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« America financially powerful – Evans-Pritchard | Main | Yellen speech on labor market to be Jackson Hole highlight »
Monday
Aug252014

Sanctions Costs: German Exports To Russia Collapse, "Risk 50,000 Jobs"

Just a month ago, Germany's powerful business lobby threw its weight behind tougher sanctions against Russia (dropping its previous objections). It appears they are now regretting that decision. As The Federation of German Industry (BDI) reports today, exports to Russia in H1 2014 dropped 15.5% from 2013 and "may drop by as much as 25% - posing a risk to 50,000 German jobs." We are sure, as Zee Germans look across the pond at the S&P 500 hitting record highs, BDI's conviction that Russia's action must face significant consequences may just fall apart again.

Just 3 weeks ago, Germany’s powerful business lobby has dropped its opposition to tougher sanctions against Russia ahead of today’s crunch EU ambassador meeting in Brussels.

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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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