Latest data released by Destatis – 25 November 2021

  • GDP (non-seasonally adjusted) +2.5% vs +2.5% y/y prelim
  • GDP (working day adjusted) +2.5% vs +2.5% y/y prelim
Slight delay in the release by the source. The preliminary report can be found here.
Almost no change to the initial report with only the headline revised to being a touch softer but it reaffirms a slightly modest expansion, though weighed down by supply bottlenecks and rising cost pressures in general.
The outlook in Q4 and going into next year is even less optimistic as supply and capacity constraints are still part of the picture, with the worsening COVID-19 situation adding to headwinds for the German economy.

Eurostoxx futures +0.6% in early European trading

Positive tones in early trades

  • German DAX futures +0.4%
  • UK FTSE futures +0.3%
  • Spanish IBEX futures +0.3%
This follows a mixed showing in Europe yesterday though US stocks ended the day in a more positive fashion and that mood is carrying over to today, despite lighter trading conditions anticipated in the day ahead.
There isn’t much for traders and investors to work with on the day so a calmer mood may see things keep quieter in general as well.
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