We will expect today the European session to start with a note of caution after just such a session yesterday on Wall Street and mixed trading in Asia. The reporting season does not bother investors at the moment, the trade war again with prospects of completion next month and the UK having a Brexit deal within days. Everything sounds perfect, right? But yesterday, US retail data showed a crack, the first in seven months ... in negative territory. This has caused some hesitation in investors, but not strong enough. The faith of the blind continues.
It is precisely this pace that we expect to be cautious today, at least until the foundation for today's Brexit negotiations is developed. We mainly have US and UK data on the calendar, and today we will expect more clarity on whether there will be a deal after all. The DUP, EU and company are in favor of an agreement that will also have to go through parliament on Saturday.
Early indications of European futures point to a positive, almost flat opening. We will still expect cash flows to look for risk today, boosting indices and equities and weakening the yen, franc, gold and dollars respectively. The dollar remains subdued amid rising interest rates to 30 this month, with the US dollar expected to continue.
Today, before the State session opens, we also have reports from Philip Morris, Morgan Stanley and Honeywell.
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