China with significant export growth in June?
China with significant export growth in June?

27 June 2024 – Economists expect export growth in China to be significantly higher than previously assumed. US communication service providers show strong performance. And criticism from Germany: EU not making progress on trade agreement.

US communications service providers deliver earnings

Communications service providers in the S&P 500 have risen by 30 per cent in euros and including dividends since the beginning of the year. This makes the sector the best performer after the IT sector, beating the market by a good eleven percentage points. Analysts expect media and entertainment companies to increase their profits by around 30 per cent this year – more is only expected for semiconductor companies in the IT sector. Over the next two years, this figure is likely to rise by 15 per cent annually.

China with significant export growth?

The Chinese economy is likely to grow more strongly in June than previously expected. After economists had forecast growth of only 2.8 per cent in May, their opinion has brightened considerably due to China’s high competitiveness and dynamic international demand. Export growth of up to 4.8% is now expected for June.

Criticism: EU not making progress on trade agreements

The fact that the current European Commission is pursuing a course of preventing new trade agreements rather than advancing Europe as a whole now also seems to have reached political Berlin. German Chancellor Olaf Scholz recently sharply criticised the EU Commission on several occasions for not really making progress on important trade agreements, such as with Indonesia or Mercosur.

Prohibition culture made in Berlin?

This is somewhat surprising given that the German Chancellor is seen as a supporter of Ursula von der Leyen’s second term in office and his Green Economy Minister as the driving force behind the EU Safeguard extension. Habeck and Scholz in particular are not known for their liberal economic course, but prefer to pour billions of euros in subsidies into ailing steel companies and protect their alleged “investments” with half-baked and far-fetched market protection measures.

A clear statement to Brussels is necessary

Thorsten Gerber, CEO of the Gerber Group, commented today: “However, a clear statement would have been long overdue. Namely not to support the current EC President for a second term of office. This with the clear statement that it is Germany that stands for competition and modernisation, as well as the reduction of bureaucracy.” He went on to add: “Instead, they prefer to churn out empty phrases in the hope of scoring points with certain groups of voters. So it’s the same as before: a colourless, lurching course without clear lines and goals!”

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