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The increasing importance that European markets place on the overnight performance of those in Asia markets was reflected in the weak start by almost all the major European indices this morning. This follows Japanese prime minister Shinzo Abe’s comments yesterday, where he was due to outline the third tranche of his plan to reinvigorate the Japanese economy and devalue the currency. Broadly speaking his comments have been met with little excitement and plenty of skepticism, and the Nikkei reflected this disappointment with a fall of almost 4% by the end of trading.
Although Europe has had a raft of service purchasing managers index (PMI) figures out for the UK, Spain, Italy and the EU with mixed results, the more important figures for the day will be the US non-farm payroll figures out at 1.15pm, and the latest comments from the US Federal Reserve Beige Book at 7pm (London time).
Tesco have posted their latest first-quarter set of results, which has left investors unimpressed. The supermarket has continued to see their market share chipped away at, and the economic problems of the EU continue to drag its sales figures lower. This sets a worrying precedent for the other four big food retailers that are yet to report.