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| Trump blasts Fed for blowing US recovery; German business confidence slides – business live | Trump blasts Fed for blowing US recovery; German business confidence slides – business live |
| (32 minutes later) | |
| Donald Trump has also won a legal battle over his steel tariffs, although it’s not the end of the matter. | |
| Supreme Court judges have turned down a challenge from US companies who said they were suffering higher prices and “ongoing harm” because of the tariff regime (which makes imports of steel more expensive). | |
| Associated Press has the details: | |
| The Supreme Court is rejecting an early challenge to President Donald Trump’s authority to impose tariffs on imported steel based on national security concerns. | |
| The justices did not comment on Monday in leaving in place a decision by the Court of International Trade that ruled against steel importers and other users of imported steel who challenged the 25% tariff on steel that Trump imposed in 2018. | |
| The importers argue that Trump does not have unbounded authority under the Constitution to regulate trade. They say that job belongs to Congress. | |
| The legal challenge is at an early stage, before a federal appeals court has weighed in. The case could return to the Supreme Court later. | |
| Donald Trump is right about one thing, though - this has been a vintage month for the stock market. | Donald Trump is right about one thing, though - this has been a vintage month for the stock market. |
| The Dow Jones is up nearly 8% this month, which the president called “one of the best” June’s in US history. It’s actually the best in over 80 years, since June 1938, when the Dow surged by an astonishing 24.3%. | The Dow Jones is up nearly 8% this month, which the president called “one of the best” June’s in US history. It’s actually the best in over 80 years, since June 1938, when the Dow surged by an astonishing 24.3%. |
| This month’s rally follows a torrid May, and was sparked by suggestions of US interest rate cuts and fresh stimulus in the eurozone. | This month’s rally follows a torrid May, and was sparked by suggestions of US interest rate cuts and fresh stimulus in the eurozone. |
| As Marketwatch puts it: | As Marketwatch puts it: |
| The rally for equities has been partly supported by the Fed, which concluded its Wednesday rate-setting meeting by signaling a willingness too trim rates as soon as the end of the July 30-31 gathering to curb the effects of tariff clashes between the U.S. and international trade partners, notably China, that have roiled global economies and threaten to disrupt global supply chains. | The rally for equities has been partly supported by the Fed, which concluded its Wednesday rate-setting meeting by signaling a willingness too trim rates as soon as the end of the July 30-31 gathering to curb the effects of tariff clashes between the U.S. and international trade partners, notably China, that have roiled global economies and threaten to disrupt global supply chains. |
| Ding ding! The New York stock market is open, and shares are rising despite geopolitical tensions in the Gulf. | Ding ding! The New York stock market is open, and shares are rising despite geopolitical tensions in the Gulf. |
| The Dow Jones industrial average (which tracks 30 of the biggest US companies) has gained 77 points or 0.3% in early trading to 26,796. That takes it closer to last year’s record highs. | The Dow Jones industrial average (which tracks 30 of the biggest US companies) has gained 77 points or 0.3% in early trading to 26,796. That takes it closer to last year’s record highs. |
| The S&P 500 (the broader stocks index) has gained just 1 point to 2,951 -- having hit its own record highs last week. | The S&P 500 (the broader stocks index) has gained just 1 point to 2,951 -- having hit its own record highs last week. |
| Could we see all time highs today? $SPX pic.twitter.com/yujmjpp5Y6 | Could we see all time highs today? $SPX pic.twitter.com/yujmjpp5Y6 |
| Donald Trump’s tweetstorm failed to address the fact that his trade dispute with China has been weighing on markets for some time. | Donald Trump’s tweetstorm failed to address the fact that his trade dispute with China has been weighing on markets for some time. |
| Rupert Thompson, head of research at Kingswood, points out that investors are hoping for a breakthrough at the G20 meeting of world leaders on Friday and Saturday. | Rupert Thompson, head of research at Kingswood, points out that investors are hoping for a breakthrough at the G20 meeting of world leaders on Friday and Saturday. |
| The meeting of Presidents Xi and Trump at the G20 gathering later this week will be critical. | The meeting of Presidents Xi and Trump at the G20 gathering later this week will be critical. |
