What you need to know before the open – 10/12
Despite another record close for the S&P500 yesterday, Europe is set to open lower this morning.
Strength on the US markets yesterday was pretty surprising, given the Fed's James Bullard's comments on the possibility of an imminent taper.
And over in China, mixed data overnight – industrial production was slightly below expectations, whereas retail sales have risen – will leave European markets finding it difficult to rally this morning.
Key events:
- UK trade balance for October at 9.30am. Expected at £-9.350bn from £-9.816bn.
- UK industrial and manufacturing production for October at 9.30am.
- Italian third quarter GDP at 10.00am. expected at -1.9 per cent from -2.2 per cent.
- ECB president Draghi's speech at 12.00pm.
- US NFIB business optimism index for November at 12.30pm. Expected at 92.3 from 91.6.
- NIESR GDP estimate for three months to November at 3.00pm.