London (CNN Business) Happy Sunday. A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here.

Investors have recently put fears about the pace of global growth aside, opting for optimism on a "phase one" US-China trade deal. But muted economic data expected out of Europe this week could change the mood.

Germany may post data Thursday indicating that it's in recession . Economists surveyed by Reuters believe the world's fourth largest economy shrank 0.1% between July and September — marking two straight quarters of negative growth.

It's possible that Germany — which has been hit by the trade war, as well as falling global demand for autos — just dodged a bullet. Exports unexpectedly rebounded in September, rising 1.5% compared to the previous month. August data was also revised upward.

"With today's data, a technical recession is not yet a done deal," Carsten Brzeski, ING's chief German economist, told clients, noting that Germany could have avoided another contraction "at the very last minute."