German business morale steadies despite spectre of global trade war
Germany, a major exporter, faces a host of risks including the prospect of U.S. import tariffs on aluminium and steel, a potential global trade war and the possibility that German firms conducting business in Iran will face sanctions after the U.S. decision to back out of the nuclear deal with Tehran. "The number of dark clouds in the German economic sky has clearly increased," ING economist Carsten Brzeski said, pointing to higher oil prices, trade tensions and Italian politics.
German business confidence held steady in May after falling for five straight months, a survey showed on Friday, suggesting company executives in Europe`s biggest economy are keeping their cool. Image source: Reuters