Europe – The first weeks of the new year have brought positive surprises. Continued falling inflation rates, declining energy prices and the astonishingly rapid and complete lifting of China’s Covid-19 restrictions – these have all contributed to a more positive assessment of the global economy and boosted market outlooks. The fear of a European energy crisis has dissipated, both thanks to an as yet mild winter, and well-stocked natural gas stores. Purchasing managers have confirmed the improved mood in Europe. Leading institutions have corrected their negative growth forecasts and are now no longer assuming a recession this year.
Read more in the Macroeconomic Comment by Peter von Elten.