What you need to know before the open
A slightly lower open for European stocks is expected today. Yesterday, they rallied on the suggestion by the European Central Bank that monetary policy could be eased as early as next month.
But over in the US, the Nasdaq’s inability to gain a foothold saw a losing streak, led by the energy and utility sectors.
Later, we've got Niesr's three-month GDP estimate. The organisation's hiked its growth prediction for the UK, saying the economy will grow by 2.9 per cent this year and 2.4 per cent in 2015. Although the UK’s back on trend when it comes to GDP, it says, we won’t be making back ground lost over the last few years.
UK manufacturing numbers are expected to show a £9bn deficit – not really budging from February.
This’ll contrast with German trade figures, which, although €2bn below expectations, have this morning shown a €14.8bn surplus in March.
Corporate news
The Co-op Bank’s announced plans to raise another £400m, also confirming its chair, Richard Pym, will step down by the end of this year.
International Airlines Group’s said the turnaround of loss-making Iberia is going well, narrowing its loss in the first quarter.
And Tullett Prebon said that difficult market conditions will see it cut jobs and costs, as it saw revenues plunge 15 per cent to £248m in the four months to April.
Data in focus
- 9.30am: UK March industrial and manufacturing production
- 9.30am: UK March trade balance
- 3.00pm: UK Niesr three-month GDP estimate