German Industrial Output Rebounds on Energy Stockpiling, Hormuz War Cited
🏭 GERMANY — Firms stockpiled before the price spike. The rebound is borrowed time. 📌 LOOK CLOSER: The April uptick is inventory-driven — firms front-loaded production before the $94+ Brent curve hit. Demand was pulled forward, not created. When stockpiles clear, German output faces the real cost without a buffer. ECB rate trajectory and Berlin's subsidy debate both depend on whether Hormuz reopens before Q3 inventories run out.
