European equities show minor losses in an uneventful trading session
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European equities show minor losses in an uneventful trading session. US stock markets also opened nearly unchanged anticipating tomorrow's speech by US President Trump.
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The European Commission's EMU economic sentiment indicator inched up in February from 107.9 to 108.0 (vs 108.1 expected), the highest level since March 2011, thanks to more optimism in industry and the services sector and despite weaker readings among consumers and in the retail.
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EMU household credit growth picked up pace at the start of the year in another encouraging sign of the robust economic recovery. Annual growth in household loans accelerated to 2.2% Y/Y in January, up from December's 2%. Loan growth to non‐financial businesses kept a healthy pace at 2.3% Y/Y.
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Headline US durable goods orders rebounded in January (1.8% M/M), a sign companies were feeling encouraged to invest at the start of the year as the economy improved. However, shipments of non‐defense capital goods excluding aircraft, used in calculating GDP, fell 0.6% following an upwardly revised 1.6% M/M rise in December.
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The ECB will not announce another round of long‐term cheap loans after the current ones expire next month, according to all 19 euro money market traders polled by Reuters, citing weak demand. The final TLTRO is scheduled for March 23.
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The threat of a new Scottish independence referendum is creating unnecessary uncertainty and division, a British government spokesman said today, reiterating Prime Minister Theresa May's view that there was no need for another vote on the issue.
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