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Analysts at Commerzbank are out with their estimates on Friday’s second-quarter US GDP release that will be reported at 1230 GMT.

Key Quotes:

“We expect 4.3% q/q.

Private consumption has benefited from strong job growth and the resulting rise in labor income.

Increased spending significantly at federal, state and local levels.

With the exception of residential construction, private investment has also increased considerably.

Foreign trade has contributed an estimated 1.5 percentage points to growth, although this was partly due to a special factor, namely exports of soybeans to China being pulled forward before punitive tariffs were imposed.

Growth should slow in the coming quarters though, not least because tighter monetary policy and the trade conflicts are likely to increasingly dampen the US economy.”