German PMI data slumped to its lowest levels since the financial crisis showcasing the growing problems at the heart of the country's economy.
US and European stock markets fell after a survey of German manufacturers delivered its lowest reading since the financial crisis.
France's PMI data also fell as demand for exports tumbled amid yellow-vest protests and turmoil during the Algerian elections.Stocks tumbled on Friday after a closely watched survey of German manufacturers delivered its lowest reading since the financial crisis. The"alarming slide remains driven by a steady deterioration in new orders which fell at their quickest rate since 2012 thanks to persistent weakness in the auto sector and delayed decision making — probably in part due to Brexit uncertainty — among many clients." said Claus Vistesen, chief Eurozone economist at Pantheon Macroeconomics.
The country is being battered by numerous external and internal factors, including the ongoing slump in global manufacturing, continued trade tensions between the US and China, stuttering demand for Germany's key export, cars, andHe anticipates further proof of a manufacturing recession in first-quarter industrial production reports.
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