Preliminary data out Europe suggest the 2nd quarter real GDP in the euro area contracted by 0.2% QoQ, down from a 0% growth in the 1st quarter. Contraction was largely driven by the weakness in the periphery countries, such as Portugal, Spain and Greece. Core countries like Germany recorded growth supported by domestic and external demands, but these demands were not enough to counter the overall slowdown. The elevated financial tensions in June through July surely affected consumer and business sentiment, which in turn are weighting down on consumption and investment in all countries. For more news and updates, keep it right here at the Financial News Network. I’m Julia Sun, follow us online for more news on the go.
