What you need to know before the open – 17/02
European markets are expected to open flat this morning.
Over in Asia, GDP numbers from Japan have disappointed today, with the economy growing less than expected at the end of last year.
GDP rose by one per on an annualised basis in the final quarter of 2013. Analysts had predicted a 2.8 per cent expansion.
Weaker private spending and lower export figures dragged the number down.
The country’s GDP is forecast to shrink between April to June of this year, owing to the upping of sales tax, which is expected to deter spending.
The Nikkei still edged higher in Monday trading, however, breaking a two-day losing streak.
It’s President’s Day over in the US (and Family Day in Canada), so markets are closed. That means things are a little threadbare when it comes to economic data.
President’s Day – a federal holiday in honour of George Washington – is the third holiday of the year in the US for markets (out of 12).
Of course, we’ve got to wait till 18 April!
Corporate news
Hammerson, the British property developer, has reported it saw pre-tax profit more than double in 2013 to £341.1m, boosted by a strengthening recovery and a valuation increase.
In the UK
The Chartered Institute for Personnel and Development (CIPD) has said employment growth will slow over the next few months.
The survey of 1,000 employers saw just above half of firms (54 per cent), saying they would be increasing payrolls – down from 65 per cent last year.
One in five said they’d decrease employee numbers in the first quarter of 2014.
In Europe
In Italy, the country is awaiting confirmation that Matteo Renzi will be its next prime minister. Renzi will almost certainly be sworn in at some point over the next two days.
There’s an ongoing Eurogroup meeting today – that’s a meeting of finance ministers from Eurozone countries. It’s currently chaired by Dutch finance minister Jeroen Dijsselbloem, co-ordinating policy on Eurozone matters and related topics.