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European markets resume yesterday's sentiment, US futures up ahead of NFP

The German DAX 30 (+0.73%), the French CAC 40 (+1.02%), the Italian FTSE MIB (+1.14%) and the Spanish IBEX 35 (+1.60%) edge higher as risk sentiment takes over the market again after yesterday's upbeat speech by Mario Draghi and ahead of US nonfarm payrolls. Markets don't seem much concerned with falling imports in China, even more than expected, from +28.8% to -15.2%, instead of -8.8% (YoY). China surpassed the US recently as the biggest economy in the world.

The ECB reported that that 35 banks will repay €4.23bn of LTRO loans on 13 March, “which was probably a bit lower than what was expected, and certainly lower than last week’s €12.5bn total”, according to TD Securities analysts.

Industrial production data in Germany was unchanged on the month of January (0.0% vs 0.5% expected) and YoY data fell a little more than expected, from -0.5% (revised from -1.0%) to -1.3% (consensus of -1.2%).

Futures for the American S&P 500, Nasdaq 100 and Dow Jones are signaling a higher opening between 0.28% and 0.44% ahead of US nonfarm payrolls. “TD Securities analysts are calling for a slightly higher 175K, essentially on top of the 6m trend”, wrote analyst Alvin Pontoh. “This would be consistent with the encouraging tone in the US data seen during the past few weeks, which has consistently surprised to the upside”, he added.

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