"It is not only industrial data which disappointed. In fact, all German macro data in March plunged. Retail sales and exports dropped sharply, and together with today’s industrial production data, have increased the chance of a downward revision to first-quarter GDP growth. A downward revision would mean the economy fell into recession after all."

GERMAN DATA: ING warns of technical recession after this morning's data

Last updated at:May-08 06:35

"It is not only industrial data which disappointed. In fact, all German macro data in March plunged. Retail sales and exports dropped sharply, and together with today’s industrial production data, have increased the chance of a downward revision to first-quarter GDP growth. A downward revision would mean the economy fell into recession after all."