Pubblicato in: Banche Centrali, Devoluzione socialismo, Materie Prime

Blocco europeo. L’energia elettrica tedesca vale 1,050 euro per megawattora.

Giuseppe Sandro Mela.

2022-09-01.

Gargoyle 002. Base Notre Dame Paris

L’energia elettrica tedesca per il prossimo anno, il parametro di riferimento europeo, ha sfondato per la prima volta i 1,000 euro (993 dollari) a causa dell’intensificarsi della crisi energetica nella regione. L’energia elettrica tedesca per il 2023 è aumentata del 6.6% per raggiungere i 1,050 euro per megawattora alle 10:19 a Berlino. L’equivalente contratto francese ha superato il livello di 1,000 euro venerdì.

Il prezzo del gas in Europa è ora equivalente a 410 dollari al barile di petrolio. I prezzi di riferimento del gas in Europa sono saliti del 14% in soli tre giorni, raggiungendo un nuovo record, continuando la tendenza al rialzo delle ultime settimane. L’Europa si trova nella posizione più precaria, ma i prezzi del gas naturale stanno aumentando anche negli Stati Uniti e in Asia. Poiché il GNL è ormai una commodity globale, i prezzi di riferimento del gas e del GNL spot stanno salendo in tutto il mondo.

I prezzi record del gas stanno colpendo le industrie in Germania e nel resto d’Europa, con aziende che hanno annunciato l’interruzione della produzione o la riduzione dei costi energetici fino a nuovo avviso. I prezzi annuali dell’elettricità continuano a salire in Europa, con i prezzi dell’energia tedesca, il punto di riferimento europeo, che sono balzati a oltre 508 dollari (500 euro) per megawattora. I prezzi europei sono ai massimi storici e sono circa sette volte più alti dei prezzi di riferimento statunitensi.

Nonostante gli stoccaggi siano più veloci del solito, la Germania avrà gas naturale sufficiente solo per coprire due mesi e mezzo di consumo quest’inverno se la Russia sospenderà completamente le forniture. Il peso degli alti prezzi del gas e del petrolio significherà di fatto che l’anno prossimo assisteremo a una forte contrazione delle economie europee.

Secondo l’EIA, le scorte di gas naturale sono inferiori del 12% rispetto alla media quinquennale e del 10% rispetto all’anno scorso. I prezzi di riferimento del gas negli Stati Uniti sono aumentati del 70% dalla fine di giugno, raggiungendo questa settimana il livello più alto dall’agosto 2008, oltre 9.30 dollari per milione di unità termiche britanniche (MMBtu). Il prezzo di riferimento europeo in MMBtu equivalenti è ora di quasi 70 dollari/MMBtu – circa sette volte superiore ai prezzi di riferimento americani.

Anche le utility asiatiche sono tornate sul mercato per procurarsi il combustibile per l’inverno. L’aumento della domanda nel nord-est asiatico ha fatto salire i prezzi spot del GNL a quasi 60 $/MMBtu.

* * * * * * *

«German Power for next year, the European benchmark, broke through 1,000 euros ($993) for the first time as the region’s energy crisis intensifies. German power for 2023 rose as much as 6.6% to trade at 1,050 euros per megawatt-hour at 10:19 a.m. in Berlin. The equivalent French contract surged above the 1,000-euro level on Friday»

«Europe’s gas price is now equivalent to $410 per barrel of oil. Europe’s benchmark gas prices surged by 14% in just three days to a fresh record-high, continuing the upward trend from recent weeks. Europe is in the most precarious position, but natural gas prices are rallying in the United States and Asia, too. As LNG is now a global commodity, benchmark gas and spot LNG prices are soaring all over the world»

«Such record gas prices are hitting industries in Germany and the rest of Europe, with companies announcing production halts or curtailments until further notice amid soaring energy cost. Year-ahead electricity prices continue to soar in Europe, with German power prices, the European benchmark, jumping to over $508 (500 euro) per megawatt-hour. European prices are at record highs and at around seven times higher than U.S. benchmark prices»

«Despite faster storage builds than usual, Germany will only have enough natural gas to cover two and a half months of consumption this winter if Russia completely suspends deliveries. The burden of high gas and oil prices will actually mean that we are going to see some steep contraction in the European economies next year.»

«Working natural gas stocks are 12% lower than the five-year average and 10% lower than last year at this time, according to the EIA. U.S. benchmark gas prices have rallied by 70% since the end of June, hitting this week their highest level since August 2008 at above $9.30 per million British thermal units (MMBtu). The European benchmark price in MMBtu equivalents is now nearly $70/MMBtu – roughly seven times higher than American benchmark prices»

«Asian utilities are also back on the market to procure fuel for the winter. Higher demand in northeast Asia sent spot LNG prices rallying to nearly $60/MMBtu»

* * * * * * *


Europe’s Benchmark Power Price Breaks 1,000 Euros for First Time

(Bloomberg) — German Power for next year, the European benchmark, broke through 1,000 euros ($993) for the first time as the region’s energy crisis intensifies.

The move comes after a chaotic Friday when prices in Germany and France surged more than 25% as Russia constricts the supply of natural gas. France is also suffering from a slump in nuclear power generation.

German power for 2023 rose as much as 6.6% to trade at 1,050 euros per megawatt-hour at 10:19 a.m. in Berlin.

The equivalent French contract surged above the 1,000-euro level on Friday.

* * * * * * *

Europe’s Gas Price Is Now Equivalent To $410 Per Barrel Of Oil & More Latest News

Heatwaves this summer and expected natural gas shortages this winter are driving gas prices higher and higher. 

Europe’s benchmark gas prices surged by 14% in just three days to a fresh record-high, continuing the upward trend from recent weeks, as gas demand for power generation is high amid heatwaves and Russian pipeline supply remains at low levels, while the EU scrambles to fill gas storage ahead of the winter that would see energy and gas rationing, industries shutting down production, and households paying sky-high prices for heating and electricity.  

