German CPI in deflation territory.

As expected, German CPI fell 0.6% on month in January following an increase of 0.4% in December. The drop in prices comes amid increasing concern that the eurozone faces the threat of deflation, although European Central Bank chief Mario Draghi has so far been sanguine about the prospect. Still, Barclays says the risks "are significant," far greater than markets or policy makers have acknowledged.