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UK 100 called to open +10pts after a flat finish in US markets, recovering from losses following poor US retail sales data and after delay of Eurogroup Finance ministers meeting (Greek deal supposed to be rubber-stamped). Sentiment turned around as it emerged Greek politicians may be about to provide commitment to implement letters and may even have conjured up more savings that demanded by European finance peers. While meeting cancellation initially dented sentiment on Europe/Greece, and Euro weakened in favour of commodities currency the USD, Asian markets have been green across the board thanks to comments from China’s central bank that it is to play a bigger role in helping Europe via the IMF and EFSF. French GDP also beat expectations this morning, however, the country’s major bank BNP Paribas showed a slump in Q4 profits and German GDP showed a decline in Q4. Euro now reversed its declines but still trading in overall 1-week downtrend. Commodities buoyant again. