Although countries such as Germany and France have implemented new restrictions in the face of upcoming holidays and vaccine promotion issues, macroeconomic data for today and the past few weeks are positive.

Last February, we commented on how the confidence of German investors has increased, which remains the same in this week's latest ZEW poll, which has shown better than expected results in both the current situation and future expectations. In addition, Germany's good GDP data shows a growth of 0.3% compared to 0.1% in the fourth quarter, and the annual performance is a decrease of 2.7% in GDP, lower than the expected 2.9%.

The good news is not limited to Germany, but we have also received positive manufacturing PMI data from all countries in the eurozone, the UK, and the US, exceeding all expectations for the manufacturing and service industries.

2020=+8.93%

2019=-2.21%

2018=-4.47%

2017=+14.09%

2016=-3.21%