Sam Ro
Markets moved up notably during the European trading after the Ifo Institute's German business confidence reading increased to a 7-month high, beating economists' expectations.
However, the Ifo release was followed by the EU who announced it now projected a recession for the Eurozone. Specifically, they now see growth in the 17 country bloc shrinking by 0.3 percent in 2012 versus a previous expectation for 0.5 percent growth.
Markets moved up notably during the European trading after the Ifo Institute's German business confidence reading increased to a 7-month high, beating economists' expectations.
However, the Ifo release was followed by the EU who announced it now projected a recession for the Eurozone. Specifically, they now see growth in the 17 country bloc shrinking by 0.3 percent in 2012 versus a previous expectation for 0.5 percent growth.
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