Europe is in the most precarious position, but natural gas prices are rallying in the United States and Asia, too. Gas demand for power is high, and production is flat in America, while major Asian buyers are back on the LNG market to secure supplies for the winter. 

As LNG is now a global commodity, benchmark gas and spot LNG prices are soaring all over the world. And they could jump even higher when the heating season approaches. 

                         Europe’s Gas Price Is Now Equivalent To $410 A Barrel Oil 

Europe’s benchmark gas prices at the Dutch TTF hub rallied 14% between Monday and Wednesday, jumping by 6% on Wednesday at a new record of $240 (236 euro) per megawatt-hour. Gas prices have already doubled since June, when Russia first reduced supply via Nord Stream, the key pipeline carrying gas to Europe’s biggest economy, Germany. 

The European gas benchmark now trades at what would be an equivalent of $410 per barrel of crude oil, which highlights “the debilitating economic impact on the region,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, said this week.  

Such record gas prices are hitting industries in Germany and the rest of Europe, with companies announcing production halts or curtailments “until further notice” amid soaring energy costs. Industries have warned that reduced production and operations could lead to a collapse of supply and production chains. Governments are scrambling to secure enough gas for the winter while walking a tight rope between alleviating the cost burdens on households and avoiding an industrial collapse and a wave of bankrupt energy companies.

As a result of the gas crunch and a heatwave constraining supply and output from other fuel sources, year-ahead electricity prices continue to soar in Europe, with German power prices, the European benchmark, jumping to over $508 (500 euro) per megawatt-hour on Tuesday—a new record.

Despite faster storage builds than usual, Germany will only have enough natural gas to cover two and a half months of consumption this winter if Russia completely suspends deliveries, Klaus Müller, the president of Germany’s energy regulator, told Bloomberg this week.  

“The burden of high gas and oil prices will actually mean that we are going to see some steep contraction in the European economies next year,” Amrita Sen, director of research at Energy Aspects, told Bloomberg on Wednesday. 

                         U.S. Natural Gas Prices Rally, Too

European prices are at record highs and at around seven times higher than U.S. benchmark prices. But the U.S. prices at Henry Hub have surged, too, to the highest they have been in 14 years. This is the result of flattish domestic production, strong gas demand from the power sector in heatwaves, and lower than normal stocks in storage, despite the outage at the Freeport LNG export terminal, which has made available more gas for domestic consumption.  The Freeport LNG outage prompted a 39% decline in Henry Hub prices in June. But in July, higher-than-normal temperatures across much of the U.S. resulted in strong gas demand in the power sector, which absorbed much of the Freeport LNG-related surplus and kept natural gas inventories from rising faster, the EIA said last week. Moreover, natural gas price volatility reached an all-time high in Q1 2022, the EIA noted. 

Working natural gas stocks are 12% lower than the five-year average and 10% lower than last year at this time, according to the EIA.  

After a slump in early June due to the Freeport LNG force majeure, U.S. benchmark gas prices have rallied by 70% since the end of June, hitting this week their highest level since August 2008 at above $9.30 per million British thermal units (MMBtu). The European benchmark price in MMBtu equivalents is now nearly $70/MMBtu – roughly seven times higher than American benchmark prices. This wide price differential is expected to pull more LNG exports out of America to Europe, which are already at record highs as the EU looks to replace as much Russian pipeline gas as possible. 

                         Asian LNG Prices Also Soar

Asian utilities are also back on the market to procure fuel for the winter, traders tell Bloomberg. Higher demand in northeast Asia sent spot LNG prices rallying to nearly $60/MMBtu—the highest level since the beginning of March when the Russian invasion of Ukraine drove up northeast Asian prices to a record high of over $80/MMBtu. 

With winter approaching, natural gas prices could see further upside as Russian supply remains low, LNG demand rises, and American producers are not rushing to ramp up production.  

Eventually, the high prices could spur a response from U.S. shale gas drillers on the supply side, while on the demand side, record prices could accelerate the destruction of demand and sink European economies.

Pubblicato in: Banche Centrali, Devoluzione socialismo, Economia e Produzione Industriale

Germania. La fiducia delle imprese tedesche cala mentre l’economia si contrae.

Giuseppe Sandro Mela.

2022-08-31.

Andrà Tutto Bene 001

L’indicatore dell’Istituto Ifo sulle aspettative delle imprese per i prossimi sei mesi è sceso a 80.3 da 80.4 di luglio, anche se gli economisti avevano previsto un calo più marcato. Anche le condizioni attuali sono state valutate più negativamente. Mentre il Paese si affretta a liberarsi dall’energia russa, le indagini congiunturali evidenziano la Germania come un punto debole all’interno della zona euro a 19 nazioni. La produzione ha iniziato a ridursi già a luglio e si è nuovamente contratta ad agosto.

Le prospettive per i prossimi mesi sono chiaramente pessimistiche, ha dichiarato il presidente dell’Ifo Clemens Fuest. L’incertezza tra le imprese rimane alta. È probabile che la produzione economica si riduca nel terzo trimestre. L’Ifo prevede una contrazione di circa lo 0.5% nei tre mesi fino a settembre, a causa della debolezza dei consumi privati. Ciò è ovviamente dovuto all’elevato tasso di inflazione che stiamo osservando in Germania, che sta chiaramente pesando sul potere d’acquisto delle famiglie. L’inflazione, nel frattempo, potrebbe raggiungere il 10% circa verso la fine dell’anno.

