Flash estimates of euro area GDP growth for Q1 2014 were out today. Here are few charts (via Markit Economics) of the disaster:
The hope or rather 'expectation' was for 0.4% growth. I covered that earlier: http://trueeconomics.blogspot.ie/2014/05/752014-eurocoin-leading-indicator-april.html
Surprise to the downside is huge. It seems that all the hopium injections into expectations - based primarily on firm financial markets and business and consumer sentiment readings, and not on firm actual data have put a bit of bender into the blender... PMIs booming, GDP flapping powerlessly on the zero line.
One would be embarrassed, if one wasn't working in Financial Services...