JP Morgan has slashed their Eurozone GDP forecast. The bank is now predicting -0.5 per cent in the second quarter on a quarter on quarter basis (down from 0.5 per cent growth) and 2013 GDP of -0.6 per cent on a year on year basis versus a prior expectation of -0.2 per cent. Much of the data out today that has seen growing skepticism of a Eurozone recovery is data from before the crisis in Cyprus.
SocGen's Kit Juckes:
So data rune readers say 220k nfp & 52 ism in the US, recession in Europe. Before Cyprus. Great.— kit juckes (@kitjuckes) March 21, 2013