The eurozone gets a brief moment in the spotlight this Tuesday, before investor attention firmly turns to the US and UK from Wednesday onwards.
It’s the first look at the region’s third quarter GDP, with analysts expecting the reading to come in at 0.5% against the 0.6% seen in Q2. Already the French figure has come in at 0.5%, which at an annualised rate of 2.2% is the best growth since 2011, with the Spanish number yesterday arriving at a robust 0.8% – it is worth noting that both are higher than the 0.4% managed by the UK.
The eurozone also sees its latest inflation readings this Tuesday, with the core and non-care numbers forecast to remain at 1.1% and 1.5% respectively. However, after a decidedly dovish press conference from Mario Draghi last week there may not be much market juice in these figures.
So far there hasn’t been much action from the eurozone indices. The DAX is up 0.1%, while the CAC and IBEX – the latter finally having calmed down after a wet and wild few trading sessions – are both flat. As for the euro itself, the currency has shed 0.1% against both the dollar and the pound, keeping it at an effective one month low against the latter.
Elsewhere, with sterling flat against the greenback the FTSE was allowed a moment to recover Monday’s losses. The UK index climbed around 25 points after the bell, re-crossing the 7500 mark in the process. It was helped out by a chunky 3% jump from BP (LON:BP), after the oil giant smashed Q3 profit forecasts and announced a share buyback.
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