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European markets higher, FTSE 100 up despite UK data

The German DAX 30 (-0.22%), the French CAC 40 (0.01%), the Italian FTSE MIB (+0.36%) and the Spanish IBEX 35 (+0.12%) are edging higher on the day. Even the British FTSE 100 trades higher, by +0.07%, despite UK data releases on industry and manufacturing.

UK industrial production fell -1.2% (consensus of +0.1%) and manufacturing production dropped -1.5% (consensus of 0.0%) in January. Annualized data contracted further from -2.1% to -2.9% (consensus of -1.1%) and from -1.6% to -3.0% (consensus of -1.1%), respectively.

UK Goods Trade deficit narrowed from £-8.738B in January (revised from £-8.897B) to £-8.195B, beating consensus of £-9.000B. Non EU-trade data was also well received, at £-3.28B, from £-4.169B (consensus of £-4.50B). "Today’s visible trade deficit unexpectedly improved from £8.7bn to £8.2, but this was driven by an inventory correction in oil imports, and excluding oil and erratics from the data, exports and imports fell and the deficit worsened", wrote TD Securities analyst Tim Davis.

Germany WPI came in at 0.1% in February (MoM), below 0.3% consensus. CPI and HICP came in at 0.6% and 0.8%, respectively, as expected. France current account deficit widened from €-3.8B (revised from €-3.6B) to €-5B in January.

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