euro zone: Unexpectedly strong sales dampener in retail
LUXEMBOURG – At the end of last year, retailers in the euro zone recorded a sales dampener in the Christmas business. In a monthly comparison, the industry’s revenues fell by 2.7 percent in December, as reported by the European statistical office Eurostat on Monday in Luxembourg. Economists had expected an average decline of 2.5 percent.
Sentix: Economic mood improves again – ‘recession off the table for the time being’
FRANKFURT – The economic mood in the euro area brightened in February for the fourth time in a row. The economic indicator collected by the consulting company Sentix rose by 9.5 points to minus 8.0 points compared to the previous month, as Sentix announced on Monday in Frankfurt. It is the highest level in almost a year. Both the economic expectations and the assessment of the situation improved.
ROUNDUP: Industry in Germany receives more orders again
WIESBADEN – Industry in Germany received more orders again at the end of last year. In December, orders rose by 3.2 percent compared to the previous month, as the Federal Statistical Office announced on Monday in Wiesbaden. The development turned out to be stronger than expected by analysts with an average increase of 2.0 percent. The increase follows a significant decline in November, which, according to new data, at 4.4 percent is less severe than initially assumed.
ROUNDUP: Before Habeck’s trip to the USA, associations insist on open trade
BERLIN – Ahead of Vice Chancellor Robert Habeck’s US trip, business groups are pushing for improvements in America’s anti-inflation law. The so-called Inflation Reduction Act (IRA) provides for billions in investments in climate protection, but ties subsidies and tax credits to companies using US products or producing them themselves in the USA – which causes concerns in Europe about competitive disadvantages. Associations warn of a trade dispute and demand better production conditions in Europe.
Habeck hopes for progress in the debate about the US investment program
BERLIN – Federal Minister of Economics Robert Habeck hopes that his trip to Washington will lead to progress in the discussion between the EU and the USA about America’s controversial anti-inflation law. “I’m actually quite confident that it might not be possible to find further solutions today and tomorrow, but then in the next few weeks,” said the Green politician on Monday morning before leaving for the US capital. The trip should serve to explore solutions for the problematic parts of the industrial program IRA. The talks should also deal with trade policy and the geopolitical situation.
ROUNDUP 2: Balloon over Latin America also comes from China – tensions with the USA
BEIJING/WASHINGTON – The balloon affair with China is spreading. After the spectacular launch of a suspected Chinese spy balloon off the US coast, the State Department in Beijing admitted on Monday that another balloon discovered over Colombia also came from China. Similar to the balloon incident over the United States, Beijing’s foreign ministry spokeswoman Mao Ning said the weather and limited control options caused him to inadvertently invade the airspace of Latin American countries during an “attempt to fly”. China informed the countries.
ROUNDUP 4: More than 1,900 dead after earthquakes in Turkey and Syria
ISTANBUL – After several severe earthquakes on Monday in the Turkish-Syrian border region, the death toll has risen to more than 1,900. According to previous information, around 10,000 people in Turkey and Syria were injured. In the disaster area, where millions of civil war refugees from Syria have sought shelter, temperatures are around freezing.
Customer note:
ROUNDUP: You are reading a summary in the business cycle overview. There are several reports on the dpa-AFX news service on this subject.
/jkr