Stocks fall on Europe woes
Stocks down in Europe ahead of key European bond auctions. Futures point to lower open for stocks in US.
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Overall, German gross domestic product (GDP) grew 3.0 percent in 2011, according to official preliminary data, down from the previous year's growth rate of 3.7 percent, but outperforming its peers in euro zone due to strong domestic demand and exports.
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Germany weathered the region's debt woes better than its euro zone peers last year, supported by foreign as well as domestic demand, but recent data points to a weaker start for 2012.
Even so, "We don't think Germany will fall into recession. We think growth of about 1 percent is possible for this year," UniCredit economist Andreas Rees said.
COMMODITIES GAIN
Gold rallied for a second day on Wednesday, hitting its highest in a month after a stronger euro helped boost the price above a key technical level and evidence of strong demand from major consuming nations further supported the market.
Spot gold was at $1,637.70 after hitting a four-week high of $1,646.56 an ounce in Asia.
A blast in Tehran highlighted concerns about disruption of oil supply from Iran, pushing Brent crude higher on Wednesday and outweighing worries about the effect on demand growth of Europe's debt crisis.
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