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Germany joins recession club

 Germany joins recession club
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Europe’s largest economy has joined the club of nations that have gone into recession.

Germany’s economy contracted more than expected in the third quarter, with a drop in manufacturing orders and exports.

Several European nations are now officially in a recession, having recorded negative growth in two consecutive quarters.

Shares in Europe have edged upwards, breaking a two-day losing run. This despite a slide on Asian markets and Wall Street after the US Treasury announced it will change the way it uses its massive bailout fund.

Adding to the nervousness about a global downturn is news that China’s industry output growth has fallen to its lowest level in seven years.

The price of oil has also fallen to a 22-month low.