UK markets have followed the US this morning. As Wall Street returned from a bank holiday, US markets fell as traders were spooked at the prospect of more interest rate rises by US central bankers. US debt markets rose with treasuries hitting highs not seen for almost four years.
Watch For: Unemployment, public sector finances, productivity flash estimates; Mark Carney appears before the Treasury Committee to discuss the Bank's latest Inflation Report; David Davis visits Athens and Budapest; Michel Barnier questioned by UK politicians in Brussels.
US trading desks will re-open today after being shut for President’s Day yesterday. Stocks across the Atlantic advanced 4.5% last week.
“Whether or not other markets can continue their recovery depends to a large degree on how US stocks perform,” Sumitomo Mitsui senior strategist Masahiro Ichikawa told Reuters.
Data to look out for today includes:
08:15 – Swiss industrial production (fourth quarter)
10:00 – German ZEW survey (February)
11:00 – UK CBI industrial trends (February)
15:00 – Eurozone consumer confidence (February)
The FTSE100 opened a touch higher this morning following stronger markets in Asia. Markets in the US will be closed for Presidents Day.
Investors will be watching for any preview of the Eurogroup meeting in Brussels ahead of Tuesday's ECOFIN meeting.