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Market Comment - May 03, 2012


Market Comment - May 03, 2012
European equity markets are trading moderately higher this morning supported by overall good corporate data. Heavyweights BMW, Infineon and Societe Generale all posted higher than expected profits, but more importantly refrained from lowering their full year projections despite indications seen over the past few days, that economic growth in Europe might be slowing even more than expected. Slightly denting the overall good mood were poor results by Metro and Lufthansa.

Later, mid morning attention will turn towards crucial French and Spanish bond auctions, it will be interesting to see if demand might come in lower than expected ahead of the fast approaching French elections and in light of Spain’s increasing struggle to convince investors that they will be able to meet budget deficit targets.

Finally the ECB will be announcing their rate decision today, while no change in interest rates is expected, traders are speculating that ECB chief Draghi might be preparing the market for another cut to stem the recent decline in economic activity.

Markus Huber - Head of German HNW Trading - ETX Capital

Jeudi 3 Mai 2012

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