| Most likely, Trump will back away to some extent from the sharp increase in tariffs planned for early July. But a full-blown trade deal looks very unlikely. With equities riding high, the pressure on Trump to reach an early deal has been reduced. | Most likely, Trump will back away to some extent from the sharp increase in tariffs planned for early July. But a full-blown trade deal looks very unlikely. With equities riding high, the pressure on Trump to reach an early deal has been reduced. |
| In the meantime, hopes of US interest rate cuts are keeping markets buoyant, he adds. | In the meantime, hopes of US interest rate cuts are keeping markets buoyant, he adds. |
| One of the president’s top advisors, Kellyanne Conway, has been discussing Iran at the White House: | One of the president’s top advisors, Kellyanne Conway, has been discussing Iran at the White House: |
| At WH driveway gaggle, @KellyannePolls says new sanctiions against Iran are coming, yet @POTUS doesn't want war & wants Iran to come to the negotiating table. She says he won't allow Iran to engage in nuclear blackmail, disrupt global oil markets or terrorize its own people. pic.twitter.com/lebT6BnqVb | At WH driveway gaggle, @KellyannePolls says new sanctiions against Iran are coming, yet @POTUS doesn't want war & wants Iran to come to the negotiating table. She says he won't allow Iran to engage in nuclear blackmail, disrupt global oil markets or terrorize its own people. pic.twitter.com/lebT6BnqVb |
| Donald Trump is now turning his attention to America’s central bankers, accusing them of incompetence. | Donald Trump is now turning his attention to America’s central bankers, accusing them of incompetence. |
| In another Twitter blast from the White House, Trump claims the Fed has hurt US growth by leaving interest rates too high. | In another Twitter blast from the White House, Trump claims the Fed has hurt US growth by leaving interest rates too high. |
| He claims GDP could be growing at up to 5% per year, not the 3.1% per year recorded in the first quarter of 2019. | He claims GDP could be growing at up to 5% per year, not the 3.1% per year recorded in the first quarter of 2019. |
| Despite a Federal Reserve that doesn’t know what it is doing - raised rates far to fast (very low inflation, other parts of world slowing, lowering & easing) & did large scale tightening, $50 Billion/month, we are on course to have one of the best Months of June in U.S. history.. | Despite a Federal Reserve that doesn’t know what it is doing - raised rates far to fast (very low inflation, other parts of world slowing, lowering & easing) & did large scale tightening, $50 Billion/month, we are on course to have one of the best Months of June in U.S. history.. |
| ....Think of what it could have been if the Fed had gotten it right. Thousands of points higher on the Dow, and GDP in the 4’s or even 5’s. Now they stick, like a stubborn child, when we need rates cuts, & easing, to make up for what other countries are doing against us. Blew it! | ....Think of what it could have been if the Fed had gotten it right. Thousands of points higher on the Dow, and GDP in the 4’s or even 5’s. Now they stick, like a stubborn child, when we need rates cuts, & easing, to make up for what other countries are doing against us. Blew it! |
| The Fed is widely expected to cut interest rates in July, in response to slowing growth and weak inflation. That’s unlikely to win them any plaudits from Trump, who has been banging the rate cut drum for months (and now looks vindicated). | The Fed is widely expected to cut interest rates in July, in response to slowing growth and weak inflation. That’s unlikely to win them any plaudits from Trump, who has been banging the rate cut drum for months (and now looks vindicated). |
| Does Donald Trump really want Chinese and Japanese warships cruising around the Persian Gulf? It’s only recently they were engaged in cat-and-mouse manoeuvres around the Senkaku Islands..... | Does Donald Trump really want Chinese and Japanese warships cruising around the Persian Gulf? It’s only recently they were engaged in cat-and-mouse manoeuvres around the Senkaku Islands..... |
| Doug Saunders of the Globe and Mail points out that Japan’s navy isn’t allowed to head off into international action anyway. | Doug Saunders of the Globe and Mail points out that Japan’s navy isn’t allowed to head off into international action anyway. |
| In which the US president asked China and Japan to establish a large-scale military presence in the Middle East, and Japan to turn its Maritime Defence Force, constitutionally limited to domestic defence since WWII, into a full-scale global navy again https://t.co/SxtswlMWsP | In which the US president asked China and Japan to establish a large-scale military presence in the Middle East, and Japan to turn its Maritime Defence Force, constitutionally limited to domestic defence since WWII, into a full-scale global navy again https://t.co/SxtswlMWsP |
| The Atlantic’s David Frum also has concerns.... | The Atlantic’s David Frum also has concerns.... |
| Trump calls for bigger and more aggressive Chinese Navy https://t.co/GJYD3OSccV | Trump calls for bigger and more aggressive Chinese Navy https://t.co/GJYD3OSccV |
| Bloomberg’s Stephen Stapczynski is querying the president’s math(s): | Bloomberg’s Stephen Stapczynski is querying the president’s math(s): |
