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European markets up ahead of G20 and Italy Presidential election

FXstreet.com (Barcelona) - The German DAX 30 trades at 7548.25 (+0.37%), while the French CAC 40 quotes at 3563.75 (+0.90%) and the British FTSE 100 at 6222.25 (+0.54%) as the European morning ends and the G20 central bankers and finance ministers gather for a meeting on central bank stimulus, especially from the BoJ, and fiscal targets. The Italian FTSE MIB is up by +1.00%, at 15225, as the Italian government starts today the election of a new President. “It’s still unclear whether there has been enough agreement between the main parties to get sufficient votes for a single candidate to elect”, added the TD Securities analyst Annette Beacher.

Spain had its 3, 5 and 10-year debt being sold at 3.257% (from 3.598%), 2.792% (from 3.019%) and 4.612% (from 4.898%), respectively, raising a total of €4.71B. In France, 2 and 5 year bills totaled an amount of €7.911B, with yields at 0.24% and 0.73%, respectively.

The UK retail sales report came in better than expected, with a monthly contraction by -0.7% in March (annualized drop from 2.5% to -0.5%), higher than the -0.8% expected. Excluding fuel came in worse than expected, the monthly fall was of -0.8% (consensus of -0.5%) and the annualized figure eased from 3.2% to 0.4% (consensus of 0.9%). “However, the details were weaker, with the only saving grace being that people have to eat, with food store sales +0.9%. Most non-food categories posted big losses: clothing and footwear -3.1%, household goods -6.2%, and non-specialized stores -4.0%”, wrote TD Securities analysts.

Futures for the American S&P 500 (1550.98), Nasdaq 100 (2783.38) and Dow Jones (14600.00) are signaling a higher opening by +0.30% ahead of US jobless claims, Philadelphia manufacturing survey and CB leading indicator.

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