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Germany’s recession was not quite as deep as previously thought, according to revised GDP figures, but it was still the worst in the history of the reunified country.
Output plunged by 9.7% quarter-on-quarter, compared to the 10.1% reading previously reported by Germany’s federal statistics office.
German second quarter
GDP -9.7%
Consumer spending -10.9%
Investments -7.9%
Exports over -20%
H1 deficit of 3.2%
"Economy in a deep slump from which it will only slowly recover"#Germany #GDP #recessionhttps://t.co/w4BJJMZmkK pic.twitter.com/PZUabUeZ6S
The contraction of the economy was somewhat milder than in the first estimate, illustrating how difficult it currently is to capture the lockdown-driven swings in any economy with traditional macro models. [...] The only good thing about all this data is that it provides a final glance in the rearview mirror.
Looking ahead, it does not take a rocket scientist to predict that the economy will have one of its best quarterly performances ever in the third quarter.
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Investors appear to have taken heart from an easing in US-China trade tensions, after officials from both sides reaffirmed their commitment to reaching a deal.
Details scant for now, but tone of US/China Phase One trade deal discussion was clearly constructive, global equities clearly responding to the news positively pic.twitter.com/EKitO5s6zq
Monday night’s theme was officially the “land of promise,” but the collection of speeches offered an almost apocalyptic vision of what’s at stake in November’s elections
Related: RNC night one: Republicans argue only Trump can save America
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