Clemens Fuest 1.0 2 ideas

German growth is returning, but Fuest explicitly states it is driven *only* by public sector demand (fiscal stimulus). Private investment and exports are lagging. A recovery built solely on government spending is low-quality and unsustainable, especially with a looming trade war (US is 10% of German exports). The "signs of life" are a fiscal mirage, not organic business growth. Avoid German Industrials/Exporters; the macro foundation is weak. If the fiscal stimulus successfully jumpstarts private confidence (unlikely given tariff uncertainty).