* * * * * * *

«The Ifo Institute’s gauge of business expectations for the next six months inched down to 80.3 from 80.4 in July, though economists had predicted a steeper decline. Current conditions were also assessed more negatively. As the country rushes to wean itself off  Russian energy, business surveys are highlighting Germany as a weak spot within the 19-nation euro zone. Output already began to shrink in July and contracted again in August»

«The outlook for the coming months is clearly pessimistic, said Ifo President Clemens Fuest. Uncertainty among companies remains high. Economic output is likely to shrink in the third quarter. Ifo expects a contraction of about 0.5% in the three months through September on weak private consumption. This is of course to do with the high inflation rate we are observing in Germany, which is clearly weighing on the purchasing power of households. Inflation, meanwhile, may reach about 10% toward year-end»

* * * * * * *


German Business Confidence Falls as Economy Already Contracting

(Bloomberg). The Ifo Institute’s gauge of business expectations for the next six months inched down to 80.3 from 80.4 in July, though economists had predicted a steeper decline. Current conditions were also assessed more negatively. Still, separate data showed that the economy proved more resilient than initially thought in the second quarter.

As the country rushes to wean itself off Russian energy, business surveys are highlighting Germany as a weak spot within the 19-nation euro zone. Output already began to shrink in July and contracted again in August, S&P Global said in a separate release earlier this week. 

The outlook for the coming months is “clearly pessimistic,” said Ifo President Clemens Fuest. “Uncertainty among companies remains high. Economic output is likely to shrink in the third quarter.”

Ifo expects a contraction of about 0.5% in the three months through September on weak private consumption, Timo Wollmershaeuser, a senior economist at the institute, told Bloomberg TV on Thursday.

The Ifo index is seeing the worst declines in the retail sector. “This is of course to do with the high inflation rate we are observing in Germany, which is clearly weighing on the purchasing power of households,” he said.

In the second quarter, a growth rate of 0.1% exceeded a preliminary estimate and helped the country narrowly escape stagnation, though it won’t do much to dispel fears over the outlook.

The expansion was driven by government expenditures, with household spending also contributing, according to a release by the statistics office on Thursday. But the headwinds to growth are getting stronger, with Russia curtailing natural gas shipments, and soaring prices menacing households and companies. 

The Bundesbank said this week that third-quarter output will more or less stagnate, while the risk of a contraction in the fourth quarter of 2022 and first quarter of 2023 has increased “considerably.” Inflation, meanwhile, may reach about 10% toward year-end. 

Pubblicato in: Devoluzione socialismo, Economia e Produzione Industriale

Germania. Energia a €540 per megawatt ora. Industrie chiudono o fuggono.

Giuseppe Sandro Mela.

2022-08-22.

2022-08-22__ Germania Macrodati 001

«year-ahead electricity — a benchmark for the continent — soaring past €540 per megawatt hour. Two years ago, it was €40»

«European gas for next month settled on 18 August at a record high of €241 per megawatt-hour, about 11 times higher than usual this time of year»

* * * * * * *

Il cuore industriale dell’Europa si trova di fronte a un potenziale esodo, poiché i produttori tedeschi di componenti per auto, prodotti chimici e acciaio lottano per assorbire i prezzi dell’energia elettrica che salgono a nuovi massimi quasi ogni giorno. I prezzi dell’energia elettrica e del gas in Germania sono più che raddoppiati in soli due mesi, con un’impennata dell’energia elettrica su base annua – un parametro di riferimento per il continente – che ha superato i 540 euro per megawattora. Due anni fa era di 40 euro.

L’inflazione energetica è molto più drammatica qui che altrove. Temo una graduale deindustrializzazione dell’economia tedesca. La nazione si affidava al gas russo per alimentare le sue centrali elettriche e le sue fabbriche, ma ora si sta preparando a una sfida senza precedenti per tenere accese le luci e far funzionare le aziende dopo che la Russia ha ridotto questi flussi. Le chiusure temporanee a causa dei prezzi elevati si sono già viste in passato, con la riduzione della produzione di fertilizzanti e acciaio a dicembre e marzo.

Ora i prezzi stanno assistendo a un rally ancora più sostenuto, che sta rendendo la situazione più difficile. Il 18 agosto il gas europeo per il prossimo mese ha raggiunto il livello record di 241 euro per megawattora, circa 11 volte più alto del solito in questo periodo dell’anno. Le imprese non sono immuni da questa impennata dei costi e molte sono destinate a trasferire gli aumenti sui clienti o addirittura a chiudere del tutto.

Tuttavia, è evidente che la posizione industriale della Germania sta scivolando. Nei primi sei mesi di quest’anno, il volume delle importazioni di prodotti chimici è aumentato di circa il 27% rispetto allo stesso periodo dell’anno precedente. Alcune industrie saranno sottoposte a un grave stress e dovranno ripensare la loro produzione in Europa.

* * * * * * *

«Europe’s industrial heartland faces a potential exodus as manufacturers of German car parts, chemicals and steel struggle to absorb power prices that rocket to new highs almost every day. Power and gas prices in Germany more than doubled in just two months, with year-ahead electricity — a benchmark for the continent — soaring past €540 per megawatt hour. Two years ago, it was €40»

«Energy inflation is way more dramatic here than elsewhere. I fear a gradual deindustrialization of the German economy. The nation relied on gas from Russia to fuel its power plants and factories, but now it’s preparing for an unprecedented challenge to keep lights on and businesses running after Russia slashed those flows. Temporary shutdowns due to high prices have been seen before, with fertilizer and steel production curbed in December and March»

«Now, prices are seeing an even more sustained rally that’s tightening the squeeze. European gas for next month settled on 18 August at a record high of €241 per megawatt-hour, about 11 times higher than usual this time of year. Businesses aren’t immune to those soaring costs, and many are set to pass on increases to customers or even shut altogether.»

