Italian Q3 preliminary GDP data showed a 0.5% quarter on quarter contraction, and a 0.9% contraction year on year. The numbers were appreciably worse that the median forecasts of -0.2% and -0.4% respectively. On top of that the Q2 data was revised downward, to -0.4% quarter on quarter from initial -0.3%, and -0.2% year on year from initial -0.1%. Italy is now officially in its fourth recession in seven years. The euro meanwhile is taking it on the chin, EUR/USD having slipped to 1.2675 at writing.