What you need to know before the open
Markets are set to open mixed this morning ahead of UK GDP data, and with China fears pulling down metal prices.
US markets finished a touch lower yesterday, but have weathered well the string of unimpressive data the country’s seen.
Over in Asia, the Nikkei came down from a 4-week high, tainted by US data, with investors holding back ahead of Janet Yellen’s testimony tomorrow.
The UK economy got a growth upgrade from the European Commission yesterday, to 2.5 per cent – from November’s 2.2 per cent.
Positive CBI numbers and a leap in mortgage approvals make it look like the economy started 2014 on the front foot.
The second GDP estimate out today could well hold a positive surprise after the bumper Christmas retail numbers.
Corporate news
ITV has reported a bumper 2013, with profit jumping 30 per cent. It’s said it’ll pay a special dividend to shareholders, too.
Travis Perkins saw profit before tax up 12 per cent in 2013, to £321m. The building merchant said the second half saw an upswing in UK building activity, particularly in housing.
Petrofac saw net profits increase three per cent in 2013 – above expectations – but the energy services firm re-stressed its cautious outlook for this year, expecting only flat to modest growth.
In Europe
Confidence in the German economy rose more than expected for March, with the GfK consumer confidence survey coming in at 8.5 from the February reading (which was revised higher) of 8.3. Analysts had been expected a reading of 8.2.
Data in focus
- 9.30am: UK fourth quarter GDP
- 3.00pm: US Jan new home sales