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France and Germany: sigh of relief as both narrowly avoid Q3 recession

FXStreet (London) - France and Germany’s GDP figures highlighted the problems facing the Eurozone this morning with many breathing a sigh of relief that “at least they weren't negative.

French third quarter GDP growth came in at 0.3 percent, the quarter-on-quarter figure aided by a downwards revision of the second quarter numbers to -0.1 percent after flatlining in the first quarter. The majority of GDP growth came from public spending and stock accumulation - worrying sign for European Central Bank president Mario Draghi as he wrestles with the issue of weak Eurozone business activity. Private consumption growth also continued to falter, declining from 0.3 percent ot 0.2 percent in the third quarter.

Germany caused a sigh of relief too this morning by avoiding dipping into recession by a narrow margin. The economy measured by GDP grew by 0.1 percent in the third quarter, following a 0.1 percent contraction in the second quarter.

WTI Crude trades below USD 74/barrel

US Crude prices fell below USD 74/barrel after the weekly supply data showed production in the US rose to a level last seen in 1986.
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More sterling losses after the BoE inflation report – KBC

The KBC Market Research Desk notes sterling extending its decline yesterday after the release of the BoE Inflation report and see a limited upside correction for the EUR/GBP.
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