First Germany, Now France

The eurozone recovery is faltering, first with Germany, now with France.

French Factories Suffer Worst Quarterly Output Drop Since 2012.

Germany

In February, German Industrial Output fell by 1.6 percent after rising by a revised 0.1 percent in January, data from the Economy Ministry showed. February’s drop was the biggest since August 2015 and compared with a Reuters consensus forecast for a rise of 0.3 percent.

In March, German Industrial Production Rebounded 1.0% but that would seem to leave Germany in the red.

Upswing Intact?

Germany's economy minister said the 'Upswing Remains Intact' and industrial output edged up 0.1 percent on the quarter.

Really?

The math seems screwy, no doubt due to seasonal adjustments or lies, but here's the kicker: "Factory orders dropped for a third month running in March as foreign demand weakened."

Germany New Orders Dip 0.9% in March

As translated from Destatis.

According to preliminary data from the Federal Statistical Office (Destatis) in March 2018, price-adjusted new orders in the manufacturing sector were 0.9% lower than in the previous month, seasonally and calendar- adjusted . For February 2018, after revision of the preliminary results, there was a decrease of 0.2% compared to January 2018 (provisional value: + 0.3%).

Trump's trade war with everyone and his reimposed Iran sanctions will add to European misery.

Mike "Mish" Shedlock

Manufacturing ISM Worst Since 2009 on Severe Contraction of Export Orders

The Manufacturing ISM is in the second month of contraction and the worst since June of 2009.

Housing Slump Accelerates

Starts and permits both came in well below consensus estimates, with revisions negative.

Stock Market 10% Plunge is the Worst Since 1987

The Dow fell 10%, the S&P 500 futures fell 10.6%, and the Nasdaq futures fell 10.5% in a stunning rout.

Industrial Production +0.5 Percent but Manufacturing Weak at +0.1 Percent

Industrial production beat the consensus (ignoring revisions), but manufacturing was weak once again.

Existing Home Sales in June Dive 1.8 Percent: Same Old Problem? Second and Third Quarter Impact?

The wind down to the end of the second quarter is not going very well. Existing home sales in June fell 1.8% to a seasonally adjusted annualized rate of 5.52 million. The Econoday consensus estimate was 5.58 million.

Weak Industrial Production Numbers Confirm Manufacturing Recession

Industrial Production fell 0.3% as expected, but revisions subtract another 0.1%. Weather was again a factor.

Exit Polls Show CSU Suffers Worst Bavaria Result Since 1950, Greens and AfD Gain

CSU came in first place in Bavaria but it was a humiliating, worst-showing win since 1950. Greens came in 2nd. AfD 3rd.

Existing Home Sales Plunge 3.2%: Worst January Since 1999

Economists expected last year's strength to continue. It petered out in December and the floor fell out in January.

Productivity Up 0.4%, Well Under Expectations of 0.7%, Labor Costs Up 2.9%

First-quarter US productivity was a disappointing 0.4%. Manufacturing productivity declined 1.2%. Wages rose 2.9%.