($MACRO) German Q2 GDP was confirmed this morning at 0.1% q/q and 2.8% y/y in its final print. Also released with the final print was the breakdown; exports came in better than expected at 2.3% but were accompanied by a mild downward revision to Q1’s numbers and imports rose 3.2% higher than forecasts of 2.3%. While the trade components were healthy on the domestic front things were less rosy with capital investment rising by less than expected and construction investment falling into contraction territory. Government spending meanwhile rose by more than expected. On the consumer front, things were even worse with private consumption falling 0.7%, more than forecasts of 0.2% and domestic demand slumped to 0.4% from 1.1% in Q1, these soft consumption readings come as little surprise after yesterday’s poor retail sales showing which come despite a still healthy labour market.