We’re saved (or not)

 From the Wall Street Journal:

LONDON (Dow Jones)–European stocks are expected to open slightly higher Tuesday, in a reversal from earlier opening calls, after German gross domestic product figures came in significantly better than expected.

 Good news…or is it?

Amid all the doom and gloom, strong German GDP figures just out may give investors something to cheer about Tuesday. Data show Germany’s economy, the largest in Europe, grew much more than expected in the first quarter, driven by a surge in net exports.

It looks like Europe is getting further away from a necessary rebalancing in which Germany consumes more. Without Germany consuming more and exporting less/importing more there is almost no conceivable way for the Eurozone to survive. There are still no silver linings in Europe.

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