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Considering the recovery in global economic fortunes during the second quarter was largely rooted in signs of life within the industrial heartlands of many developed nations, it's a comfort to see that Germany's manufacturing output has now posted three consecutive months of expansion. An upward revision to April's data today allowed that to happen. As manufacturing data turned up, more of the flames were fanned thanks to improving confidence data as shown in various PMI surveys. Germany's fortunes today, however, have become eclipsed by a downturn in those at British manufacturers and broader discussions regarding deeper fiscal stimulus.
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