Germany Q3 2018 GDP shrank 0.2% on the previous quarter (worst since 2015), did Eurozone really grow 0.2%?

The Federal Statistical Office (Destatis) reported that the German GDP shrank by 0.2% in the third quarter (vs the second quarter) of 2018. Growth was +1.1% on the same quarter a year earlier following increases of 2.3% in the second quarter (calendar adjusted: +2.0%) and 1.4% in the first quarter of 2018 (calendar adjusted: +2.1%).

German Q3 2018 GDP

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Just two charts – Oil and the Baltic Dry Index

We will write a lot more about the economy over the weekend but in the meanwhile here are two charts,

U.S. crude has continued its longest losing streak since it began trading in New York more than three decades ago having plunged more than $20 a barrel since the start of October when it hit a 4-year high. Oil prices fell 8% today. From shortage fears to over-supply concerns …

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Nominal wages in the UK grew fastest in a decade but real wages are still lower than a decade ago

As widely expected, wages are rising in the UK, at least partially due to labour shortages down to Brexit. Nominal wage growth was fastest in a decade, but real (adjusted for inflation) wages are still lower than a decade ago. We recently also wrote about why wages weren’t rising despite record employment and labour shortages.

Great Britain average weekly earnings excluding bonuses annual growth rates November 2018

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General Electric was the world’s most valuable company in 2000 worth $480 billion, today it is worth $75 billion

“Go for a business that any idiot can run – because sooner or later, any idiot probably is going to run it.” ― Peter Lynch

Credit Rating(s) cut, quarterly dividend virtually eliminated from 12 cents to a penny, new CEO (again), new strategy, $5 billion in underfunded pensions …

GE share price November 2018

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UK Q3 2018 GDP increased by 0.6% (growing 3 times quicker than the Eurozone and at the fastest pace since 2016) but business investment fell

UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.6% between Quarter 2 (Apr to June) 2018 and Quarter 3 (July to Sept) 2018.

In comparison with the same quarter in the previous year, the UK economy has grown by 1.5%, continuing its relatively subdued performance over the last year.

UK 2018 Q3 GDP QoQ growth

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