Good Morning from Germany, where industrial production unexpectedly fell for a second straight month, down 0.7% in March, led by weakness in energy and machinery. Despite a small uptick in Q1 GDP, the data point to ongoing stagnation and raise doubts about Chancellor Merz’s promise to make 2026 a “year of growth,” as geopolitical risks and trade tensions rise and economic reforms fail to gain traction.

Good Morning from Germany, where industrial production unexpectedly fell for a second straight month, down 0.7% in March, led by weakness in energy and machinery. Despite a small uptick in Q1 GDP, the data point to ongoing stagnation and raise doubts about Chancellor Merz’s… pic.twitter.com/U3RW5I9guo

— Holger Zschaepitz (@Schuldensuehner) May 8, 2026