The number of unemployed in Germany rose in August by 2,000 people, compared with an expected decline of 6,000 people. The total number of unemployed totaled 2.901 million. Unemployment rate remained at the previous level of 6.7%, in line with the expectations of experts.
It is worth mentioning that Germany is the largest economy in Europe and strongly affects the indicators of the Eurozone as a whole. Country's stock market started to correct downwards due to the expectation of the negative impact of sanctions against Russia and overvaluation of the global stock market. One of the main risks for investors at the moment is the situation in Ukraine, whose president Poroshenko stated about the invasion of Russian troops in Ukraine. We keep a medium-term negative outlook on the German market.