| China gets about 1/3 of its oil from vessels that travel through the Strait of Hormuz, according to calculations based on US EIA and China customs data https://t.co/7faTdU0xjI | China gets about 1/3 of its oil from vessels that travel through the Strait of Hormuz, according to calculations based on US EIA and China customs data https://t.co/7faTdU0xjI |
| Newsflash: President Trump has tweeted that America could withdraw its military protection from the Strait of Hormuz (the area where several tankers have been attacked in recent weeks). | Newsflash: President Trump has tweeted that America could withdraw its military protection from the Strait of Hormuz (the area where several tankers have been attacked in recent weeks). |
| Trump wants China and Japan to step up and protect the ships passing through the Gulf, pointing out that they consume much of the oil. | Trump wants China and Japan to step up and protect the ships passing through the Gulf, pointing out that they consume much of the oil. |
| That may alarm the financial markets -- without US military protection, the Middle East waterways could become more dangerous. | That may alarm the financial markets -- without US military protection, the Middle East waterways could become more dangerous. |
| China gets 91% of its Oil from the Straight, Japan 62%, & many other countries likewise. So why are we protecting the shipping lanes for other countries (many years) for zero compensation. All of these countries should be protecting their own ships on what has always been.... | China gets 91% of its Oil from the Straight, Japan 62%, & many other countries likewise. So why are we protecting the shipping lanes for other countries (many years) for zero compensation. All of these countries should be protecting their own ships on what has always been.... |
| ....a dangerous journey. We don’t even need to be there in that the U.S. has just become (by far) the largest producer of Energy anywhere in the world! The U.S. request for Iran is very simple - No Nuclear Weapons and No Further Sponsoring of Terror! | ....a dangerous journey. We don’t even need to be there in that the U.S. has just become (by far) the largest producer of Energy anywhere in the world! The U.S. request for Iran is very simple - No Nuclear Weapons and No Further Sponsoring of Terror! |
| Donald Trump’s clampdown on Iranian oil seems to be having some success. | Donald Trump’s clampdown on Iranian oil seems to be having some success. |
| New figures show that Iran only exported 300,000 barrels per day this month, down from around 500,000 bpd in May. It had been shifting 2.5 million barrels per day last year, before the US sanctions kicked in. | New figures show that Iran only exported 300,000 barrels per day this month, down from around 500,000 bpd in May. It had been shifting 2.5 million barrels per day last year, before the US sanctions kicked in. |
| Iran’s Crude Oil Exports Fall To 300K B/D Or Less So Far In June Due To US Sanctions – RTRS Industry Sources #OOTT | Iran’s Crude Oil Exports Fall To 300K B/D Or Less So Far In June Due To US Sanctions – RTRS Industry Sources #OOTT |
| European stock markets have subsided into the red, after a generally quiet morning. | European stock markets have subsided into the red, after a generally quiet morning. |
| The main indices are all down, as this morning’s drop in German business confidence worries traders. | The main indices are all down, as this morning’s drop in German business confidence worries traders. |
| AJ Bell investment director Russ Mould says investors are keeping their heads down until the G20 meeting later this week, where the presidents of China and the US will meet. | AJ Bell investment director Russ Mould says investors are keeping their heads down until the G20 meeting later this week, where the presidents of China and the US will meet. |
| All the attention will be on Donald Trump and his Chinese counterpart Xi Jinping and whether they can dial down the mood music on trade which of late has been set at death metal levels. | All the attention will be on Donald Trump and his Chinese counterpart Xi Jinping and whether they can dial down the mood music on trade which of late has been set at death metal levels. |
| “The outcome could help set the tone for the markets over the remainder of the summer. | “The outcome could help set the tone for the markets over the remainder of the summer. |
| Carsten Brzeski of ING has spotted that German business confidence has hit a four year low, according to this morning’s IFO report. | Carsten Brzeski of ING has spotted that German business confidence has hit a four year low, according to this morning’s IFO report. |
| Business expectations have slumped, with company bosses expecting turbulence in the months ahead due to trade conflicts and a slowdown in America’s economy. | Business expectations have slumped, with company bosses expecting turbulence in the months ahead due to trade conflicts and a slowdown in America’s economy. |
