Forex Flash: Germans upbeat about year ahead – Nomura

Share | (Barcelona) - Nomura economists have highlighted an article in today´s FT which reports on a poll of consumer sentiment, published by Ernst and Young, in which more than three-quarters of German consumers feel optimistic about the coming year.

It cites confidence in the German labour market as the main factor underlying the bullish mood with 88% of those in employment thinking their jobs were safe. The survey put concern about rising energy prices at the top of the list of consumer fears, followed by environmental pollution, the European debt crisis, and rising living costs, in that order. Unemployment only made the bottom of the list with only 8% very worried and 76% not concerned at all.

They note that according to another German consumer poll produced for Stern magazine by the Forsa institute, fears over the burden of state debt, inadequate pensions, the rising cost of living and losing one´s job were all lower than three months ago. The FT comments that these cheerful conclusions contrasted with a downbeat New Years message from Chancellor Merkel this week. In her annual broadcast they remind us that she warn that "the economic environment [in 2013] will not be easier, but more difficult." They finish by highlighting another recent poll in which Ms Merkel‟s CDU party has 41% support, against just 27% for the SDP and 13% for the Greens.

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This article appears in: Investing , Forex and Currencies

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