«Still, there’s evidence that Germany’s industrial position is slipping. In the first six months of this year, the volume of chemical imports rose by about 27% from the same period last year. Some industries will go under serious stress and will have to rethink their production in Europe»

* * * * * * *


Germany Risks a Factory Exodus as Energy Prices Bite Hard

Europe’s industrial heartland faces a potential exodus as manufacturers of German car parts, chemicals and steel struggle to absorb power prices that rocket to new highs almost every day.

Power and gas prices in Germany more than doubled in just two months, with year-ahead electricity — a benchmark for the continent — soaring past €540 per megawatt hour. Two years ago, it was €40.

“Energy inflation is way more dramatic here than elsewhere,” said Ralf Stoffels, chief executive officer of BIW Isolierstoffe GmbH, a maker of silicone parts for the auto, aerospace and appliance industries. “I fear a gradual deindustrialization of the German economy.”

The nation relied on gas from Russia to fuel its power plants and factories, but now it’s preparing for an unprecedented challenge to keep lights on and businesses running after Russia slashed those flows. Temporary shutdowns due to high prices have been seen before, with fertilizer and steel production curbed in December and March.

Now, prices are seeing an even more sustained rally that’s tightening the squeeze. European gas for next month settled on 18 August at a record high of €241 per megawatt-hour, about 11 times higher than usual this time of year.

While the government is limiting the increases faced by households to some extent, businesses aren’t immune to those soaring costs, and many are set to pass on increases to customers or even shut altogether.

“Prices are placing a heavy burden on many energy-intensive companies competing internationally,” said Matthias Ruch, a spokesman for Evonik Industries AG, the world’s second-largest chemical producer with plants in 27 countries.

The company is substituting as much as 40% of its German natural gas volumes with liquefied petroleum gas and coal, and passing some higher costs on to customers. But the notion of relocating is a nonstarter, a spokesman said.

Still, there’s evidence that Germany’s industrial position is slipping. In the first six months of this year, the volume of chemical imports rose by about 27% from the same period last year, according to government data analyzed by consultancy Oxford Economics. Simultaneously, chemical production fell, with output in June down almost 8% from December.

The International Monetary Fund said last month that Germany is set to be the worst performer in the Group of Seven nations this year due to industry’s reliance on Russian natural gas.

Europe’s largest copper producer, Hamburg-based Aurubis AG, aims to minimize gas use and pass on power costs to customers, CEO Roland Harings said on 5 August. Sugar giant Suedzucker AG devised emergency energy plans in the event Russia completely cuts off gas supply to Germany, a spokesperson said by email.

BMW AG is stepping up its preparations for a potential shortage. The Munich-based automaker runs 37 gas-powered facilities that generate heat and electricity at plants in Germany and Austria, and it’s considering using local utilities instead.

Packaging firm Delkeskamp Verpackungswerke GmbH plans to close a paper mill in the northern city of Nortrup because of high energy costs, with 70 workers losing their jobs.

A prolonged ascent for energy prices may wind up transforming the continent’s economic landscape, said Simone Tagliapietra, senior fellow at Brussels-based think tank Bruegel.

“Some industries will go under serious stress and will have to rethink their production in Europe,” he said.

Pubblicato in: Banche Centrali, Commercio, Devoluzione socialismo

Germania. Consumatori imbufaliti dalla Shrinkflation. Inflazione mascherata.

Giuseppe Sandro Mela.

2022-08-20.

2022-08-18__ Forget Inflation. Shrinkflation Is Sparking Fury in Germany 001

Nota.

«Shrinkflation is the practice of reducing the size of a product while maintaining its sticker price. Raising the price per given amount is a strategy employed by companies, mainly in the food and beverage industries, to stealthily boost profit margins or maintain them in the face of rising input costs.»

«Unione delle parole inglesi shrink (stringere) e inflation (inflazione), il termine indica una sempre più diffusa tecnica di marketing che consiste nel ridurre la quantità di prodotto in una confezione lasciando il prezzo assoluto invariato»

* * * * * * *

Gli acquirenti sono sempre più arrabbiati per i tentativi di aumentare i prezzi dei prodotti in modo furtivo. Sebbene la cosiddetta shrinkflation – in cui il costo di un prodotto rimane invariato anche se le sue dimensioni diminuiscono – non sia un fenomeno nuovo, le autorità per la tutela dei consumatori della prima economia europea sono inondate di reclami. La sola sede di Amburgo ne ha ricevute circa 100 nelle ultime due settimane, un record da tre a cinque volte superiore alla norma.

L’elenco dei pacchetti bluff del gruppo include un’inflazione del 14% per gli orsetti gommosi e del 20% per le patatine. I produttori hanno definito un salto di prezzo del 25% per alcune margarine un passo eccezionale in tempi difficili causati da un drammatico aumento dei costi in tutta la catena di approvvigionamento, comprese le materie prime.

I prezzi dei prodotti alimentari sono il principale motore dell’inflazione tedesca dopo l’energia, con un aumento annuo del 14% a luglio, quasi il doppio rispetto all’indice generale. Quello che stiamo vedendo ora è solo l’inizio. Tra la vendita di merci in confezioni vecchie e la progettazione, produzione e consegna di quelle nuove, i preparativi per gli aumenti occulti dei prezzi richiedono circa metà anno. L’inflazione tedesca raggiungerà un picco del 9,1% in questo trimestre, prima di scendere gradualmente verso il 2%.

* * * * * * *

«Shoppers getting increasingly angry at attempts to hike goods prices by stealth. While so-called shrinkflation — where the cost of a product stays the same though its size declines — isn’t a new phenomenon, consumer-protection authorities in Europe’s top economy are being inundated by complaints. Its Hamburg branch alone received about 100 in the past two weeks — a record that’s three to five times above the norm.»

«The group’s list of  bluff packages includes 14 per cent inflation for gummy bears and 20 per cent for potato chips. Manufacturers have called a 25 per cent price jump for some margarines an exceptional step in difficult times caused by dramatic cost increases across the whole supply chain, including raw materials.»

