This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
The early economic data released in Europe saw some very disappointing German retail sales, which were quickly overshadowed by the better-than-expected EU unemployment levels. These were expected to increase and set a new all-time record of 12.3%; however they have actually dropped to 12.1% down from 12.2%. This unexpected good news initially gave the markets a boost, but as the morning session has progressed we have seen this optimistic stance eroded.
On the equity front we have seen figures released by French car manufacturer Peugeot, where sales have been down but not as bad as expected.
Centrica, the UK energy supplier, has given plenty of ammunition to those who think they charge too much by showing some great profits, although with the awful weather that the UK has had this year means it is hardly surprising.
Diageo the drinks supplier has highlighted that, with the eurozone still struggling to get out of a recession, those drowning their sorrows need something stronger than beer and the harder spirits that they sell have driven their profits.