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Our German COO, Michael Blum, never thought he would see the day... but here it is! We are long and getting longer German equities via the EWG etf.

Here are the 2 economic data points that mattered most for Germany this week, begetting our bullishness:

1. German Consumer Price Inflation (CPI) moved lower this month, both sequentially and on a year over year basis (see chart below). Importantly, Germany's inflation rate is amongst the lowest in first world countries right now, testing 2% y/y.

2. German Unemployment ticked down today to 7.5% vs. 7.6% last month. Pardon? Yes Dear Macro money makers, there are some domestic economies that do not tick on crackberries and Goldman's share price.

KM