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Analysts at TD Securities are in line with consensus in looking for German Q3 GDP to come in at -0.1% q.q, putting Germany officially in a technical recession after the -0.1% print in Q2 as well.

Key Quotes

“That does  not  mean that fiscal stimulus is on the way, as much as the ECB would like to see it, as government officials have all signaled that we would need to see something more along the lines of a crisis rather than just a mild manufacturing-led recession in order to open up their cheque books.”