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ETX Capital Daily Market Bite, 15th May, 2013: European Stocks Softer After EuroZone GDP
May 15, 2013 10:53 amVideo
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May 15th 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist
European financial markets have a had a reality check with data out so far this morning. Euro zone GDP contracted by 0.2% on the quarter in Q1, below consensus for a contraction of 0.1%. Germany narrowly avoided a recession but France slipped firmly into one. Italy contracted further, down 0.5% with the economy suffering from tough financial conditions amidst the political paralysis during the period.
The outcome of euro zone GDP hasn’t triggered a reversal of the bullish tone as many believe that this will only push the ECB to consider options to provide further stimulus measures and also in part that the Q1 period was affected by cold weather conditions which stalled growth for the core regions. In France, the government there is being heavily scrutinized for being behind the curve with structural reforms which contributed to the lack of growth in the country and will continue to dampen prospects until measures are implemented.
In the UK, jobs data sounded a cautious tone as employment in three months to March slid while unemployment rose and average earnings fell. That said, the claimant count change and unemployment rate were a bit better than anticipated but this data does sap the wind out of the recent run of upbeat UK economic releases we have seen. Attention is now on the BOE’s inflation report together with data out of the US later which include Empire State manufacturing and industrial production.
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