The FTSE 100 (^FTSE) and European stocks were lower on Thursday morning as new data revealed that the Japanese economy contracted faster than expected. Gross domestic product (GDP) in the country shrank at an annualised rate of 2% in the January to March period, compared to the previous quarter, worse than the 1.5% drop in activity forecast. This works out as a 0.5% quarterly drop in activity, as households and companies cut back. Weak consumer spending dragged on growth, alongside a fall in capital spending and net exports. Data for the fourth quarter of last year was also revised down to show GDP was flat. London’s benchmark index was 0.3% lower in early trade Germany's DAX (^GDAXI) dipped 0.05% and the CAC (^FCHI) in Paris headed 0.3% into the green The pan-European STOXX 600 (^STOXX) was treading water Wall Street is set to open marginally higher as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the green The pound (GBPUSD=X) was trading flat against the US dollar at 1.2681 Follow along for live updates throughout the day: Johan Lundgren, the boss of easyJet (EZJ.L) is set to step down from the helm after more...