Good morning from #Germany, which is new underperformer in Europe. German econ shrunk by 1.7% in Q1 2021. This was below -0.6% in EZ, the 0.4% drop for Italy and 0.4% gain in France. Prolonged 2nd lockdown, which began in Nov, is likely to have hit private consumption by -4%qoq. h/t Holger Zschaepitz

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