Eurozone Recession Strikes Germany

Print This!

The impact of the Eurozone recession was reflected in two economic reports released by Germany on Tuesday as exports and factory orders declined.

Germany’s latest economic data revealed how the Eurozone recession is impacting the strongest economy of the 17-nation group (NYSEARCA:EWG).  Destatis reported that Germany’s exports fell by 3.4 percent in November on a earth image Eurozone Recession Strikes Germanymonth-over-month basis.  Economists had been expecting a decline of only 0.5 percent.  Imports were down by 3.7 percent, indicating that demand within Germany was weakening along with the demand levels of the nation’s trading partners.

Destatis also reported that German factory orders declined by 1.8 percent in November after jumping 3.8 percent in October.  Economists had been expecting a less-significant 1.4 percent drop.

Eurostat provided more bad news about the Eurozone recession on Tuesday with its report that unemployment within the 17-nation euro area increased from 11.7 percent in October to 11.8 percent in November.  Within the broader 27-nation European Union, unemployment held at October’s 10.7 percent rate (NYSEARCA:VGK).  ETFs for 3 of the Cheapest Markets in the World

Eurostat also reported that although retail sales rose 0.1 percent within the Eurozone and by 0.2 percent in the EU27 between October and November, on an annual basis (November 2011 – November 2012) retail sales declined by 2.6 percent in the Eurozone and by 1.3 percent in the EU27.

As of 11:13 EST, the Euro STOXX 50 Index declined 0.14 percent to 2,691 – staying well above its 50-day moving average of 2,573.  The STOXX 50 is holding above its March 19 high of 2,608 and its Relative Strength Index is a healthy 65.99 (NYSEARCA:FEZ).  The FTSE 100 Index dipped 0.08 percent to 6,059 NYSEARCA:EWU).  The German DAX Index fell 0.60 percent to 7,686 (NYSEARCA:EWG).  France’s CAC 40 Index advanced 0.09 percent to 3,707 (NYSEARCA:EWQ).  Spain’s IBEX 35 Index rose 0.34 percent to 8,447 (NYSEARCA:EWP).  Italy’s FTSE MIB Index climbed 0.28 percent to 16,943 (NYSEARCA:EWI).

As of 11:23 EST, the euro declined 0.42 percent against the dollar, trading at $1.3061 (NYSEARCA:FXE).

Spain’s ten-year bond yield declined to 5.07 percent on Tuesday from Monday’s closing level of 5.11 percent.  Spain’s two-year bond yield dipped to 2.42 percent on Tuesday from Monday’s closing level of 2.46 percent (NYSEARCA:EWP).

Italy’s ten-year bond yield declined to 4.32 percent on Tuesday from Monday’s closing level of 4.38 percent (NYSEARCA:EWI).

Pages: Next

Be kind & share...Share on Facebook0Tweet about this on Twitter0Share on LinkedIn0Pin on Pinterest0Share on Google+0Digg this

Disclaimer: The content included herein is for educational and informational purposes only, and readers agree to Wall Street Sector Selector's Disclaimer, Terms of Use, and Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC.

Go to Wall Street Sector Selector Home or Check our Special Wall Street News Section

Visit Us On TwitterVisit Us On FacebookVisit Us On YoutubeVisit Us On Linkedin
Make sure you create your redirects.txt file and that it's readable by the redirect script.