High-tech industries are important for a country with high wages as Germany is, so there are good points which can be used for Germany as a whole. But of course it will be difficult to duplicate all the measures.
there are fundamentally good reasons to cut interest rates.
Domestic demand appears to be improving significantly, especially in the construction sector, as well as for retail sales, where expectations are very positive.
It looks like this will be a full-blown upturn.
We still think a trough should be reached in the first quarter but to be sure we get a recovery, we should see expectations improving in January or February at the latest.
Normally, it doesn't influence immediately the assessment. For industrial companies, the impact normally is rather delayed. They don't look so much at the interest rate.
We can find all sorts of differences between Japan then and Europe now. But it's a lesson to us all to be on the safe side of an unknown before one acts.
Sentiment rose across the board, and particularly among retailers. Consumer demand seems to be finally picking up.
I think we can say we have turned the corner. Investments are picking up, and consumers are starting to spend money.
In our opinion, we're close to the turning point. We can say that the economy is firming, and we can talk of the start of a recovery.
