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Consumer Confidence Sees Cautious Uptick from Record Low

GERMAN DATA
MNI (London)

GERMANY GFK CONSUMER SENTIMENT NOV -41.9 (FCST -42.3); OCT -42.8r

  • Germany's GfK consumer confidence expectations for November increased by 0.9 points, largely in line with forecasts and following an uptick in French sentiment yesterday.
  • Despite holding near October's deeply pessimistic record low, this is the first uptick since June. (The series average is around 4.0).
  • The combination of energy shortage concerns, a looming recession and relentless inflation has driven down consumers' purchasing power and demand appetite.
  • Despite this, income expectations and propensity to buy increased, a cautious indication that confidence appears to have bottomed out in October. Next month's index will give a clearer indication of whether energy price caps could see demand improve.
  • Friday's data releases will likely see inflation remaining elevated at the multi-decade high of 10.9% (HICP) and the economy edging into contractive territory in Q3. GfK forecasts GDP will contract by -0.5% in 2023.

Source: GfK

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