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(Z2) Holds Bounce Off Midweek Lows


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Early Tuesday Bid Fades


(Z2) Bounce Remains Corrective

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MNI (London)
FRANCE DATA: Flash GDP (Q3 2019) Preview - 0630GMT 30/10/19
- Bloomberg Consensus: 0.2% q/q, 1.3% y/y; Prev (Q2): 0.3% q/q, 1.4% y/y 
- In contrast to the BoF's forecast of a steady reading for Q3's quarterly GDP,
markets expect quarterly growth to slow to 0.2% in Q3. 
- The annual rate touched the highest in three quarters in Q2, rising to 1.4%
and markets are looking for a downtick by 0.1pp to 1.3% in Q3. 
- While France's composite PMI averaged at 51.9 in Q3, up from 51.3 in Q2, the
Q3's average of the French business climate indicator remained unchanged at 106.
- Industrial production revealed a weak start into the third quarter with
monthly IP growing by 0.3% in July and falling by 0.9% in August. 
- Meanwhile, retail trade held up posting gains in Q3. 
- External headwinds, such as political uncertainty and decelerating global
growth, continue to pose a threat. 
- However, the French economy is less exposed to swings in the global cycle than
Germany, as its model is more domestically focused. 
MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

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