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ETX Capital Daily Market Bite, 14th May, 2013: European Stocks Soft; Poor German ZEW Weighs
May 14, 2013 10:21 amVideo
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May 14th 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist
European markets are firmer this morning thanks to overnight strength in the Asian session with Japan’s market gaining for a second consecutive day. US stocks fell yesterday but retail sales data beat expectations, propping up Asian markets overnight too.
The yen rallied from lows while the euro has pushed back above the 1.30 level against the dollar with investors now placing their focus on some key data releases out over the next few hours, notably the German ZEW survey and euro zone industrial production data.
The ZEW is expected to show a slight pick-up due to the better mood in financial markets during the last few weeks as the euro zone crisis appears to be easing somewhat and contagion worries are being put aside after the Cyprus situation was dealt with. German data since the start of May has also pleased to the upside, confirming momentum picked up in the economy which helps to soothe concerns over the health of the region’s power house.
Industrial output from the euro zone is also expected to increase with Germany and Spain being the major contributors to growth however Italy and France could show weakness so an improvement in the report should not be seen as a sign of any meaningful recovery in industrial activity. Yesterday, euro zone finance ministers met in Brussels to approve of loan packages for Greece and Cyprus and we have another meeting at start this morning with a press conference due at noon. In the US, the data plate is rather thin on the ground with import prices being the only highlight.
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