| Brzeski writes: | Brzeski writes: |
| Fear of losing. This is the best summary of the current state of Germany’s businesses. Germany’s most prominent leading indicator, the Ifo index, just dropped for the third month in a row, falling to the lowest level in more than four years. The Ifo index stood at 97.4 in June, from 97.9 in May. | Fear of losing. This is the best summary of the current state of Germany’s businesses. Germany’s most prominent leading indicator, the Ifo index, just dropped for the third month in a row, falling to the lowest level in more than four years. The Ifo index stood at 97.4 in June, from 97.9 in May. |
| While the current assessment component actually increased, the expectations component fell back, close to its recent low at the beginning of the year. Once again, it is well-known uncertainties that are weighing on German business sentiment. | While the current assessment component actually increased, the expectations component fell back, close to its recent low at the beginning of the year. Once again, it is well-known uncertainties that are weighing on German business sentiment. |
| Germany’s most prominent leading indicator is near the lowest level in more than four years. But @carstenbrzeski maintains his optimismhttps://t.co/f4VYJItMOs | Germany’s most prominent leading indicator is near the lowest level in more than four years. But @carstenbrzeski maintains his optimismhttps://t.co/f4VYJItMOs |
| Losing one mayoral race is a misfortune. Losing the same one twice is positively careless. | Losing one mayoral race is a misfortune. Losing the same one twice is positively careless. |
| That’s where Turkish president Recep Tayyip Erdoğan finds himself this morning, after Turkey’s opposition party dramatically won a rerun of the Istanbul mayoral election yesterday. | That’s where Turkish president Recep Tayyip Erdoğan finds himself this morning, after Turkey’s opposition party dramatically won a rerun of the Istanbul mayoral election yesterday. |
| This is the second time that the People’s Republican party (CHP) has beaten Erdoğan’s ruling AKP party -- the initial result having been annulled. | This is the second time that the People’s Republican party (CHP) has beaten Erdoğan’s ruling AKP party -- the initial result having been annulled. |
| Losing twice (and by a wider margin the second time) is a big blow to Erdoğan’s authority. | Losing twice (and by a wider margin the second time) is a big blow to Erdoğan’s authority. |
| In response, Turkish assets are rallying today, sending its BIST 100 stock index up by 1.4%. The Turkish lira has also strengthened, along with bond prices. | In response, Turkish assets are rallying today, sending its BIST 100 stock index up by 1.4%. The Turkish lira has also strengthened, along with bond prices. |
| Ergodan has worried global investors in recent months, by undermining central bank independence and making his son-in-law the finance minister. The Istanbul defeat could trigger a re-shaping of Turkish politics, new mayor Ekrem Imamoglu being cited as a possible presidential rival. | Ergodan has worried global investors in recent months, by undermining central bank independence and making his son-in-law the finance minister. The Istanbul defeat could trigger a re-shaping of Turkish politics, new mayor Ekrem Imamoglu being cited as a possible presidential rival. |
| Turkish Lira and credit spreads rally following Istanbul's election acknowledgement. This shows financial stress in #Turkey has not only been not matter of ability to grow, but willingness to provide clarity around democratic institutions. A step in the right direction. pic.twitter.com/gwZS2zq36E | Turkish Lira and credit spreads rally following Istanbul's election acknowledgement. This shows financial stress in #Turkey has not only been not matter of ability to grow, but willingness to provide clarity around democratic institutions. A step in the right direction. pic.twitter.com/gwZS2zq36E |
| Environmental news: health and beauty chain Boots is banning plastic bags at its UK stores. | Environmental news: health and beauty chain Boots is banning plastic bags at its UK stores. |
| Instead customers will get paper ones - at between 5p and 10p each, depending on size, as Boots joins the ranks of companies trying to restrict plastic waste. | Instead customers will get paper ones - at between 5p and 10p each, depending on size, as Boots joins the ranks of companies trying to restrict plastic waste. |
| Boots to ban plastic bags and switch to brown paper carriers | Boots to ban plastic bags and switch to brown paper carriers |
| Bitcoin is still trading at its highest levels for 15 months, up nearly 1% today at $10,918. | Bitcoin is still trading at its highest levels for 15 months, up nearly 1% today at $10,918. |
| Some crypto-currency experts are predicting that bitcoin could keep rallying, having already doubled in value in the last seven weeks. | Some crypto-currency experts are predicting that bitcoin could keep rallying, having already doubled in value in the last seven weeks. |
