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, 9 tweets, 3 min read
1/ German IFO ... the good, the bad and the ugly

current sentiment picked up (not interesting)...

expectations deteriorating further (much more interesting)

[therefore Sentiment index tick better/nearly unchanged]
2/ ... manufacturing keeps plunging (as seen in latest flash M.PMI 41.4

Service sector in the overall downtrend picked up slightly (yeah)

Trade keeps nose-diving

and construction (after ZIRP induced parabola) lost momentum and is sideways
3/ ...so the IFO "business clock" continues to be in the downturn , although one can detect a slight deviation
4/ ... the IFO "traffic light" obviously still "red", and after last quarter negative GDP, there is still a risk of having another one, which means "technical recession"
5/ ... a technical recession, which the German 2s5s yieldcurve momentum, trend and level is also reflecting

2015-2019 chart for IFO chart comparison
6/ .. a recession with negative yields across the whole yield curve structure by the way... from 1M to 30Y

here as a comparison to the 2015-2019 IFO charts, ze 10Y yield and ze Bund-future #FGBL_F
7/ ... 2015-2019 $EURUSD
8/ ...and last but not least ze $DAX 2015-2019 .

have a splendid day
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Kai
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Kai
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MT GLOBAL MARKETS Momentum Weekly Recap wk38 as of 20Sep19 - thread 1/n

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