(BRUSSELS) - The economies of the 15 nations sharing the euro are beginning to "feel the pinch" of financial market turmoil, weak US growth and record commodities prices, the European Commission said Wednesday.

"The euro area economy continues to face strong headwinds, including persistent uncertainties about the duration and the ultimate cost of the financial turmoil, a weakening US economy and surging commodity prices," EU Economic Affairs Commissioner Joaquin Almunia said.

"And, in spite of its sound economic fundamentals the euro area is starting to feel the pinch," he added, commenting on a quarterly report on the bloc's economy.

Despite growing clouds on the horizon, the European Commission said that a cut in its 2008 growth estimate of 1.8 percent, dating from February 21, was not currently on the cards.

"The most recent hard and soft data released since the publication of the interim forecast are consistent with this projection," the report said.

The report found that the eurozone economy was showing resilience owing to strength in emerging market countries and the health of its own economic fundamentals.

Official EU data showed Wednesday that factories in the 15 eurozone nations saw demand rebound in January much more strongly than economists had expected, thanks largely for orders for transport equipment.

A closely watched survey also showed Wednesday a surprise jump in business confidence in Germany, the biggest economy in Europe.

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