Iran. Merkel also warned that abandoning trade deals with Russia would make other powers like China to benefit from this.Speaking at the Munich Security Conference on Saturday, Merkel criticized Iran’s policies towards Israel, its ballistic missile program…

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Mike Pence Urges Europe to Quit Iran Deal

“Britain, France and Germany, along with the rest of the E.U., continue to support the nuclear deal as the best way to prevent Iran from developing atomic weapons” writes Associated Press for pbs.org. Pence was especially critical of Britain, France and Germany for unveiling a new financial mechanism last month that U.S. officials believe is intended to keep the nuclear deal alive by evading American sanctions.Iran was not invited to the Warsaw conference and called the event a “circus” aimed at “demonizing” the country. Source: pbs.org

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Germany avoids recession by ‘skin of its teeth’ with same growth as UK last year 

“The manufacturing powerhouse saw growth stagnate in the final three months of last year against a backdrop of falling export demand, placing its annual growth at 1.4pc for 2018, level pegging with the UK. As a result Britain is now third in the league table of the largest five EU economies for quarterly economic performance” writes Ben Marlow for telegraph.co.uk. Meanwhile Germany recorded zero growth and there was another quarterly contraction in Italy of 0.1pc, tipping it into… Source: telegraph.co.uk

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Apple says it will resume selling banned iPhone 7 and 8 models in Germany using only chips from Qualcomm, after it had “no choice” but to stop using Intel chips

“(Reuters) – Apple Inc said Thursday that it will resume selling older iPhone models in its stores in Germany, where they were banned last year due to a patent infringement ruling” writes Min Read for reuters.com. The alleged patent violation stemmed not from Intel chips but yet another Apple supplier – Qorvo Inc – whose chip was only present in older phones with Intel modems. Source: reuters.com

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