Denmark First European Country to Fall Into A Technical Recession; Many To Possibly Follow

This from Reuters: ``Europe got a first taste of recession on Tuesday when Denmark, a country that fronted the housing boom of the past decade, said economic output had shrunk for two quarters in a row.”

Courtesy of Danske Bank

This from Steen Bocian of Danske Bank, ``GDP actually fell by 0.6% q/q, or -0.7% y/y. The numbers were down right across the board . investments, private consumption and public spending all declined relative to Q4 07. The only bright spot was exports, which were up 1.1%.”

Courtesy of Elliott Wave

Other looming candidates: Spain, Ireland, UK, Netherlands and Portugal-following a bursting housing bubble whose magnitude to quote Susan Walker of Elliott Wave ``The surprise is the United States, which, when compared to Europe, looks like the epitome of fiscal conservatism.”