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By Seema Shah, Chief Strategist, Principal Global Investors
Germany has had a shocker of a year. As one of the most open of large economies, Germany is particularly exposed to global economic shocks (exports account for around 40% of GDP). This is especially the case when three of its top trading partners have either been caught in the crosshairs of trade tensions (U.S. and China) or, in the case of the U.K., are undergoing their own special form of national suicide.
With the manufacturing Project Management Institute ((PMI)) index deep in contractionary territory at 41.4,