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“We need the Germans to start feeling the pain of the rest of Europe. So far this has not been the case at all. In fact, Germany's economy has enjoyed both relative and absolute strength,” Cramer said. “Maybe a weak PMI number will cause them to think twice about their intransigence against promoting growth in the rest of Europe.”
June truck sales will be released on Tuesday. Cramer said oil and gas companies are typically among the biggest buyers of trucks, as they need to haul water and sand. But he noted truck sales have struggled lately because almost every driller is throttling back and that means there have been far fewer truck buyers. Cramer doesn’t likeNavistar and recommends investors wait until the quarter before considering Cummins’ stock.
Eurozone retail sales numbers will be announced on Wednesday. The Spanish government is considering a retail sales tax, which Cramer thinks would be “disastrous” given how weak the Spanish customer is. But so long as German policymakers push for austerity measures, Cramer thinks tax hikes could happen.
“Let's see how terrible these retail sales are without a higher tax rate,” Cramer said. “I bet they're awful. Yet the Germans still want tighter money.”
On Thursday, the European Central Bank will meet and Cramer will be watching.
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