Wed. Sep 23rd, 2020

Germany downplays stimulus hopes as economy escapes recession – business live

Rolling coverage of the latest economic and financial news, including German growth figures

1.43pm GMT

The number of Americans filing new employment claims has risen.

The US initial claims total jumped to 225,000 people last week, up from 211,000 in the previous seven days.

US Weekly Jobless Claims come in at 225k exp: 215k, prev: 211k

1.24pm GMT

Newsflash: Germany’s finance minister has just dampened hopes of a new stimulus package to support growth.

Olaf Scholz told a conference in Berlin, organised by Bloomberg, that Germany was not in an economic crisis. As such, there is no immediate need for a spending boost, he argued.

“We are cautiously optimistic. We will have bigger growth next year.”

German FinMin Scholz: Q3 GDP figures could end debate on stimulus package. German econ not in crisis, no need for stimulus now. (BBG) pic.twitter.com/rZVsNaalNp

German Fin Min Scholz: German economy not in crisis, no need for stimulus now. (BBG). #euro #ecb

Those who hoped for German stimulus had a BAD day today.

First a positive GDP print for Q3

Then, Germany’s Scholz: German economy not in crisis, no need for stimulus now BBG.

Sorry to say, fiscal stimulus AINT coming. Over to you ECB.

Continue reading…Rolling coverage of the latest economic and financial news, including German growth figuresLatest: German finance minister says there’s no crisisBreaking: Germany grew by 0.1% in the last quarterConsumer spending, government and exports lifted growthBut Q2 GDP revised down to -0.2%Weak Chinese data shows slowdown continues 1.43pm GMTThe number of Americans filing new employment claims has risen.The US initial claims total jumped to 225,000 people last week, up from 211,000 in the previous seven days. US Weekly Jobless Claims come in at 225k exp: 215k, prev: 211k 1.24pm GMTNewsflash: Germany’s finance minister has just dampened hopes of a new stimulus package to support growth.Olaf Scholz told a conference in Berlin, organised by Bloomberg, that Germany was not in an economic crisis. As such, there is no immediate need for a spending boost, he argued.“We are cautiously optimistic. We will have bigger growth next year.” German FinMin Scholz: Q3 GDP figures could end debate on stimulus package. German econ not in crisis, no need for stimulus now. (BBG) pic.twitter.com/rZVsNaalNpGerman Fin Min Scholz: German economy not in crisis, no need for stimulus now. (BBG). #euro #ecbThose who hoped for German stimulus had a BAD day today. First a positive GDP print for Q3Then, Germany’s Scholz: German economy not in crisis, no need for stimulus now BBG.Sorry to say, fiscal stimulus AINT coming. Over to you ECB. Continue reading…

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