Business climate survey in Germany, also known as Ifo, has fallen to 88.5 vs 90.7 expected, and it is expected to continue falling further. It is below the last three year average and it’s signaling weakness in the economy. Higher rates, and the #ukraineconflict are weighting on the economy which is the most important in the eurozone. Meanwhile, the ECB is expected to keep pushing rates higher to fight inflation, which may not help. Germany is currently in a technical recession, with 2 consecutive quarters with negative growth, and it’s dependence on Russian energy and the green agenda are adding extra pressure to economic growth. Deeper recession ahead.
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