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Although there is a real dearth of equity news today, there are a number of important pieces of economic data scheduled. A number of European countries and the US are posting manufacturing PMI figures and the EU posts its latest unemployment number, which is expected to come out at 12.3% and therefore once again set an all-time high. If confirmed, the data will not help ECB president Mario Draghi’s claim that the EU will turn the corner this year.
In the UK, the big news is that Mark Carney will finally be taking his place as governor of the Bank of England. The Bank has effectively been treading water and has largely been inactive as Sir Mervyn King waited to be replaced. Mr Carney has overseen arguably the most impressive management of the financial crisis by steering Canada through it with a minimum of fuss. Over the next five years we will discover how much of that was due to the commodity-backed economy of the country and how much was down to Mr Carney's leadership.