By Research Team, 11:46GMT: France's economy minister hasbeen on the wores, saying France has avoided a recession and thatthe French economy will rebound in 2012's second half.Meanwhile, MorganStanley has upped its forecastfor global economic growth in 2012 from 3.5% to 3.7%. 10:30GMT: Consumer confidence in the 17-member Euroarea declined in March, missing expectations and providing fodderfor speculation that Europe has not yet emerged from the recentfar-reaching debt crisis. A gauge of European consumer confidencecame in today at -19.1, worse than the previous -19.0 which wasalso the number economists had predicted for today. Meanwhile,Italian bondspreads continue to narroe intoday's auction. 09:30GMT: German unemployment fell by 18,000 duringthe month of March, the Federal Labor Agency said today in arelease. The drop in unemployment numbers beat analysts’estimates by 8,000. Germany has 2.84 million unemployed people. Theunemployment rate fell from 6.8% to 6.7% over the same period,reaching a two decade low 08:30GMT: S&P's Kraemer has been on the wiresdiscussing the potential European rescue fund. He said a EUR 940blnfund is "more than most would expect." ECB officials earlier voicedsupport for combining the ESM and EFSF. 07 : 30 GMT: Quiet Asian trade intothe European open with EURUSD staying within a 30point range. The Yen could see a boost from stronger than expectedretail sales data out of Japan earlier in the Asiansession. Meanwhile, the leaders of BRICS (Brazil, Russia, China,India, and South Africa) have voiced concern on the state of theglobal economy, mentioning that developed nations need to carefullyprevent excess liquidity. Meanwhile, UKnationwide house prices fell 1.0% in March on the month (0.2% riseexpected). Stay tuned for German unemployment numberslater in the session. _________________________________________________________ Market Vibrations provides hourly updates from the European session.
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