In stark contrast to the United States and Britain, which are growing strongly, economic output in the euro bloc is likely to have all but ground to a halt in the three months to June. Its star economy, Germany, is losing momentum and Italy is sliding back into recession.
"The United States and the United Kingdom are going to be among the fastest-growing economies both this year and next," said James Knightley, an economist with ING. "In Europe, the situation seems to be going into reverse."
The growing sanctions fight between Russia and the West over Moscow's backing of rebels in Ukraine and U.S. air strikes to block Islamist militants in Iraq are also upsetting the markets.