Tariff impacts are evident as Germany's second quarter economic contraction exceeds expectations.

According to the Zhitong Finance and Economics APP, the extent of the contraction in the German economy in the second quarter exceeded previous expectations, as the performance of German manufacturers dropped significantly after the stockpiling trend of American companies dissipated. The German Federal Statistical Office announced on Friday that the country's gross domestic product (GDP) fell by 0.3% on a quarter-on-quarter basis, with an initial estimate of a 0.1% decline. Investment was also a major drag, falling by 1.4%, while the support of private consumption on the economy was much lower than initially expected.