According to the consumers themselves, their willingness to buy has increased. We can already see this in the car sales figures.

Without domestic demand the best trade figures are of no use in the long run.

Things are moving again in Germany.

Yields are now close to attractive levels. There is a chance of somewhat higher bond prices.

Evidence is accumulating that growth in the fourth quarter slowed in the euro zone. Two-year bonds should profit from this development.

The data was weak. The environment does seem quite positive for bonds. People are still asking if the upswing in data will continue.