Thursday, February 14, 2013

Eurozone recession deepens, Germany contracts.

The eurozone recession deepened in Q4 as GDP shrank a greater-than-expected 0.6% on quarter vs -0.4% in Q3. The picture is ugly all across the bloc, with Germany slipping into a contraction of 0.6%. France also shrank after hanging on at or just above zero for a long while. EU shares had started fairly brightly, but were all sharply lower at midday in Europe, while the euro was -1% vs the dollar. U.S. stock futures weren't looking too clever either.