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There is quite simply no good news

Published Friday, September 25th, 2015

The collapse of Lehman Brothers was such a seminal moment that we now talk of the pre and post Lehmans world. Will we in the months and years to come be talking about the world pre and post VW? Is the scandal so serious, with ramifications so extensive that we will be referring to economic life pre and post Sep 18 2015 when the VW scandal first broke?

It is clearly a seminal moment for the car industry but it is also on course to be such a moment for the European economy and therefore for the global economy. The European economic recovery to date has been nothing to crow about. From moving on all fours it had managed to get on to its knees pre Sep 18. The VW scandal will put it back on all fours.

Reports appeared yesterday pointing to improving German consumer and investor confidence. The surveys were both pre Sep 18. Take them today and the result will be very different. The powerhouse of Europe appeared to be weathering Russian sanctions and China’s hard landing but VW on top of a migrant crisis promises to deliver a major setback.

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Posted by David Hufton