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European stocks shed some of its early gains on Friday's deal between Greece and the European Union after German business climate came in below estimates - but still better than in the previous month. Eurozone's finance ministers agreed on extending Greece's international bailout under the condition that Greece has to submit a list of policy measures four the four months to come on Monday. The measures planned will have to be approved by the E.U.
Today data on Germany's business climate came in at 10:00 GMT rising to a 7-month high easing concerns over the health of Eurozone's biggest economy. The IFO - Business Climate for February rose from 106.7 in the previous month to 106.8 points, below expectations of an increase to 107.4. The IFO-Expectations came I at 102.5 from previous 102 points. Analysts expected an increase to 103.0. The IFO Current Assessment came in at 111.3, declining from previous 111.7 points. Analyst expected a reading of 112.7 points.
U.K's CBI Retail Sales Volume Balance slumped from a previous reading of 39 to 1 in February, missing expectations of a rise to 42. A positive reading of the index indicates higher sales volume, a reading below represents lower sales.
The FTSE 100 index is currently trading -0.38% quoted at 6,888.97 points further declining on dissapointig CBI Retail Sales data. Germany's DAX 30 added +0.23% trading at 11,076.19 retreating from a new all-time high hit earlier in the session. France's CAC 40 is currently trading at 4,835.96 points, +0.10%.
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