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European markets up on EMU data and Eurogroup meeting

The German DAX 30 (+1.45%), the French CAC 40 (+1.17%), the Italian FTSE MIB (+1.48%) and the Spanish IBEX 35 (+1.02%) are moving higher on Tuesday, along with most of the European equity indexes, in reaction to better than expected Services PMI data and retail sales in Europe, while the Eurogroup meeting may bring news to investors, particularly on bailout deals to Portugal and Ireland.

EMU retail sales rose more than expected, by +1.2% instead of +0.2% in January. The annualized figure rebounded from -3.0% to -1.3% (consensus of -2.9%). Ahead is US ISM non-manufacturing PMI data.

The final reading of February PMI Composite in the Eurozone only eased from 48.6 to 47.9 (consensus of 47.3). The EMU services PMI had the same values. The EUR/GBP rallied to 0.8633 high.

In Germany, data only eased from 55.7 to 54.7 (consensus of 54.1). In France, data surprised by moving higher from 43.6 to 43.7 (consensus of 42.7).

The final reading of February Services PMI in Spain came in even lower than expected, from 47.0 to 44.7 (consensus of 46.0), while it came in line with consensus in Italy (down from 43.9 to 43.6).

The British FTSE 100 rises by +0.68% also in celebration of a better final reading of services PMI, that revealed a figure of 51.8 in February, higher than the expected 51.0 and the previous reading of 51.5.

Futures for the American S&P 500, Nasdaq 100 and Dow Jones 30 are signaling a higher opening between +0.20% and +0.30% ahead of the NY session and US ISM non-manufacturing PMI data.

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