The de-industrialisation of Germany 🇩🇪

The de-industrialisation of Germany 🇩🇪

🔹The HCOB German Flash Composite Purchasing Managers’ Index, fell 📉 to 45.8 in Oct. from Sep.’s 46.4, below the 46.7 forecast, as GDP declined 0.2% in the quarter through Sep.

🔹Cancellations in the residential construction sector has hit a 30 year high 📈. Umland of Egeln, is declared the first municipal housing co., to be in insolvency proceedings.

🔹230 year-old fine tin-glazed pottery 🏺business Zeller Keramik of Ortenaukreis, has filed for bankruptcy.

🔹Biebelhausener Mühle GmbH (a traditional baking co. 🍞) based in Ayl-Biebelhausen since the 17th century declares insolvency.

🔹Bankruptcies on a y-o-y basis in manufacturing increased by 22.6%, in retail went up by 18.5% and in the service sector rose by 16.7%.

🔹Siemens Energy AG faces mounting issues with malfunctioning turbines and unprofitable contracts, set to push the co. to a €4.5 billion 🔻 ($4.8 billion) net loss this year. The co. may be considering shutting down Siemens Gamesa factories and sales offices.

🔹Survey among 115 works council chairmen showed that 44% of automotive suppliers are considering relocating their production abroad. The investments of German companies abroad were 125 billion euros higher than the simultaneous investments of foreign companies in Germany.

🔹Wholesale prices declined 4.1% y-o-y to the lowest level in Sep., marking the most significant drop since May 2020, signalling a weakening demand environment.