Figures released yesterday showed that the German economy staged a rebound in the second quarter of this year. The biggest reason was a rise in consumer spending, but investment and construction also recovered after falling in the first quarter.
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The Bundesbank yesterday cut its repo rate, its most important money market rate. This dropped sharply from 4.3 per cent last week to 4.2 per cent, and was the fourth cut in five weeks. However, economists do not expect a reduction in the official discount or Lombard rates after today's Bundesbank council meeting.