Relevant articles for you


Ole Hansen
Join Saxo Bank's head of commodity strategy Ole Hansen for the latest analysis in the markets with topics including European elections, US policy, geopolitical risks and inflation.
Squawk / 01 September 2014 at 7:28 GMT
German 0.2% GDP drop confirmed for Q2:

The finalised Q2 GDP report was released earlier today and confirmed the initial GDP estimate, which implies a quarterly decline in activity of 0.2% (+1.2% y/y).

The initial GDP report had not provided a detailed breakdown of the components, but did mention that construction and net exports were the culprits. This is confirmed in today's detailed report, which shows that construction investment dropped 4.2% q/q, more than the -3.2% expected, following a similar sized gain of 4.1% in Q1. Net exports also dropped as imports rose 1.6% while exports gained 0.9%.

The domestic consumption side of the report also disappointed slightly as private consumption rose 0.1% vs. 0.2% expected while government consumption also gained just 0.1% vs. 0.3% expected.

Despite the slowdown in Q2 we remain comfortable with our full-year forecast for German GDP growth of at least 1.5% (consensus: 1.8%).


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail