LEIBFRITZ: BUT SEES 2Q GERMANY ECO STABLISATION, 2H PICK UP LEIBFRITZ:SLOWER IFO EXPECTATIONS DROP MAY BE 'RAY OF HOPE' LEIBFRITZ:STILL LEEWAY FOR ECB RATE CUT BUT NOT VERY MUCH LEIBFRITZ:BBK 1Q GDP ESTIMATE POINTS TO ABOUT +2% 2001 GDP LEIBFRITZ:REPEATS VIEW 50BP ECB CUT WOULD HAVE BEEN JUSTIFIED