Metro Group has said it is seeing the first signs of a recovery in its Eastern European markets. However, chief executive Eckhard Cordes also warned of tough times ahead in the retailer’s home market of Germany.

He said the crisis was not over yet and pointed out that Europe’s largest economy could be hit by another wave of loan defaults. “We are observing with concern a growing loss of confidence among citizens in the social market economy, the management and the company,” said Cordes.

“We are growing in many Eastern European markets in local currency terms,” he added. He also said its business in China had returned to growth.

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