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Europe Steals The Limelight from China

ByFOREX.com
Published 01/18/2012, 12:37 AM
Updated 05/18/2020, 08:00 AM

Investors are clearly nervous following yesterday’s rally on the back of better than expected Chinese data. After a brief respite, sentiment has refocused on Europe, in particular Greece, who is expected to resume talks with the IIF Banks Group on Wednesday.

Unsurprisingly, improving confidence numbers out of Australia were not enough to move investor sentiment. The figure was only slightly better than expected and it still suggests that pessimists outweigh optimists. Nevertheless, it does suggest that investors are becoming more optimistic about the outlook for Asia.

Themes:

• Westpac Consumer Confidence Index for January rose to 97.1 from 94.7, which is a 2.4% m/m increase. However, a figure below 100 suggests that pessimists are outweighing optimists, and this is unlikely to change until a solution to European debt crisis is found. Yet, if data out of China continues to come in on the upside it should bolster confidence throughout the region.

• New Zealand’s REINZ Housing Price Index slid 0.1% m/m to 3301.4.

• Talks are set to resume on Wednesday between the Greek government and the IIF. Failure of these parties to reach an agreement would mean that Greece would likely default on March 20, when the country has a 14.5 billion euro bond maturing.

• The German ZEW was stronger than expected with the economic sentiment index printing -21.6, versus expectations of -49.4).

• In Australia, the market is waiting for new motor vehicle sales figures out of Sydney at 11:30 AEST, with the previous figure coming in at a 0.7% m/m decrease.

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