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The German economy grew in the second quarter by 2.2 % over the previous quarter, or by 9 % using the American, annualized notation. Exports reached record levels, and German businesses are suffering from a shortage of skilled workers. If one combines these two components, this sounds like a boom and rising stock prices. In this environment, how can one explain why stock markets have pulled back noticeably over the last few days?
» PDF, 205 KBDr. Gertrud R. Traud
Chief Economist/Head of Research