Market movers today
Market focus continues to be on Greece and US earnings reports that have weighed a bit on risk appetite in the past days.
On the data front, German inflation is expected to drop 1.0% m/m in January leading to a decline in the annual inflation rate into negative territory at -0.2% y/y (from 0.1% in December). It is mainly energy prices pulling inflation lower. The data for the individual Länder start to tick in at 09:00 CET, while the overall German number will be release at 14:00 CET. German unemployment is expected to decline further in January as the economy is gaining momentum.
We expect Euro M3 growth for December to beat expectations at 4.0% y/y (consensus 3.5%) increasing from 3.1% in November. We also look for credit growth to improve further as credit standards are being eased and demand has picked up. We also get Euro confidence numbers from the EU Commission, which are expected to rise slightly in line with what has been seen in some regional surveys.
In the US, jobless claims should decline slightly to 300k from 307k. Claims have edged higher lately in a sign that growth has eased a bit from the strong levels in the past quarters. US also releases pending home sales, which have been a bit soft lately.
In Denmark, business confidence figures for January are due for release and in Sweden the SBC publishes data on retail sales. NIER business and consumer confidence are also due.
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