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00:00Goldman dropping its recession call, saying the following. We no longer look for eurozone recession, reflecting better growth, momentum, sharply lower natural gas prices and earlier China reopening. We upgrade our eurozone forecast notably above consensus. Maria Tadeo joins us now out of Europe in Brussels. Maria, where is this eurozone optimism coming from? Well, Jonathan, there is bullishness today and then this morning there is something in this environment. You talked about that note from Goldman Sachs. They dropped the recession, called. They now see positive rows of zero point six percent. This year they talk about this mild temperature. The reality is we were told this was going to be the winter from hell. I had a very nice three week break in Spain and the temperatures were not freezing. We have seen actually better than expected weather. Gas prices have dropped massively. That removes a lot of the risk premium. And then, of course, the China in which they say will be good for meat in Europe. Funnily enough, we also had a note from Deutsche Bank almost an hour later. They essentially said, when you look at the PMI ISE, it looks like this recession can be averted. And also noted this China reopening. Also positive for the euro.

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Goldman No Longer Sees Recession for Euro Area

Goldman Sachs no longer predicts a euro-zone recession after the economy proved more resilient at the end of 2022. The bank’s economists are now expecting gross domestic product to increase 0.6% this year, compared with an earlier forecast for a contraction of 0.1%. Maria Tadeo reports on Bloomberg Television. (Source: Bloomberg)

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