German GDP contracted -0.1% qoq in Q2, matched expectations. There were positive contributions from domestic demand, with growth in household final consumption and government final consumption. However, gross fixed capital formation in construction declined. Additionally, development of foreign trade slowed down economic growth because exports recorded a stronger quarter-on-quarter decrease than imports.

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German 10-year yield drops to new record low at -0.623 and remains weak for now.

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