Mixed Markets Look To Draghi, US Data For Clarity

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Mixed Markets Look To US Data For Clarity

Mixed Markets Look To US Data For Clarity

European markets look strong on Tuesday despite mixed economic data, and US index futures are up pre-trade ahead of a raft of key fundamental data releases.

Starting in Europe, the FTSE is currently trading at 6,596.13, a 1.16% (75.75-point) premium to the day’s open. The gain sees the index break through Thursday/Friday highs, and despite a Monday afternoon selloff that broke Friday lows. Leading the charge is home improvement retailer Kingfisher plc (KGF.L), up 7.06% at 435.20 on a positive earnings surprise.

The gains in the UK come as the ONS reports better than expected retail price index data, with the core headline figure coming in at 0.7% versus a forecast 0.5%. Consumer price index (CPI) came in as expected, with the YoY figure at 1.7% and the MoM figure at 0.5%. Producer price index (PPI) data missed expectations, the headline input MoM figure reported at -0.4% versus a forecasted 0.3%.**relatedarticle**

In Germany, the DAX 30 is up 1.66% at 9,340.36. Heading into European lunch, the day’s biggest gainer is kidney dialysis company Fresenius Medical Care AG & Co. KGAA (FME.DE), currently up 3.51% at 50.26. As with its UK counterpart, the DAX’s gains follow mixed data. German business expectations missed expectations, reported at 106.4 versus a forecast of 107.6; current assessment beat expectations of 114.6, reported at 115.2; and IFO business climate index disappointed, reported at 110.7 versus a forecast of 111.0.

In the US, S&P 500 futures are up 0.33% at 1,855.65, while NQ100 futures are up 0.31% at 3,622.30, approximately one hour before the US markets open.

The gains likely come in anticipation of better than expected fundamental US data releases, with the day’s headliners being CB consumer confidence, forecast at 78.6, and new home sales, forecast at 445K, a 4.9% decline on previous data.

Traders and investors will also look to ECB President Mario Draghi for insight into Eurozone monetary policy, with his bimonthly speech scheduled for 16:00 GMT on Tuesday. 

To contact the reporter of this story: Samuel Rae at samuel@forexminute.com