[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-114806-en":3,"doc-seo-114806-105":29,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},114806,1374391974585,"Genevieve","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","MoneyWeek - Issue 1321 - 17 July 2026","Issue 1321 of MoneyWeek delivers a market-focused mix of analysis and opinion, centering on whether Germany can recover and what reforms may drive growth amid competitiveness pressures. It addresses investment debates such as the logic behind ESG investing, alongside company and markets coverage, including the influence of technology and regulation. Additional columns highlight notable global developments across sectors, with a clear emphasis on valuation, policy impact, and opportunity in equity markets.","MARKETS P5 The oil shock isn’t over yet  \nOPINION P17 Does ESG investing make sense?  \nPLUS  \nThe world’s top chip company COMPANIES P18  \nMAKE IT, KEEP IT, SPEND IT 17 JULY 2026 | ISSUE 1321  \nRepair job  \nCan Germany bounce back? Pages 3 and 12  \nBRITAIN’S BEST-SELLING FINANCIAL MAGAZINE MONEYWEEK.COM  \n17 July 2026 | Issue 1321  \nBritain’s best-selling financial magazine  \nFrom the editor-in-chief...  \n“Germany is heading for a Japanstyle quagmire. Germany is the sick man of Europe.”We’ve heard a lot of this sort of commentary in recent years, but these sentences actually come from a paper by the Centre for European Reform in 2003. Back then, the British press also liked to note that Germany resembled Britain in the 1970s; because weare now once again Britain in the 1970s, however, that quip has failed to appear this time round.  \nInvestors should always heed Germany’s capacity for  \nWorkers’ wage restraint and German cars helped the country overcome its last crisis  \n“My favourite German free-market weekly has  \n© Getty Images  \nhuman-rights abuses. It is an example of Germany goldplating EU regulations. The annual reporting requirement has now been ditched.  \nIn conjunction with the recent loosening of constitutional constraints on spending, which has facilitated public investment in infrastructure and a rise in defence expenditure, all this could help bolster growth to 1.3% next year from 0.5% in 2026, reckons Deutsche Bank. The private sector should  \ngain confidence, while Germany’s place at the heart of the eurozone, accounting  \nrenewal. In the late 1990s and early 2000s, the hangover from reunification, a burst construction bubble and an ossified labour market caused years of stagnation. The Social Democrat-Green coalition bravely bit the bullet and instituted a series of welfare and labour-market reforms.  \nUnusual unions  \nThe upshot was that remarkable wage restraint by trade unions and welfare reforms pushing people into work bolstered competitiveness just as Asia’s demand for German capital goods and cars began to soar. Germany was once again the world’s leading exporter. Today, much of the good work has been undone. The unions, tired of wage restraint, insisted on a national minimum wage in 2015. Dwindling competitiveness amid stiffening Chinese competition, especially in the car sector, is now a key headache.  \nThe last two governments hosed money atthe welfare and pension system, while red tape has been throttling small businesses.  \nIt has long been high time for another reform package, in short, and the government has finally delivered one that even my favourite free-market German weekly grudgingly calls a “breakthrough”. Simon examines the measures on page 12. Among the most eye-catching measures are linking the statutory retirement age to life expectancy from 2031; forcing employees to produce a doctor’s note on the first day of sickness; and extending the maximum length of temporary contracts from 24 months to 48.  \nThere is also a concerted effort to reduce bureaucracy. The so-called supply-chain law has irritated firms large and small, as it requires a yearly report into their supply chains as part of a drive to improve environmental sustainability and preclude  \nfor around 30% of the bloc’s GDP, should lift animal spirits. Consider,  \ntoo, that Morningstar’s Michael Field thinks Germany is currently the most undervalued of Europe’s big stockmarkets. Europe as a whole remains very reasonably priced on a price/earnings ratio of around 15, compared with 22 in the US. Europe’s earnings per share are set to expand by roughly 17% in 2026.  \nWhile Britain continues to stagnate and navel-gaze, then, we see across the channel a country starting to get its act together. That may prove a catalyst for an undervalued and hitherto widely overlooked equity market comprising top-notch firms with a worldwide presence, especially as global investors seek alternatives to the perpetually overvalued US. Sick man no more.","cbCaiqZU5HbbAliS","https://ap.wps.com/l/cbCaiqZU5HbbAliS","pdf",9610123,1,36,"English","en",105,"# From the editor-in-chief...\n## Germany’s reform debate and growth outlook\n# Opinion\n## Does ESG investing make sense?\n# Companies\n## The world’s top chip company","[{\"question\":\"What is the editor-in-chief’s main view on Germany’s situation?\",\"answer\":\"Germany is seen as having moved into a “Japanstyle quagmire” but could rebound if reforms restore competitiveness and confidence.\"},{\"question\":\"What reforms are highlighted as measures that could support growth?\",\"answer\":\"Key points include linking retirement age to life expectancy, requiring a doctor’s note on the first day of sickness, extending temporary contract limits, and efforts to reduce bureaucracy.\"},{\"question\":\"What question does the issue’s opinion section focus on regarding investing?\",\"answer\":\"It explores whether ESG investing makes sense from an investor perspective.\"}]",1785404654,91,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":27},"moneyweek-issue-1321-17-july-2026","",{"@graph":35,"@context":84},[36,53,67],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/moneyweek-issue-1321-17-july-2026/114806/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":61,"encodingFormat":60,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-30",true,{"@type":64,"interactionType":65,"userInteractionCount":4},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"What is the editor-in-chief’s main view on Germany’s situation?","Question",{"text":74,"@type":75},"Germany is seen as having moved into a “Japanstyle quagmire” but could rebound if reforms restore competitiveness and confidence.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"What reforms are highlighted as measures that could support growth?",{"text":79,"@type":75},"Key points include linking retirement age to life expectancy, requiring a doctor’s note on the first day of sickness, extending temporary contract limits, and efforts to reduce bureaucracy.",{"name":81,"@type":72,"acceptedAnswer":82},"What question does the issue’s opinion section focus on regarding investing?",{"text":83,"@type":75},"It explores whether ESG investing makes sense from an investor perspective.","https://schema.org",{"og:url":51,"og:type":86,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":88,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":91},[92,96,100,104,109,114,119,122,127,130,134],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":93,"show_sort_weight":94,"slug":95},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":97,"show_sort_weight":98,"slug":99},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":101,"show_sort_weight":102,"slug":103},"Exam",70,"exam",{"id":105,"doc_module":4,"doc_module_name":45,"category_name":106,"show_sort_weight":107,"slug":108},5,"Comic",60,"comic",{"id":110,"doc_module":4,"doc_module_name":45,"category_name":111,"show_sort_weight":112,"slug":113},6,"Technology",50,"technology",{"id":115,"doc_module":4,"doc_module_name":45,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":123,"doc_module":4,"doc_module_name":45,"category_name":124,"show_sort_weight":125,"slug":126},9,"Religion & Spirituality",20,"religion-spirituality",{"id":125,"doc_module":4,"doc_module_name":45,"category_name":128,"show_sort_weight":125,"slug":129},"World Cup","world-cup",{"id":131,"doc_module":4,"doc_module_name":45,"category_name":132,"show_sort_weight":131,"slug":133},10,"Lifestyle","lifestyle",{"id":135,"doc_module":4,"doc_module_name":45,"category_name":136,"show_sort_weight":105,"slug":137},19,"General","general"]