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European indices pause the rally fuelled by the European Central Bank's large scale quantitative easing as investors are cautious after the Greek vote on Sunday. The anti-austerity party Syriza won a decisive victory within 2 seats of the absolute majority. Alexis Tsirpas, the new Prime Minister, has pledged to keep Greece within the monetary union but wants to renegotiate Greek debt. Now all eyes are on the FED's interest rate decision tomorrow to get an indication on when interest rates might rise. Mixed earnings from companies like Siemens and Philips further fuelled market caution.
In the U.K. the preliminary Gross domestic product expanded less-than-expected in the fourth quarter according to the Office for National statistics as construction and production shrank. Consumer demand increased. GDP grew by seasonally adjusted +0.5%, the lowest in a year, in the last quarter of 2014, not meeting forecasts of an increase by +0.6% and less than the previous reading of +0.7%, dampening the economic outlook. Year on year GDP grew +2.7% in the fourth quarter, 0.1% below economist's estimates. An increase of +0.1% compared to the previous quarter.
In today's session the commodity heavy FTSE 100 index is trading -0.51% quoted at 6,817.65. France's CAC 40 lost -1.00% trading at 4,628.21. Germany's DAX 30 is currently trading -1.02% at 10,688.58 points.
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