Spain Unemployment Survey up to 27.16% in 1Q from 26.02% in 4Q

TD Securities point to the UK Q1 GDP as the highlight of the day as it will determine whether the UK avoided the “triple-dip” recession tag or not: “By sector, construction spending is likely to be a big drag, with Jan-Feb data hinting at the sector subtracting about -0.2ppts from Q1 GDP. And with the weak start to the year, we don’t expect significant quarterly growth from any other major sectors as by our tracking they so far suggest only a marginal contribution”, wrote analyst Annette Beacher, expecting a -0.1 to -0.2% contraction despite consensus of +0.1% Q/Q, “which means the media will be focused squarely on dreaming up the most sensationalistic ‘triple-dip’ headlines”.