European Market Update 3/14 - UK Average Earnings Data Mixed

Discussion in 'Data Sets and Feeds' started by TradeTheNews, Mar 14, 2007.

  1. TradeTheNews

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    - The European indices are currently trading sharply lower on flow-through jitters related to sub-prime lending concerns as some see the downward momentum spreading to other parts of the economy.
    - European government bonds as well as gilts in the UK are currently trading higher in the session as investors opt to move out of equities and into bonds.
    - Riksbank’s Ingves said overnight that inflation is low and that the Swedish economy is doing well. Ingves said that he sees inflation slowing over the next six months as a result of lower oil prices, but expects inflation accelerating slightly thereafter. Overall Ingves said that inflation is expected to remain relatively modest.
    - According to the Bank of France, French Business Sentiment rose to 110 in February from 107 in March, led by a pick up in autos. The Bank of France boosted its first-quarter GDP growth estimate to 0.8% from the previous estimate of 0.7%. Further on France, CPI for the month of February fell below estimates led lower by a drop in food prices.
    In Italy, final CPI for the month of February was revised down to 0.3% m/m, and 1.8% y/y from its preliminary reading of 0.4% and 1.9% respectively.
    - Average earnings including bonus were above estimates of 4.0% at 4.2% in the UK, while earnings excluding bonus fell below estimates of 3.8% at 3.6%. The claimant count rate was in line with estimates at 2.9, while the jobless claims change was –3.8K, where estimates were –8.0K.
    - The EU’s Almunia said overnight that he sees a slight easing of growth early in 2007 as a result of the German VAT hike. Almunia expects that GDP will pick up later in 2007 as a result of benign financing conditions. Regarding employment, Almunia said that employment growth has been resilient thus far.
    - The US Deputy energy chief said today that Russia’s position on the Iranian nuclear reactor is appropriate. In an interview held overnight ahead of Thursday’s OPEC meeting, the Kuwaiti Oil Minister said overnight that Kuwait seeks to maintain current OPEC quotas. The Kuwaiti oil minister also reiterated that current oil prices are adequate.