With a PMI of just 41.4, the bottom has fallen out of the German manufacturing sector.
Germany was already heading for recession when the #ECB went negative on interest rates. Instead of stimulating the #economy, negative rates signal a lack of confidence in the economy and thereby discourage investment and spending. They make a recession more rather than less severe.
The Eurozone is heading into very rough economic seas, and without the ECB able to throw out a lifeline.