German retail sales jump 2.9% m/m

Tuesday, March 03, 2015

Germany’s retail sales surged 2.9% in January compared to a more modest increase of 0.2% in December, beating analysts’ expectations. The DAX index opened higher following the robust retail data eyeing the 7,000 level. European equity markets edged higher in early trade this morning with the CAC, IBEX and London equity benchmark index gaining between 0.15% and 0.4%. The euro hovered around 1.1190 against the USD, remaining under pressure.

DAX index extends gains following solid retail sales data

DAX Index (Deutsche Boerse AG Ge 2015-03-03 09-00-22

Asian equity markets gave back yesterday’s gains and slid lower overnight. Following a 0.25% interest rate cut yesterday from China’s central bank, the Hang Seng index gave back gains and retreated over 180 points (-0.74%) to retest 24,700. The Nikkei index consolidated within the recent range and finished the session slightly lower (-0.06%) at 18,815. Australian equity markets dropped from seven-year highs after Australia’s central bank disappointed by leaving interest rates unchanged.

Precious metal prices climbed higher in early trade this morning. Gold edged higher towards $1210/ounce and silver climbed towards $16.50. Platinum and palladium remained in negative territory.   

XAU- Gold spot

XAU Curncy (Gold Spot   $_Oz )  D 2015-03-03 09-01-28     

The main focus will turn to the release of the US ISM NY manufacturing and IBD sentiment data as well as Eurozone’s PPI figures. The USD index slid lower towards 95.3 against a basket of currencies.      

   

Events for today: 

 

0700

DE

Jan

Retail Sales

0930

UK

Feb

Markit/CIPS construction PMI

1000

EZ

Jan

PPI

1445

US

Feb

ISM NY Manufacturing

1500

US

Mar

IBD Sentiment

 

 

All times UK Local Time

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