Soft market: Workers at the Porsche factory in Stuttgart-Zuffenhausen. Germany’s unemployment rose by a total of 62, 000 in the three months through July and demand for new workers continue to soften. — Reuters
FRANKFURT: Germany Inc’s outlook for the rest of the year is filled with gloom, suggesting a recession could be in the cards.
Major companies from Europe’s largest economy lead the list of profit warnings issued in the region during the latest earnings season. Daimler AG, BASF SE, Continental AG, Henkel AG, Deutsche Lufthansa AG and Metro AG are among those that have cut their forecasts. Many more have drawn bleak pictures of their prospects.
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