Macroeconomics

The statistical data from the past two-week period offered no clear indications in terms of direction.

Japan and Germany delivered very positive news with GDP increases for the first quarter of 5.3 and 4.1% respectively. While Japan enjoyed strong consumer spending which has created the growth, strong exports accounted for the strong performance and growth in Germany. The Central European economy continues, however, to suffer from slow consumer spending and most analysts do not see the economy as being back on track. Despite positive news, Germany, which is such an important factor in the European business outlook, continues to suffer from massive structural problems.

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