Macroeconomics
In the German elections, there was no clear winner and instead various coalition possibilities have emerged. The most likely is probably a variant that will push the country significantly to the left after the Merkel era and push climate policy with all its consequences far up the list of priorities.
This trend is in line with the zeitgeist and is likely to further increase tensions within the EU.
In the UK, the after-effects of leaving the EU continue to be clearly felt. A lack of lorry drivers led to supply shortages initially at petrol stations. However, there is a risk that this could spread not only to transport but also to many other sectors of the economy. There is quite simply a lack of labour, which in the past was covered by people from the EU. Incidentally, this is a development that can also be seen within the EU, even if it has not yet reached the same proportions.
China also contributed significant information in the past two weeks. The extreme financial difficulties of major real estate developers are challenging the Communist Party and one can be assured that the entire Chinese leadership is currently looking for a way out in order to prevent a spill-over into the entire economy. Large defaults in this sector would have very far-reaching, if not devastating, consequences on the overall economy in China. The Western world is still betting on the Chinese government not allowing a collapse. Even if a collapse were to happen, the feeling is that Western financial systems would not be threatened.

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