Quick Overvieww

• The University of Michigan's index of consumer sentiment fell from 61.2 to 56.2
  

• GDP in the Euro area fell 1.2% YOY
  

• Germanys GDP fell 2.1% QoQ, the biggest drop since 1987
  

• Canada’s new vehicle sales fell 14.8% MoM and 22.5% YoY.
  

• South Korea lowered its interest rate from 2.5% to 2.0%.
  

• (Reuters) - G7 finance ministers headed to Rome to discuss the global economic crisis on Friday with a warning from Germany that the world could be plunged back into the dark days of the 1930s if governments resorted to protectionism.
  

• The U.K. government is urged to ensure bank chief executives have a "recognized banking qualification".