ECB Meeting Commands Investors' Attention

According to data in the Eurozone, the index of business activity in the services sector rose in February to 52.6 points, from 51.7 points a month earlier. Retail sales grew in January by 1.6% after a fall of 1.3% in December. Besides that, gross domestic product in the Eurozone, according to the revised data, increased in the fourth quarter by 0.3% at the quarterly expression, and 0.5% at the yearly expression, which coincided with preliminary data and expectations of the majority of analysts.

Following the results of the trading session, the British FTSE 100 receded by 0.71%, the French CAC 40 became 0.11% easier, and the German DAX went to a minus by 0.49%. The regional STXE 600 indicator decreased, in turn, by less than 0.1%, having closed on a mark of 337.06 points. It should be noted that the markets of Belgium, Italy, Spain, Switzerland and Scandinavia, were closed in the "green" zone.

Statistics from the US indicate that the index of economic conditions of ISM in the non-productive sphere made 51.6 points in February, while analysts predicted a result of 53.5 points. Data on the labor market also disappointed investors, employment of ADP made 139 thousand, which was worse than expectations of analysts on a level of 160 thousand. Additionally, the previous value of the indicator was reconsidered to the smaller amount, from 175 thousand to 127 thousand.

Following the results of the trading session, the indicator of blue chips, Dow Jones Industrial Average, went down by 0.22% to the level of 16360.18 points, the index of the wide market, Standard&Poor's 500, decreased by just 0.01% reaching a level of 1873.81 points, and the index of high-tech industries, Nasdaq Composite, went to plus on 0.14% and reached the level of 4357.97 points.

The chairman of the FED, Janet Yellen, declared yesterday that some time may pass before the regulator will be able to see positive statistical data supporting positive development of economic conditions. In the speech, Yellen noted that the FED needs to perform a huge amount of difficult work in order to achieve target indicators on inflation and unemployment, and also restore damage from the financial crisis. Further decisions regarding the QE3 program are going to be taken during the next meeting of the FED, which will take place on the 18th-19th of March.

In the meantime, today the attention of investors will be riveted towards Europe where there will be meetings of two Central Banks – the Bank of England, and the European Central Bank. If the first does not bring adjustments to the monetary policy and does not include comments, it is expected that the second will.