«Food prices are the biggest driver of German inflation after energy, rising at an annual pace of 14 per cent in July — almost twice as much as the overall index. What we’re seeing now is really just the beginning. Between selling goods in old packaging and planning, producing and delivering new ones, preparations for covert price increases take about half a year. German inflation will peak at 9.1 per cent this quarter before gradually falling toward two per cent»

* * * * * * *


Forget Inflation. Shrinkflation Is Sparking Fury in Germany

Shoppers getting increasingly angry at attempts to hike goods prices by stealth.

While so-called shrinkflation — where the cost of a product stays the same though its size declines — isn’t a new phenomenon, consumer-protection authorities in Europe’s top economy are being inundated by complaints.

Its Hamburg branch alone received about 100 in the past two weeks — a record that’s three to five times above the norm.

The group’s list of “bluff packages” includes 14 per cent inflation for gummy bears and 20 per cent for potato chips. Manufacturers have called a 25 per cent price jump for some margarines an “exceptional step in difficult times” caused by “dramatic cost increases across the whole supply chain, including raw materials.”

Food prices are the biggest driver of German inflation after energy, rising at an annual pace of 14 per cent in July — almost twice as much as the overall index. That’s stretching the budgets of low-income households which, after more than two years of pandemic disruptions, have dwindling cash buffers.

“What we’re seeing now is really just the beginning,” according to Armin Valet, a nutrition specialist at the consumer-protection authority in Hamburg. He struggles to think of any product group without examples.

“Between selling goods in old packaging and planning, producing and delivering new ones, preparations for covert price increases take about half a year,” he said. “Experience suggests this shrinkflation scam will be heavily used in the fall, winter and early next year.”

Germany’s statistics office is aware of what’s happening and says it isn’t fooled by such tactics. Price collectors tracking the costs of more than 300,000 goods and services each month also make note of the volumes they’re offered in. Prices are then converted so data reflect consumers’ pain.

German inflation will peak at 9.1 per cent this quarter before gradually falling toward two per cent, Bloomberg Economics predicts.

Pubblicato in: Devoluzione socialismo, Economia e Produzione Industriale

Germania. Mar22. Produzione Industriale -3.5% anno su anno.

Giuseppe Sandro Mela.

2022-05-11.

Galata Morente 001

                         In sintesi.

-3.9% on the previous month (price, seasonally and calendar adjusted)

-3.5% on the same month a year earlier (price and calendar adjusted)

production in industry excluding energy and construction was down by 4.6%

the production of capital goods was down by 6.6%.

the industry, energy production in March 2022 was down 11.4% on the previous month

* * * * * * *


Destatis. Production in March 2022: -3.9% on the previous month

                         Pressrelease #192 from 6 May 2022

                         Production in industry March 2022 (provisional):

-3.9% on the previous month (price, seasonally and calendar adjusted)

-3.5% on the same month a year earlier (price and calendar adjusted)

                         February 2022 (revised)

+0.1% on the previous month (price, seasonally and calendar adjusted)

+3.1% on the same month a year earlier (price and calendar adjusted)

* * * * * * *


Wiesbaden – In March 2022, production in industry was down by 3.9% on the previous month on a price, seasonally and calendar adjusted basis according to provisional data of the Federal Statistical Office (Destatis). A larger decrease was last recorded in April 2020, at the beginning of the Covid-19 pandemic (-18.1% on March 2020). Compared with March 2021, the decrease in calendar adjusted production in industry amounted to 3.5%. Many enterprises still have problems completing their orders because of interruptions in supply chains, which is due to continuing Covid-19 crisis restrictions and the war in Ukraine. Just over 80% of the industrial enterprises surveyed complained of bottlenecks and problems in procuring intermediate products and raw materials in March 2022, according to the ifo Institute for Economic Research. That was almost as many as in December 2021, when a record high of just under 82% had been reached.

In March 2022, production in industry excluding energy and construction was down by 4.6% in seasonally and calendar adjusted terms. Within industry, the production of capital goods was down by 6.6%. The production of intermediate goods decreased by 3.8% and the production of consumer goods by 1.5%. Outside the industry, energy production in March 2022 was down 11.4% on the previous month, following a marked increase in February 2022 (revised result: +4,1% on January 2022). Fluctuations are mainly due to changes within energy production from wind power. Production in construction in March 2022 was up 1.1% on the previous month.

In February 2022, the corrected result on the production in industry showed an increase of 0.1% (provisional: +0.2%) from January 2022.

The rates of change relate to the production index for industry (2015 = 100). Seasonal and calendar adjustment was made using the X-13 JDemetra+ method.

Basic data and long time series on the production index in industry are also available in the table “Index of production in manufacturing” (42153-0001) in the GENESIS-Online database.

Pubblicato in: Armamenti, Devoluzione socialismo

Svizzera. Vieta a Polonia e Germania di riesportare le munizioni che produce per il Marder.

Giuseppe Sandro Mela.

2022-04-29.

2022-04-26__ Mader 001

«Neutral Switzerland has held up German arms deliveries to Ukraine by blocking the re-export of Swiss-made ammunition used in Marder infantry fighting vehicles»

«The news comes as German Chancellor Olaf Scholz faces growing criticism for his government’s failure to deliver heavy weapons to Ukraine»

«The Marder, made by German arms manufacturer Rheinmetall, uses ammunition manufactured in Switzerland»

«Switzerland restricts the re-export of such war materiel to conflict zones»

«its neutrality does not permit providing arms in conflict zones»

«Last month it rejected Poland’s request for arms to help neighbouring Ukraine»

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«Il Marder (martora) è il mezzo da combattimento della fanteria (IFV o MICV) standard della Germania. I tedeschi furono tra i primi utilizzatori della fanteria meccanizzata e, nei primi anni ’60, si sviluppò una collaborazione fra ditte tedesche e la Mowag svizzera, per realizzare una piattaforma cingolata; uno dei primi veicoli da combattimento per fanteria e un semovente cacciacarri, da utilizzare nei ruoli più impegnativi al posto degli M-113» [Fonte]

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Siamo chiari.

