Similarly to yesterday’s behavior, European markets opened slightly higher than the previous close. The session will be dominated by important economic data: The GDP of the Eurozone, and the inflation relative to October. The German GDP grew only 0,10%, in line with the estimate for the 3rd quarter. France grew 0,30% in the same period, exceeding economists’ forecasts. Regarding Eurozone´s inflation, economists estimate has increased to 0,40% (compared with 0,30% recorded in September). The reaction of investors will depend on the monetary stimulus measures that may be adopted by the ECB. If economic growth is lower than expected and / or inflation falls below the estimated this will reinforce the possibility of the ECB introduce a bond buying program.
US markets continue to consolidate. The Stock Market have been valued through reports of specific companies and sectors. At the macroeconomic level, one of the major uncertainties in the current economic climate is on consumption at a time when the US economy begins to accelerate. Retail sales are one of the best barometers of this variable, as it represents about 30% of private consumption. The fall in the price of fuel (fruit of the oil drop) has a negative accounting impact on retail sales, to the extent that the value of the sale of gasoline and related products is lower. However, lower expenditures on gasoline allow Americans to buy other goods. Thus, the most relevant of today will be the indicator for retail sales excluding cars (a very volatile component) and fuels.