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After yesterday's IFO data showed commendable improvement, today GFK consumer confidence painted the same picture. Germany's GFK consumer confidence moved up from 9.7 to 10. Similarly IFO business climate indicator rose to 107.9, which was released yesterday.
Key highlights -
- GFK consumer confidence reached highest level since 2001, when the barometer register a number of 11.
- IFO optimism is highest since July 2014. Business managers are extremely optimistic for more orders and increased level of production in the coming quarters.
- Manufacturing is the strongest area of Germany that is expected to be boosted further as weaker Euro increases appeal for German products. Production plants are operating at highest level in almost a year.
- However construction in Germany remains somewhat weaker. Contraction managers have reduced their expectation for future. They also expressed concern over current situation as it according to them remains less favorable. Germany's Bundesbank has remained a critique over ECB easing policy at it fears it might stroke uncontrollable inflation in future and might lead to a housing bubble in Germany.
Stocks including the German DAX is experiencing big selloff this week, onset of military attack by Saudi Arabia on Yemen. However DAX remains a buy support, as German economic prospects are high. Chart courtesy Brenberg.