Sarebbe una presa in giro esportare i Marder senza le relative munizioni.

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In calce riportiamo una traduzione in lingua italiana dell’articolo allegato.

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Swiss veto German request to re-export ammunition to Ukraine – paper

ZURICH, April 24 (Reuters) – Neutral Switzerland has held up German arms deliveries to Ukraine by blocking the re-export of Swiss-made ammunition used in Marder infantry fighting vehicles that Kyiv would like to get, Swiss paper SonntagsZeitung reported.

The news comes as German Chancellor Olaf Scholz faces growing criticism for his government’s failure to deliver heavy weapons to Ukraine to help it fend off Russian attacks, even as other Western allies step up shipments.  

The Marder, made by German arms manufacturer Rheinmetall (RHMG.DE), uses ammunition manufactured in Switzerland, the paper said. Switzerland restricts the re-export of such war materiel to conflict zones.

The paper quoted a spokesperson for the Swiss State Secretariat for Economic Affairs (SECO) as saying it had received two inquiries from Germany about transferring to Ukraine munitions it had got from Switzerland.

“Both of Germany’s requests were answered in the negative with reference to Swiss neutrality and the mandatory rejection criteria of the war material legislation,” it quoted the spokesperson as saying.

SECO was not immediately available for comment on Sunday outside of regular business hours.

Switzerland has departed with past practice and adopted European Union sanctions designed to punish Russian for invading Ukraine, but has said its neutrality does not permit providing arms in conflict zones.

Last month it rejected Poland’s request for arms to help neighbouring Ukraine.

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La Svizzera pone il veto alla richiesta tedesca di riesportare munizioni all’Ucraina.

Zurich, 24 aprile (Reuters) – La neutrale Svizzera ha bloccato le consegne di armi tedesche all’Ucraina bloccando la riesportazione di munizioni di fabbricazione svizzera usate nei veicoli da combattimento di fanteria Marder che Kyiv vorrebbe ottenere, ha riferito il giornale svizzero SonntagsZeitung.

La notizia arriva mentre il cancelliere tedesco Olaf Scholz affronta critiche crescenti per il fallimento del suo governo nel fornire armi pesanti all’Ucraina per aiutarla a respingere gli attacchi russi, anche se altri alleati occidentali aumentano le spedizioni. 

Il Marder, prodotto dal produttore di armi tedesco Rheinmetall (RHMG.DE), usa munizioni prodotte in Svizzera, ha detto il giornale. La Svizzera limita la riesportazione di tale materiale bellico nelle zone di conflitto.

Il giornale ha citato un portavoce della Segreteria di Stato dell’economia svizzera (SECO) che ha detto di aver ricevuto due richieste dalla Germania sul trasferimento in Ucraina di munizioni ricevute dalla Svizzera.

“Entrambe le richieste della Germania hanno ricevuto una risposta negativa in riferimento alla neutralità svizzera e ai criteri obbligatori di rifiuto della legislazione sul materiale bellico”, ha dichiarato il portavoce.

La SECO non è stata immediatamente disponibile per un commento domenica al di fuori del normale orario di lavoro.

La Svizzera si è allontanata dalla pratica passata e ha adottato le sanzioni dell’Unione europea volte a punire la Russia per aver invaso l’Ucraina, ma ha detto che la sua neutralità non consente di fornire armi in zone di conflitto.

Il mese scorso ha respinto la richiesta di armi della Polonia per aiutare la vicina Ucraina.

Pubblicato in: Armamenti, Devoluzione socialismo, Russia

Scholz. La priorità assoluta è evitare il confronto atomico della Nato con la Russia.

Giuseppe Sandro Mela.

2022-04-28.

Berlino Porta Brandemburgo

                         In sintesi.

– Scholz avverte che la Germania può essere considerata parte della guerra se invia carri armati

– Scholz potrebbe presto essere costretto a decidere sull’approvazione delle esportazioni

– Dice che la priorità assoluta è evitare la guerra nucleare

– Non crede che vietare il gas russo porrebbe fine alla guerra

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«Scholz says top priority is avoiding NATO confrontation with Russia»

«NATO must avoid a direct military confrontation with Russia that could lead to a third world war»

«Scholz is facing growing criticism at home and abroad for his government’s apparent reluctance to deliver heavy battlefield weapons, such as tanks and howitzers, to Ukraine»

«To avoid an escalation towards NATO is a top priority for me»

«the stocks of Germany’s own military were too depleted to send any heavy battlefield weapons»

«However, Scholz could soon be forced to take a clear position on whether heavy weapons can be sent directly from Germany to Ukraine»

«defence contractor Rheinmetall had applied for a licence to sell 100 Marder armoured personnel carriers to Ukraine»

«I absolutely do not see how a gas embargo would end the war»

«you act as if this was about money. But it’s about avoiding a dramatic economic crisis and the loss of millions of jobs and factories that would never again open their doors»

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Scholz says top priority is avoiding NATO confrontation with Russia

– Scholz warns Germany may be considered party to war if it sends tanks

– Scholz could soon be forced to decide on approving exports

– Says top priority is avoiding nuclear war

– Does not believe banning Russian gas would end war

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Berlin, April 22 (Reuters) – NATO must avoid a direct military confrontation with Russia that could lead to a third world war, German Chancellor Olaf Scholz said in an interview with Der Spiegel when asked about Germany’s failure to deliver heavy weapons to Ukraine.

