FOREX TradingCharts.com

Financial News: German Companies See Bleak Prospects For Rest Of

German Companies See Bleak Prospects For Rest Of 2020 After Covid-19 Outbreak

03/12/2020 - 08:34:00 (RTTNews)

(RTTNews) - Germany's main industrial sectors are no longer expecting any strong rebound this year and over half of the companies are likely to be impacted by the coronavirus, which has spread over 100 countries globally causing supply-chain disruptions and hurting lives.

Results of a survey by the think tank ifo revealed on Thursday that about 56 percent of German companies undergo negative effects from the spread of covid-19.

According to the survey conducted among 3,400 companies, travel agencies and tour operators were the worst hit. The hospitality industry was also badly affected.

Germany's engineering industry association, VDMA on Thursday cut its production outlook for 2020. Output of the mechanical engineering is forecast to fall 5 percent this year.

Trade conflicts, global economic weakness and the structural changes in the auto industry have weighed on the mechanical engineering industry last year. The spread of coronavirus has made the situation even more difficult, the lobby noted.

Even assuming that the situation eases in the second half of the year and business improves, the industry will not be able to make up for the additional declines this year, VDMA President Carl Martin Welcker, said.

Elsewhere, Germany's chemical industry association, VCI, also downgraded its production forecast for this year. The industry forecast the chemical output to decline 1.5 percent in 2020 and the industry turnover was forecast to remain at EUR 196 billion.

The VCI said the German industry is still in a recession and the demand for chemicals is subdued. The covid-19 has increased the economic risks, the agency said.

The effects of the corona epidemic will be felt by export-oriented German industry and thus also by chemical industry, the VCI added.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


China's Bank Lending Exceeds Expectations (57 min(s), 41 sec(s) ago)
(RTTNews) - China's bank lending increased more than expected in March, suggesting that measur ...Full Story»

Romania's Inflation Steady At 3% (01 hr(s), 41 min(s), 41 sec(s) ago)
(RTTNews) - Romania's consumer prices increased at a steady pace in March, data from the Natio ...Full Story»

Dutch Export Growth Slows For Second Month (02 hr(s), 21 min(s), 41 sec(s) ago)
(RTTNews) - The Netherlands' goods exports grew at a slower pace for a second consecutive mont ...Full Story»

France Industrial Output Rises More Than Expected (03 hr(s), 31 min(s), 41 sec(s) ago)
(RTTNews) - French industrial production grew more than expected in February, data from the statis ...Full Story»

France Industrial Output Rises At Slower Pace (03 hr(s), 41 min(s), 41 sec(s) ago)
(RTTNews) - French industrial production grew more than expected in February, data from the statis ...Full Story»

Eurogroup Agrees Rescue Package To Mitigate Covid-19 Downturn (03 hr(s), 47 min(s), 41 sec(s) ago)
(RTTNews) - Eurozone finance ministers agreed an emergency plan to mitigate the downturn caused by ...Full Story»

China's Inflation Eases In March; PPI Falls For Second Month (07 hr(s), 15 min(s), 41 sec(s) ago)
(RTTNews) - China's consumer price inflation slowed more-than-expected to a five-month low in ...Full Story»

China Inflation Slows To 4.3% In March (10 min(s), 19 sec(s) ago)
(RTTNews) - Consumer prices in China were up just 4.3 percent on year in March, the National Burea ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

China's Bank Lending Exceeds Expectations

04/10/2020 - 07:37 AM (RTTNews)
(RTTNews) - China's bank lending increased more than expected in March, suggesting that measur ...Full Story>>

Romania's Inflation Steady At 3%

04/10/2020 - 06:53 AM (RTTNews)
(RTTNews) - Romania's consumer prices increased at a steady pace in March, data from the Natio ...Full Story>>

Dutch Export Growth Slows For Second Month

04/10/2020 - 06:13 AM (RTTNews)
(RTTNews) - The Netherlands' goods exports grew at a slower pace for a second consecutive mont ...Full Story>>

France Industrial Output Rises More Than Expected

04/10/2020 - 05:03 AM (RTTNews)
(RTTNews) - French industrial production grew more than expected in February, data from the statis ...Full Story>>

France Industrial Output Rises At Slower Pace

04/10/2020 - 04:53 AM (RTTNews)
(RTTNews) - French industrial production grew more than expected in February, data from the statis ...Full Story>>
Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.