Adjusted for calendar year effects, retail sales increased by 4.3% y/y and 0.5% m/m.
Agreement guarantees the delivery of up to another 5.8 mcm gas per day to Hungary in September and October.
It is a familiar narrative, but a firmly hawkish Fed plus major exporting nations seeing their trade surpluses wiped out by higher energy costs continue to drive the dollar higher. And we doubt an extra 25bp of ECB tightening this autumn will help.
The base rate now stands at its highest level since April 2004 and at 11.75% is the highest in the CEE region.
The list of arguments why the German economy is sliding into recession is getting ever longer. The question isn't about whether there'll be a recession but rather how severe and how long it will be.