Scholz is facing growing criticism at home and abroad for his government’s apparent reluctance to deliver heavy battlefield weapons, such as tanks and howitzers, to Ukraine to help it fend off Russian attacks, even as other Western allies step up shipments.

Asked in an extensive interview published on Friday why he thought delivering tanks could lead to nuclear war, he said there was no rule book that stated when Germany could be considered a party to the war in Ukraine.

“That’s why it is all the more important that we consider each step very carefully and coordinate closely with one another,” he was quoted as saying. “To avoid an escalation towards NATO is a top priority for me.

“That’s why I don’t focus on polls or let myself be irritated by shrill calls. The consequences of an error would be dramatic.”

This was a departure from his previous statements on the topic, focusing on the fact that the stocks of Germany’s own military were too depleted to send any heavy battlefield weapons while those the German industry has said it could supply could not easily be put into use.

Asked why he would not explain that his government’s reluctance was due to the threat of nuclear war, he said such “simplifications” were not helpful.

However, Scholz could soon be forced to take a clear position on whether heavy weapons can be sent directly from Germany to Ukraine. The Welt am Sonntag newspaper reported that defence contractor Rheinmetall had applied for a licence to sell 100 Marder armoured personnel carriers to Ukraine.

According to the contractor, the Marders could be delivered quickly, but all military exports have to be approved by a committee on which the chancellor sits.

Germany has in the past allowed other countries, including the Netherlands, to send heavy weapons it made to the Ukraine.

Separately, Scholz defended his decision not to immediately end German imports of Russian gas in response to the invasion of Ukraine.

“I absolutely do not see how a gas embargo would end the war. If (Russian President Vladimir) Putin were open to economic arguments, he would never have begun this crazy war,” Scholz said.

“Secondly, you act as if this was about money. But it’s about avoiding a dramatic economic crisis and the loss of millions of jobs and factories that would never again open their doors.”

Scholz said this would have considerable consequences not just for Germany but also for Europe and the future financing of the reconstruction of Ukraine.

Russia calls its invasion a “special military operation” to demilitarise and “denazify” Ukraine. Kyiv and its Western allies reject that as a false pretext for a war that has killed thousands and uprooted a quarter of Ukraine’s population.

Pubblicato in: Banche Centrali, Devoluzione socialismo, Unione Europea

Blocco europeo. Mar22. Inflazione eurozona 7.4% EU 7.8%. – Eurostat.

Giuseppe Sandro Mela.

2022-04-26.

2022-04-24__ Eurostat 001

                         In sintesi.

– The euro area annual inflation rate was 7.4% in March 2022

– European Union annual inflation was 7.8% in March 2022

2022-04-24__ Eurostat 002

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Eurostat. Annual inflation up to 7.4% in the euro area.

March 2022. Annual inflation up to 7.4% in the euro area Up to 7.8% in the EU.

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The euro area annual inflation rate was 7.4% in March 2022, up from 5.9% in February. A year earlier, the rate was 1.3%. European Union annual inflation was 7.8% in March 2022, up from 6.2% in February. A year earlier, the rate was 1.7%. These figures are published by Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in Malta (4.5%), France (5.1%) and Portugal (5.5%). The highest annual rates were recorded in Lithuania (15.6%), Estonia (14.8%) and Czechia (11.9%). Compared with February, annual inflation fell in two Member States and rose in twenty-five.

In March, the highest contribution to the annual euro area inflation rate came from energy (+4.36 percentage points, pp), followed by services (+1.12 pp), food, alcohol & tobacco (+1.07 pp) and non-energy industrial goods (+0.90 pp).

Pubblicato in: Devoluzione socialismo, Economia e Produzione Industriale

Germania. Feb22. Ppi +25.9%. Natural gas +125.4%, corrente elettrica +66.5%.

Giuseppe Sandro Mela.

2022-03-22.

2022-03-22__ Germania ppi 001

                         In sintesi.

– In February 2022, the index of producer prices for industrial products increased by 25.9% compared with February 2021

– Energy prices as a whole were up 68.0% compared to February 2021

– strong price increases of natural gas (distribution) which was +125.4% on February 2021

– Electricity prices rose by 66.5%

– prices of mineral oil products by 34.5%

– Prices of metallic steel and ferro-alloys increased by 49.2%.

– Prices of unwrought aluminium increased by 51.9% compared to February 2021

– the price increases of fertilisers and nitrogen compounds +71.7%

– secondary raw materials of paper and paperboard +55.8%

– prices of newsprint increased +80.9%

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Germania. Mr Putin potrebbe avere ragione. – Der Spiegel.

Germania. Jan22. Costi all’importazione +26.9% su Jan21. Natural gas +302.7% su Jan21.

Germania. Feb22. Produzione di carne in calo del 2,4% su Feb21.

GermaniaImmatricolazioni auto tedesche annue -26.9%

Unione Europea. La crisi in Ukraina mostra che la Germania è l’anello debole.

Germania – Indice dei prezzi all’Importazione (Annuale)  +24.0%

Germania – Vendite al dettaglio (Annuale) -2.9%

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Il sistema produttivo tedesco sta avviandosi al collasso.

Il prodotto interno lordo è sceso del -0.3%, i costi alla importazione sono saliti del 26.9% e le vendite al dettaglio sono scese del -2.9%.

I prezzi della elettricità al +66.5% comportano licenziamenti, chiusura delle fabbriche ed, alla fine, una depressione che nulla avrà da invidiare a quella del 1919. L’inflazione sarà una iattura che flagellerà tutta la popolazione.

Imporre sanzioni alla Russia ha un suo prezzo: nel caso della Germania il fallimento.

