Trouble with Cortex-M "Hello World"

[Jens Bauer via Digitalmars-d]

I belive the following information is slightly incorrect:
"GDC requires the following minimal object.d file in the same 
folder as start.d. It is imported automatically."

My tests have shown that object.d needs to be in the CWD, not in 
the same directory as "start.d".

This is my command-line:

arm-none-eabi-gdc -DF_CPU=48000000 -D__BUILD_WITH_EXAMPLE__=1 
-mcpu=cortex-m4 -mthumb -mthumb-interwork -fno-emit-moduleinfo 
-fdata-sections  -c src/start.d -o output/src/start.o


Here's a summary of the directories when the build works:
./object.d
src/start.d
output/src/start.o

However, the following does not work:
src/object.d
src/start.d
output/src/start.o

-Is this directory behaviour a bug ?