Via Westpac’s today Elliot Clarke:
The second estimate for Euro Area GDP confirmed a 0.6% gain for the September quarter. Following March’s 0.6% and June’s 0.7%, that leaves annual growth materially above-trend at 2.5%yr.
However, what got the market’s attention was not this headline result, but rather the acceleration in growth in Germany. There, annual growth rose from 2.3%yr to 2.8%yr, continuing an uptrend in train since the cycle-low of 1.3%yr at end-2015.