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Commerzbank does not expect the.......>

EUROZONE VIEW
EUROZONE VIEW: Commerzbank does not expect the Eurozone to fall into a recession
but says a "dip in growth appears unavoidable" as "leading indicators have
fallen for five months".
- "Experience with earlier comparable phases suggests that sentiment indicators
should continue to decline and growth rates should slow somewhat. Together with
a likely weaker first quarter, this will trigger downward revisions in growth
and earnings forecasts", adds Commerzbank. 
- As for implications at the ECB Commerzbank says that "sentiment would probably
have to deteriorate even more" than they currently expect for the ECB's to
extended its QE programme, "as an inflation rate which at times spikes above 2%
is likely to provide the hawks in the ECB with a strong argument for a slow
normalisation of monetary policy".

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