Exposure rates of the Dorval Asset Management Range – 7th February 2020

Sluggish German (-3.5%) and French (-2.8%) manufacturing output figures for December 2019 cast doubt over the economic stabilization scenario in Europe. 

Stats were surprisingly feeble when compared with indications from recent manufacturing sector company surveys. Additionally, the manufacturing industry only accounts for a relatively moderate portion of the economy, while other sectors (services, construction) are definitely on a more buoyant trend. However, these poor figures reveal that after two years on a downtrend and with the full effects of the coronavirus still to come, the European manufacturing industry’s outlook for 2020 still looks very unsteady.

 

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