German industry is in the deepest slump since the global financial crisis and threatens to push Europe’s powerhouse economy into full-blown recession. The darkening outlook is forcing the European Central Bank to contemplate ever more perilous measures. The influential Ifo Institute in Munich said its business climate indicator for manufacturing went into “free fall” in July as the delayed damage from global trade conflict takes its toll and confidence wilts. It goes far beyond the woes of the car industry. More than 80pc of Germany’s factories are in outright contraction.

telegraph.co.uk/business/2019/07/25/german-economy-free-fall-exhausted-draghi-loses-magic/