Some might call it a lucky escape.
Germany surprised on Thursday (November 14) with better than expected growth numbers.
Despite contracting in Q2, a 0.1 per cent quarterly rise in Q3 means it has technically swerved recession.
Even if its problems aren't over.
Its mighty car industry: struggling, say analysts, under the weight of new emissions rules ... Its exports: edging up in the quarter - but badly wounded by trade tensions.
And its global partners hurting too.
New data on Thursday shows Japan nearly stalled in Q3 - and China's factory output slowing sharply.
As for the US: it's in the eleventh year of growth, Fed chairman Jerome Powell said on Wednesday (November 13).
But: (SOUNDBITE) (English) FEDERAL RESERVE CHAIRMAN JEROME POWELL, SAYING: "Tariffs, but to an even greater extent uncertainty around future trade policy, is for now... it has been weighing on business sentiment." Global share markets dipped on the data news.
And as a feeling took hold that hopes of a breakthrough in U.S.-China trade talks ... Could be overdone.
Oliver Roth of Seydler Bank.
(SOUNDBITE) (German) HEAD OF SPECIALIST FLOOR EQUITIES AT ODDO SEYDLER BANK, OLIVER ROTH, SAYING: "As we have seen in the past, the mindset of the Chinese and the Americans doesn't really fit together, and always leaves open the possibility for setbacks." On a down day on Germany's DAX, Daimler was the biggest early faller.
The Mercedes-Benz maker says it needs to cut staff costs by at least a billion euros.
Trade and emissions rules both risks to sales, it said - along with Brexit.