Thanks for your comment! Yes, you're right. But we have to keep in mind that last year the German economy was stopped multiple times with lockdowns. Retail sales run only slightly below its 2015-2019 trend, and that's my point in saying they're surprisingly resilient. But I agree with you, the outlook is not bullish - that was my point within the piece.
It’s so true that markets appear ready to believe every story is positive without considering the reality underlying things. Well written here
Thanks for your comment! Yes, you're right. But we have to keep in mind that last year the German economy was stopped multiple times with lockdowns. Retail sales run only slightly below its 2015-2019 trend, and that's my point in saying they're surprisingly resilient. But I agree with you, the outlook is not bullish - that was my point within the piece.