GDP reports from major European economies were key points in today's economic calendar. French and Spanish data released at 6:30 am and 8:00 am BST, respectively, turned out to be much better-than-expected. However, markets were mainly focused on German reading at 9:00 am BST. This one missed expectations and showed no growth in Q2 2022 (0.0% QoQ).
Q2 GDP report from European countries:
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France: 0.5% QoQ vs 0.2% QoQ expected
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Spain: 1.1% QoQ vs 0.4% QoQ expected
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Italy: 1.0% QoQ vs 0.3% QoQ expected
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Germany: 0.0% QoQ vs 0.1% QoQ expected
While the German GDP report is clearly a disappointment ,albeit small, reports from other parts of the Old Continent were positive. This is interesting as euro area is more vulnerable to current macroeconomic headwinds than US economy (i.e. lower gas supply) and yet it has managed to expand in the quarter.
Market reaction to the German release was minor - DE30 traded flat while EURUSD ticked lower.
DE30 did not experience any major reaction to German GDP data release and continues to trade slightly below 13,400 pts resistance zone. Source: xStation5
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