The euro-area economy is still taking hits like the Iran war and posting gains anyway. Eurostat reported a 0.4% expansion in the third quarter, in line with the October flash figure and ahead of October's analyst expectations for about half that pace. The ECB has lifted rates twice since the Middle East conflict drove energy costs higher. With inflation running at double the 2% goal and the economy absorbing those hikes, policymakers have signaled another move could come in December. In a Bloomberg Television appearance this week, Bundesbank President Joachim Nagel said policymakers may need to begin restraining growth to hit the inflation target.
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