European Economy

Europe is going to get worse

David Llewellyn-Smith
Thursday, 15 August 2019
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Via the excellent Damien Boey at Credit Suisse:

Overnight, markets were spooked by deteriorating economic data and broad-based inversion of yield curves among the developed markets. The risk-off phase started with weak Chinese data, and was reinforced by weak European data. In 2Q:

  1. German real GDP shrunk by 0.1%, the second quarterly contraction within the space of a year. Year-ended growth slowed to 0.4% from 0.9%.
  1. European real GDP rose by a modest 0.2%, taking year-ended growth slightly lower to 1.1% from 1.2%.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.