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28 Mar 2013
European markets up on Cypriot banks’ re-opening
FXstreet.com (Barcelona) - The German DAX 30 (+0.50%), the French CAC 40 (+0.60%), the Italian FTSE MIB (+0.67%) and the Spanish IBEX 35 (+0.61%) are cheering the successful reopening of the Cypriot banks with capital controls in place. PD’s Bersani meeting with Italian President Napolitano will also be eyed by investors as they look for news of a coalition or new elections. Italian economic minister Grilli dismissed rumors of a possible downgrade to Italy.
There were 13K more unemployed people in Germany in March, instead of 4K less as expected. The unemployment rate remained at 6.9%. German retail sales rose 0.4% in February (MoM), beating -0.1% consensus, but annualized data fell from +2.5% to -2.2% (consensus of 0.4%). EMU money supply (YoY) eased from 3.5% to 3.1% in February, beating consensus of 3.3%. Private loans remain at -0.9%, as expected.
Futures for the American S&P 500, Nasdaq 100 and Dow Jones 30 are signaling a higher opening between +0.08% and +0.17% ahead of US GDP, jobless claims and Chicago PMI. “The final print of Q4 GDP is expected to revise growth higher, from 0.1% to 0.5% Q/Q, in line with our expectations. We are also in with the market expecting weekly claims to soften slightly, but see some downside risks around the Chicago PMI after recent disappointing US surveys”, wrote TD Securities analysts.
There were 13K more unemployed people in Germany in March, instead of 4K less as expected. The unemployment rate remained at 6.9%. German retail sales rose 0.4% in February (MoM), beating -0.1% consensus, but annualized data fell from +2.5% to -2.2% (consensus of 0.4%). EMU money supply (YoY) eased from 3.5% to 3.1% in February, beating consensus of 3.3%. Private loans remain at -0.9%, as expected.
Futures for the American S&P 500, Nasdaq 100 and Dow Jones 30 are signaling a higher opening between +0.08% and +0.17% ahead of US GDP, jobless claims and Chicago PMI. “The final print of Q4 GDP is expected to revise growth higher, from 0.1% to 0.5% Q/Q, in line with our expectations. We are also in with the market expecting weekly claims to soften slightly, but see some downside risks around the Chicago PMI after recent disappointing US surveys”, wrote TD Securities analysts.