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6 Mar 2013
European markets higher ahead of tomorrow's central banks
The German DAX (+1.00%), the French CAC 40 (+0.25%), the Italian FTSE MIB (+0.09%) and the Spanish IBEX 35 (+0.36%) are edging higher ahead of tomorrow's central bank decisions by the BoE and ECB. In regard to the ECB, TD Securities analysts wrote the following: "We see a 30-40% chance of a refi rate cut, which is not priced into the market".
EMU GDP Q4 contracted by -0.6% as expected and the annualized figure dropped further, from -0.6% to 0.9%, also as predicted. The economic calendar is now empty for the rest of the European morning.
The British FTSE 100 is up by +0.41%. BoE's Mervyn King said that banks are still too big to fail, still an issue for supervisors. UK house prices rose 0.5% (MoM) in February, more than the 0.2% expected, and the 3m/YoY data rose from 1.3% to 1.9%, beating the 1.7% consensus.
Futures for the American S&P 500, Nasdaq 100 and Dow Jones 30 are signaling a higher opening by 0.25-0.35% ahead of US ADP employment change and factory orders data.
EMU GDP Q4 contracted by -0.6% as expected and the annualized figure dropped further, from -0.6% to 0.9%, also as predicted. The economic calendar is now empty for the rest of the European morning.
The British FTSE 100 is up by +0.41%. BoE's Mervyn King said that banks are still too big to fail, still an issue for supervisors. UK house prices rose 0.5% (MoM) in February, more than the 0.2% expected, and the 3m/YoY data rose from 1.3% to 1.9%, beating the 1.7% consensus.
Futures for the American S&P 500, Nasdaq 100 and Dow Jones 30 are signaling a higher opening by 0.25-0.35% ahead of US ADP employment change and factory orders data.