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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GERMAN DATA
Germany's trade surplus was slightly larger than expected in September at E16.5bln versus E16.3bln consensus, but declined against last month's upwardly revised figure of E17.7bln (was E16.6bln). Both exports and imports declined, by -2.4% M/M and -1.7% M/M respectively.
- The decline in the trade surplus came from a faster drop in exports (-2.4% M/M) than imports (-1.7%), amid weaker foreign demand.
- Weakness was broad-based geographically: exports and imports declined to both EU and non-EU countries vs September, with non-EU exports weakening sharply (-2.8% M/M).
- In real terms, the trade balance was almost unchanged versus last month, and was fairly steady on the quarter, suggesting limited impact in either direction on Q3 GDP (which printed -0.1% in the flash estimate).
- The trade data continue to suggest soft international demand for German goods, and recent German PMI and ifo surveys point to continued weakness in export prospects.
- German factory orders data for September will be released on Monday, with September industrial production out on Tuesday. Both are expected to show M/M declines, suggesting little momentum at the beginning of Q4.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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