French GDP Crashes

August 12, 2011

Global Macro

Not a great time of the week for the French to report that Q2 GDP was 0.0% against expectations of 0.3% and from 0.9% in Q1 2011.

 

But that’s just what happened as the screenshot from my Bloomberg above shows.

The year on year data was equally disappointing coming in at 1.6% against market expectations of 2% and from last quarters 2.1% (revised from 2.2% at time of release).

Clearly French growth is rolling over and if markets want an excuse to go hunting France and French banks tonight – they just got one. The short selling ban will make it more problematic than usual but markets are nothing if not creative.

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