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Asian bounce feeds European gains as ZEW survey impresses

CMC Markets

The Nikkei clawed back some ground overnight on speculation over a corporate tax cut, and with the rest of Asia following suit the positivity has fed through into the European session. CPI data out of the UK at 09:30 arrived broadly in line with market expectations along with Eurozone Industrial Production numbers at 10.00, though the headline ZEW measure beat forecasts to support equity markets close to their highs of the day. On the earnings front Resolution Ltd provided another big win for the insurance sector, making all-time highs as H1 earnings beat analyst expectations driven by a surge in new business in the UK and demand for pension products. In the midcap space recruitment consultants Michael Page International are struggling to keep pace, down 4% after predicting a challenging quarter in Q3 despite a marked improvement since the start of the year. Investors remain wary of the employment sector – which is obviously in the spotlight given Mr Carney’s forward guidance plans that he laid out to the market last week. Retail Sales numbers from the states at 13:30 will provide the afternoon highlight in the macro calendar, with many CMC clients considering their next move after making significant gains in the mining space over the past trading week - Rio Tinto, a stock we have mentioned on any number of occasions over the past month now trades almost 25% off its June lows… CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.