--Germany's third-quarter GDP grew 8.2% on quarter and fell 4.3% on year. --GDP data for 2 Q was revised down to a 9.8% on quarter contraction. --German government upwardly revises 2020 GDP forecasts.
The German government will put up funds to help shore up the steel industry for the future, Economy Minister Peter Altmaier said on Friday. "The German government will provide funds to help do technological innovations such as in the area of using hydrogen and making it possible to produce climate-neutral steel," Altmaier told a news conference.
The German economy posted a record expansion in the third quarter in output, the German statistics office Destatis said Friday. The country's gross domestic product grew 8.2% compared with the previous quarter, according to Destatis. Economists polled by The Wall Street Journal forecast a 6.8% expansion.
* German GDP rises 8.2% in third quarter. * Much higher than Reuters poll of 7.3% * Consumers, exports driving rebound. * Second phase of pandemic casts outlook. By Michael Nienaber.
Europe's largest economy will likely shrink by 5.5% this year, the German Economy Ministry said on Friday, revising its previous forecast for a 5.8% contraction, before expanding by 4.4% in 2021. The German economy has taken a thrashing from the coronavirus pandemic this year and a circuit-breaker lockdown is due to come into effect nationwide on Monday in a bid to curb a surge in infections.
Here are some of the main factors that may affect Swiss stocks on Friday: CORONAVIRUS. The White House coronavirus task force warned that much of the U.S. is in the grips of an "unrelenting" surge in COVID-19 cases and urged tough countermeasures, as the number of infections reported hit a daily record of more than 91,000. Germany reported the record number of 18,681 new daily coronavirus cases.
Europe's biggest economy will be dealing with the coronavirus crisis and its consequences for months and can only in 2022 expect to again reach output levels seen before the pandemic, Economy Minister Peter Altmaier said on Thursday.
* ECB sends strongest signal yet of Dec policy easing. * German DAX recovers from 5-month lows, up 0.3% * Investors still unsettled by new European lockdowns. * ASM Intl, Shell gain on upbeat earnings; Nokia slips. * Ireland's ISEQ jumps on Flutter Ent's surge. By Susan Mathew and Devik Jain.
German jobless claims fell again in October, dropping much faster than analysts had expected and providing further evidence of the recovery of the German labor market. Jobless claims declined by 35,000 in October after falling by a revised 10,000 in September, the Federal Employment Agency said Thursday. Economists polled by The Wall Street Journal had forecast a decrease of 5,000..
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