When it comes to the weakness of third quarter GDP in the euro area (0.2% on quarter) it is important to recognize that this owed much to net trade, as opposed to a real loss of momentum in the domestic recovery. German GDP may have printed -0.2% on the quarter, but investment in both machinery and equipment, and construction, rose, boosting imports. Consumer durable expenditure for the countries that have reported a breakdown was again strong (1.9% on the quarter, 4.4% year-on-year). And, gross value added of professional and scientific services, information and communication, real estate, finance and insurance, arts and entrainment was again robust for the countries with a breakdown (France, Spain, the Netherlands and Austria; 0.7% on the quarter, 2.5% year-on-year). And, in a world of very low interest rates and an economy operating close to, or at, full capacity, construction costs in Germany (which are likely to get a further boost from Brexit) continue to pick-up momentum.