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Forex pairs in this Article » (Barcelona) - The German DAX 30 (-1.10%), the French CAC 40 (-0.93%), the Italian FTSE MIB (-1.21%) and the Spanish IBEX 35 (-1.49%) are edging lower like almost all equity indexes in Europe in reaction to a dark session that revealed wider than expected recession figures.

Recession in the Eurozone has gone from -0.6% to -0.9% in Q4 (YoY), instead of the expected -0.7%, according to the preliminary report, pointing also to the quarterly contraction of -0.6% (consensus of -0.4%).

In Germany, economic growth might have eased from 0.4% to 0.1% (YoY), below 0.2% consensus, with a quarterly recession of -0.6% (consensus of -0.5%). The quarterly recession in France was of -0.3%. The Italian figure came in at -0.9% (QoQ), below -0.6% consensus, widening the annualized recession from -2.4% to -2.7%.

The ECB warned that the stronger Euro may pull inflation below the central bank's target. Its upside risks come from higher administered prices and indirect taxes, as well as higher oil prices, while and downside risks are due to weaker economic activity and, more recently, the appreciation of the Euro exchange rate. The ECB expects economic recovery to start later this year.

Futures for the American S&P 500, Nasdaq 100 and Dow Jones 30 are signaling a lower opening between -0.40% and -0.50% ahead of US jobless claims data.
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