Data out overnight showed that Japanese Q3 GDP contracted by 0.3 per cent dragging down the annualised rate to -1.2 per cent from +3.0 per cent in Q2. The blame can be put on natural disasters, declining exports, and above all, a drop in domestic demand. Grim all round. In Germany Q3 GDP also shrank, and by a bigger than expected 0.2 per cent, the first negative reading in over 3 years, taking the annualised growth in the economy to 1.1 per cent from 2.0 per cent in the previous quarter. Leading the drag were automakers and generally slowing exports.
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