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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 per cent in 2012 versus a previous expectation for 0.5 per cent growth.
Britain’s FTSE 100 is up 0.0%.
Germany’s Dax 30 is down 0.5%.
France’s CAC 40 is down 0.2%.
Spain’s IBEX 35 is down 1.2%.
Italy’s FTSE MIB is down 1.1%.
Germany’s Commerzbank is also selling off after unexpectedly announcing new plans to raise capital.
U.S. equity futures are pointing to a higher open for the Thursday trading session.
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