THE EUROZONE IS SHRINKING SLIGHTLY LESS THAN EXPECTED

Gus Lubin

NASA

Total eurozone GDP showed less than expected contraction at -0.3% q/q versus expectations for -0.4%. This is the first contraction since 2009, but remember, it takes quarters of negative growth in a row to constitute a recession.
The Stoxx Europe 600 index was up 0.8% at 5:45 EST.

European markets were also boosted by talk of additional support from China and strong earnings from BNP Paribas, Heineken and Peugot.

Dutch preliminary fourth quarter GDP missed bigtime with a -0.7% q/q decline versus expectations for +0.3% q/q growth.

Italy showed -0.7% q/q contraction, worse than already ugly expectations for -0.6% contraction.

France on the other hand smashed expectations with  +0.2% q/q growth versus expectations of a -0.2% q/q contraction.

German GDP showed a -0.2% q/q contraction, beating expectations of a -0.3% q/q contraction.