Headlines:
- USD and 10-Yr-Yields spot-check - Plus a cameo by @Newsquawk
- Eurozone Unemployment Rate: 7% (Forecast 7.1%, Previous 7.2%)
- UK Mortgage Approvals: 71.015k (Forecast 66k, Previous 66.964k)
- UK Markit Manufacturing PMI Final: 57.3 (Forecast 56.9, Previous 56.9)
- Rouble extends gains, firms 0.6% on day to 76.86 vs dollar for first time since Jan 21st
- Eurozone Markit Mfg PMI Final: 58.7 (Forecast 59, Previous 59.0)
- German Markit Mfg PMI Final: 59.8 (Forecast 60.5, Previous 60.5)
- German Unemployment Rate: 5.1% (Forecast 5.2%, Previous 5.2%)
- French Markit Mfg PMI: 55.5 (Forecast 55.5, Previous 55.5)
- Italian Markit Mfg PMI: 58.3 (Forecast 61.2, Previous 62.0)
- Spanish Markit Manufacturing PMI: 56.2 (Forecast 56, Previous 56.2)
- European Opening Bell: FTSE up 0.6% STOXX 50 up 0.8% DAX up 0.9% - Green on the screen
- UK Grocery Sales Down 3.8% Over 12 Weeks To Jan 23 Year-on-Year - Kantar
- French CPI MoM NSA Prelim: 0.3% (Forecast -0.2%, Previous 0.2%)
- Swiss Retail Sales YoY: -0.4% (Previous 5.8%)
- UK Nationwide House Prices MoM: 0.8% (Forecast 0.6%, Previous 1.0%)
- German Retail Sales MoM: -5.5% (Forecast -1.4%, Previous 0.6%)
- Monday's stellar day for equities (re-bal?) is set to give Europe a solid open
Markets:
- USD down 0.3%, NZD lead (+0.6%), ZAR lags (-1%), GBP and EUR up 0.3%
- European equities broadly higher: FTSE up 1.25%, DAX up 1.6%, STOXX 50 up1.3%
- S&P 500 futures up 1.15%
- US 10-year yields: 1.76%, up 1.6bps
- Gold: up 0.36% @ 1803
- WTI: down 1% @ 87.27
- Bitcoin: up 1.30% @ 38900
The session started with plenty of data, with some shocking Retale Sales numbers out of Germany being the highlight (or should that be lowlight?). A negative print of down 5.5% in December, on the MoM metric, does not inspire confidence and adds further weight to the notion that it's downhill from here on the inflation print front.
In the geopolitical/energy space, there has been some most welcome news out of Russia, with the news that Moscow is pumping gas to Europe via Ukraine at pre-tension levels. This has given RUB a bid and European Natty a slap lower. Right now, Dutch NG is down 10%
Stay awesome and keep it tight!
xx