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Producer prices in February 2022: +25.9% on February 2021

                         Producer prices of industrial products (domestic market), February 2022

+25.9% on the same month a year earlier

+1.4% on the previous month           

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Wiesbaden – In February 2022, the index of producer prices for industrial products increased by 25.9% compared with February 2021. As reported by the Federal Statistical Office the index had increased by 25.0% in January and by 24.2% in December 2021. Compared with the preceding month January 2022 the overall index rose by 1.4% in February 2022. The recent price development in the context of Russia’s attack on Ukraine are not yet included in the results as the survey on industrial producer prices was carried out with the reporting date February 15, 2022.

Mainly responsible for the increase of producer prices compared to February 2021 still was the price increase of energy.

                         Strong increase in prices for all energy sources

Energy prices as a whole were up 68.0% compared to February 2021 and by 2.2% compared to January 2022. Mainly responsible for the high rise of energy prices were the strong price increases of natural gas (distribution) which was +125.4% on February 2021. Electricity prices rose by 66.5% and prices of mineral oil products by 34.5%, the latter being up 5.3% on January 2022.

The overall index disregarding energy was 12.4% up on February 2021 (+0.9% compared to January 2022).

                         Significant price increase on intermediate goods, especially regarding metals, fertilisers and wooden containers

Prices of intermediate goods increased by 21.0% compared to February 2021. Compared to January 2022 these prices were up 1.4%. The highest impact on the price development of intermediate goods had the increase of metals’ prices, which were 36.2% up on February 2021. Prices of metallic steel and ferro-alloys increased by 49.2%. Prices of non-ferrous metals were up 28.1%. Prices of unwrought aluminium increased by 51.9% compared to February 2021 and by 5.9% compared to the previous month January 2022.

Especially high were the price increases of fertilisers and nitrogen compounds (+71.7%), of wooden containers (+62.2%) as well as of secondary raw materials of paper and paperboard (55.8%). Prices of sawn timber were up 54.1%. These prices rose by 3.3% compared to the previous month after they had decreased for five months.
Compared to February 2021 prices of paper and paperboard were up 44.5%, here in particular prices of newsprint increased (+80.9%). Prices of corrugated paper and paperboard, which are important for the packaging industry, increased by 40.1%.

                         Growth in prices of non-durable consumer goods mainly due to increasing prices for dairy products

Prices of non-durable consumer goods increased by 7.5% compared to February 2021 and rose by 0.9% compared to January 2022. From February 2021 to February 2022 food prices increased by 9.2%. Especially high was the price increase of butter (+64.6%). Prices of crude vegetable oils increased by 50.1% though they slightly fell compared to January (-2.2%). Prices of meat of bovine animals rose by 25.6% compared to February 2021, coffee prices by 16.9% and prices of bakery and farinaceous products by 7.4%.

Prices of durable consumer goods increased by 6.7% compared to February 2021, mainly caused by the price development of furniture (+8.6%).

Capital goods’ prices rose by 5.5%. This was the highest year-on-year change since October 1982 (+5.8%). The highest impact on the price development of capital goods had the increase of machine prices, which were 6.2% up on February 2021, followed by vehicels’ price development by +3.8%. Parts and accessories of computing machines were up 23.0% and of metal structures and parts of structures 20.6%.

Pubblicato in: Banche Centrali, Devoluzione socialismo, Unione Europea

Blocco Europeo. Industrial producer prices, PPI, +30.6% Jan22 su Jan21.

Giuseppe Sandro Mela.

2022-03-07.

Affresco Parete Sud. Sala dei Giganti. Modena. 1532 - 1534.

                         In sintesi.

– In January 2022, compared with January 2021, industrial producer prices increased by 30.6% in the euro area and by 30.3% in the EU

– increased by 85.6% in the energy sector

– by 20.2% for intermediate goods

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Eurostat non riporta commento alcuno.

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Eurostat. January 2022 compared with December 2021. Industrial producer prices up by 5.2% in the euro area and by 4.9% in the EU. Up by 30.6% in the euro area and by 30.3% in the EU compared with January 2021.

In January 2022, industrial producer prices rose by 5.2% in the euro area and by 4.9% in the EU, compared with December 2021, according to estimates from Eurostat, the statistical office of the European Union. In December 2021, prices increased by 3.0% in both the euro area and the EU.

In January 2022, compared with January 2021, industrial producer prices increased by 30.6% in the euro area and by 30.3% in the EU.

                         Monthly comparison by main industrial grouping and by Member State

Industrial producer prices in the euro area in January 2022, compared with December 2021, increased by 11.6% in the energy sector, by 2.7% for intermediate goods, by 2.2% for durable consumer goods, by 1.6% for non-durable consumer goods and by 1.5% for capital goods. Prices in total industry excluding energy increased by 2.2%.

In the EU, industrial producer prices increased by 10.7% in the energy sector, by 2.7% for intermediate goods, by 2.1% for durable consumer goods, by 1.5% for non-durable consumer goods and by 1.4% for capital goods. Prices in total industry excluding energy increased by 2.0%.

The highest monthly increases in industrial producer prices were recorded in Romania (+12.0%), Belgium (+10.2%) and Slovakia (+8.7%). Decreases were observed in Ireland (-11.4%), Sweden (-0.7%), Luxembourg (-0.3%), and Finland (-0.2%).

                         Annual comparison by main industrial grouping and by Member State

Industrial producer prices in the euro area in January 2022, compared with January 2021, increased by 85.6% in the energy sector, by 20.2% for intermediate goods, by 6.7% for durable consumer goods, by 6.0% for non-durable consumer goods and by 5.7% for capital goods. Prices in total industry excluding energy increased by 11.7%.

In the EU, industrial producer prices increased by 82.6% in the energy sector, by 20.6% for intermediate goods, by 7.0% for durable consumer goods, by 6.5% for non-durable consumer goods and by 5.8% for capital goods. Prices in total industry excluding energy increased by 12.0%.

The industrial producer prices increased in all Member States, with the highest yearly increases being registered in Ireland (+60.5%), Romania (+57.3%) and Denmark (+54.0%).