| Glen Goodman, author of The Crypto Traders, says: | Glen Goodman, author of The Crypto Traders, says: |
| “Despite this year’s huge price rise, google searches for ‘Bitcoin’ are still a lot lower than they were during the last boom. This suggests the price has the potential to go far higher than its current level if the wider public becomes interested again. Though of course, it could be argued that lacking wider public involvement, the current price rise is simply down to blind optimism by the small crypto community who see it as their pain-free path to early retirement.” | “Despite this year’s huge price rise, google searches for ‘Bitcoin’ are still a lot lower than they were during the last boom. This suggests the price has the potential to go far higher than its current level if the wider public becomes interested again. Though of course, it could be argued that lacking wider public involvement, the current price rise is simply down to blind optimism by the small crypto community who see it as their pain-free path to early retirement.” |
| After the recent parabolic rise, many traders will be looking to take some profits off the table now, but it’s worth remembering that last time Bitcoin’s price broke through $10,000, it then hit it’s all time high of nearly $20,000 just 16 days later.” | After the recent parabolic rise, many traders will be looking to take some profits off the table now, but it’s worth remembering that last time Bitcoin’s price broke through $10,000, it then hit it’s all time high of nearly $20,000 just 16 days later.” |
| Naeem Aslam of Think Markets also sees signs that bitcoin could rise sharply higher, as investors who have bet against bitcoin get their fingers burned. | Naeem Aslam of Think Markets also sees signs that bitcoin could rise sharply higher, as investors who have bet against bitcoin get their fingers burned. |
| This is a strong comeback, everyone has been waiting for this for a long time. From a price perspective, bitcoin has recovered more than 50% off its losses from its all-time high of $20,000. The strong resurgence in the bitcoin price is mainly due to the renewed mainstreaming interest in crypto currencies and the technology which underlines it. Projects like Facebook’s Libra has provided much needed tailwind for this space. | This is a strong comeback, everyone has been waiting for this for a long time. From a price perspective, bitcoin has recovered more than 50% off its losses from its all-time high of $20,000. The strong resurgence in the bitcoin price is mainly due to the renewed mainstreaming interest in crypto currencies and the technology which underlines it. Projects like Facebook’s Libra has provided much needed tailwind for this space. |
| I do think the next rally is going to be a lot more stronger than the previous one, one can call it a bubble, but this time the range could very well be between $60,000 to $100,000. | I do think the next rally is going to be a lot more stronger than the previous one, one can call it a bubble, but this time the range could very well be between $60,000 to $100,000. |
| However, Michael Hewson of CMC Markets is more sceptical - pointing out that Facebook’s move into crypto-currencies is controversial: | However, Michael Hewson of CMC Markets is more sceptical - pointing out that Facebook’s move into crypto-currencies is controversial: |
| While some have lauded this move as a welcome attempt to disrupt the payments industry, having received the backing of Visa and Mastercard, there still remains the worry of what the company might do with users personal data, where Facebook has been on the receiving end of a backlash over how it uses the data it collects. | While some have lauded this move as a welcome attempt to disrupt the payments industry, having received the backing of Visa and Mastercard, there still remains the worry of what the company might do with users personal data, where Facebook has been on the receiving end of a backlash over how it uses the data it collects. |
| This does raise the inevitable concern that if you’re reluctant to share your personal data with Facebook, why on earth would you trust it with your money? | This does raise the inevitable concern that if you’re reluctant to share your personal data with Facebook, why on earth would you trust it with your money? |
| This slump in German business confidence reinforces concerns that the global economy is faltering. | This slump in German business confidence reinforces concerns that the global economy is faltering. |
| This is spurring a rally in government bonds, as the markets anticipate lower growth and weaker inflation. | This is spurring a rally in government bonds, as the markets anticipate lower growth and weaker inflation. |
| The amount of sovereign debt trading above its face value is at record levels, suggesting investors are trying to protect capital rather than seeking earnings growth [Around $11 trillion of bonds are now on offer at negative yields, or interest rates] | The amount of sovereign debt trading above its face value is at record levels, suggesting investors are trying to protect capital rather than seeking earnings growth [Around $11 trillion of bonds are now on offer at negative yields, or interest rates] |
