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Analysts at TD Securities note that  Euro area GDP posted its weakest growth since 2014, at 0.2% q/q, against consensus of 0.4%.

Key Quotes

“While details are not yet available, we expect that the auto industry was a big drag on growth this quarter as it adapted to the new WLTP regulations–for example, German auto production fell 17% q/q (non-annualised) in Q3, and registrations fell 46% in September. As such, the dip should be temporary as production facilities and sales rebound once new regulations have been met.”