No surprises from U.K., German GDP

 The latest figures put the U.K.'s Q4 GDP at an unrevised -0.2%, with the year-on-year figure revised down slightly to +0.7% from +0.8%. The full-year 2011 GDP was +0.8%. In Germany, figures were similarly unchanged from preliminary estimates. Q4 GDP was an expected -0.2% M/M, a contraction the government termed a "little setback." On a year-on-year basis, price-adjusted GDP was +1.5% for Q4, and +2% in calendar-adjusted terms.