| It’s a worrying sign that a recession may be on the horizon, as the Wall Street Journal reports today: | It’s a worrying sign that a recession may be on the horizon, as the Wall Street Journal reports today: |
| The collapse in bond yields since this spring has been stark, swift and global, prompting a rush to lock in low rates that few expected to see this deep into a decadelong economic expansion. | The collapse in bond yields since this spring has been stark, swift and global, prompting a rush to lock in low rates that few expected to see this deep into a decadelong economic expansion. |
| Take an early look at the front page of The Wall Street Journal https://t.co/ZTQ9xtmCjO pic.twitter.com/DLFR9JUjPL | Take an early look at the front page of The Wall Street Journal https://t.co/ZTQ9xtmCjO pic.twitter.com/DLFR9JUjPL |
| But share price are also holding up, on hopes that central bankers will ease monetary policy and offer more ‘easy money’ to support growth, and asset prices. | But share price are also holding up, on hopes that central bankers will ease monetary policy and offer more ‘easy money’ to support growth, and asset prices. |
| This is an unusual situation -- typically, shares and bonds should move in opposite directions. | This is an unusual situation -- typically, shares and bonds should move in opposite directions. |
| So, this correlation suggests markets are anticipating that central bankers will save the day again. | So, this correlation suggests markets are anticipating that central bankers will save the day again. |
| Mark Haefele, chief investment officer at UBS Global Wealth Management, say this may not happen. | Mark Haefele, chief investment officer at UBS Global Wealth Management, say this may not happen. |
| Bond markets appear to be signaling an economic slowdown, while equities suggest growth will continue in a low-inflation, “Goldilocks” scenario. | Bond markets appear to be signaling an economic slowdown, while equities suggest growth will continue in a low-inflation, “Goldilocks” scenario. |
| These seemingly contradictory stories only make sense if the bond market is pricing preemptive Fed rate cuts and the equity market is pricing that this action will succeed in preventing a slowdown. Since 2009, the Fed has proven generally successful at pivoting the right way, but we are wary of positioning for perfection. | These seemingly contradictory stories only make sense if the bond market is pricing preemptive Fed rate cuts and the equity market is pricing that this action will succeed in preventing a slowdown. Since 2009, the Fed has proven generally successful at pivoting the right way, but we are wary of positioning for perfection. |
| Here’s Associated Press’ take on the decline in German business morale: | Here’s Associated Press’ take on the decline in German business morale: |
| A closely watched survey is showing that German business confidence has fallen to a near five-year low as managers’ expectations for the coming six months have deteriorated. | A closely watched survey is showing that German business confidence has fallen to a near five-year low as managers’ expectations for the coming six months have deteriorated. |
| The Ifo institute said Monday that its monthly confidence index slipped to 97.4 points in June from 97.9 last month, in line with market expectations. | The Ifo institute said Monday that its monthly confidence index slipped to 97.4 points in June from 97.9 last month, in line with market expectations. |
| The third straight monthly fall takes the index to its lowest since November 2014 and was entirely due to managers’ waning views of future prospects. | The third straight monthly fall takes the index to its lowest since November 2014 and was entirely due to managers’ waning views of future prospects. |
| Their assessment of the current situation rose modestly from May. | Their assessment of the current situation rose modestly from May. |
| German growth forecasts have been cut repeatedly recently and the economy is expected to turn in a feeble performance in the second quarter after returning to growth in the winter. | German growth forecasts have been cut repeatedly recently and the economy is expected to turn in a feeble performance in the second quarter after returning to growth in the winter. |
| Ifo’s survey is based on responses from some 9,000 firms. | Ifo’s survey is based on responses from some 9,000 firms. |
| #Germany: DIRE warning on the economy "it's heading for the doldrums". @ifo_Institut President Clemens Fuest tells us he does NOT see green shoots in the manufacturing sector; weakness spreading to logistics & construction as well $EUR @CNBCi | #Germany: DIRE warning on the economy "it's heading for the doldrums". @ifo_Institut President Clemens Fuest tells us he does NOT see green shoots in the manufacturing sector; weakness spreading to logistics & construction as well $EUR @CNBCi |