Germany's long-awaited fiscal stimulus is finally here — but there's a defense spending catch, says Goldman Sachs [CNBC]
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Source: CNBC
Three-quarters of investors say European growth will accelerate in the coming months, with the German fiscal package seen as the key catalyst. But defense spending — a core part of the package — could fall short due to the ambitious budget ramp-up, according to Goldman Sachs analysts. Germany's huge fiscal expansion is now starting to show up in macro data, and investors are betting it will turbo-charge European growth in the coming months. But defense spending — a cornerstone of the package — could fall short of the ambitious ramp-up this year, a Goldman Sachs note says. The historic fiscal stimulus plan includes a 500 billion euro ($591 billion) off-budget infrastructure investment fund for transport, digital and energy spending, and a defense spending increase of more than 1% of GDP. It's starting to flow through to macroeconomic numbers, Bank of America said this week. BofA analysts highlighted a recent 40% surge in German factory orders on a three-month annualized basi
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