Germany consumer sentiments - lower GfK reading!

German consumer sentiment data came in weaker than expectations and lower than the previous reading:

Sentiment by GfK: -25.5 vs. -24.5 expectations and -24.4 previously

Futures contracts on the DAX (DE30) lost slightly after the GfK reading, which indicates that consumers in Germany are getting weaker - which sounds quite recessionary - especially in the context of the continuation of the ECB's tightening cycle.

Gradually, pressure may be mounting to keep rates unchanged at the ECB's September meeting, with Bloomberg sources recently indicating that with the eurozone's largest economy, Germany, weakening, such a move could become feasible.
According to GfK, the chances of a sustained recovery before the end of the year are declining more and more, and private consumption in Germany is unlikely to have a positive impact on the economy in 2023.

Source: xStation5

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