Europe Edges Higher – What to Watch for Today
Stocks across Europe edged higher yesterday as the ECB announced its decision to keep interest rates at near zero percent.
The DAX gained 132 points while the CAC edged 73 points higher. The FTSE100 gained 103 points or 1.81%.
That was yesterday, however, and if recent markets are anything to go by, no two days are anything alike. So what do we need to watch out for today in Europe?
Apart from the President Draghi speech, the EU will release manufacturing PMI flash and services PMI flash data for January 2016. These will give us a glimpse into how the economy is performing in the first month of 2016. Analysts expect numbers to come in roughly the same as previous ones at 53 and 54.2 respectively.
The UK will also release some important data which has the potential to move the FTSE. Retail sales both MoM and YoY for December will be released. Analysts largely expect these numbers to come in lower than previous ones. MoM for December is expected to come in -0.3%, while YoY is expected to come in up 4.7%, down from the previous 5% gained last year.
With Germany and France both releasing their manufacturing and services PMI flash data, there’s potential for a fair amount of movement in Europe today. Watch out in particular for the German numbers, since as goes Germany, so goes Europe, most of the time.
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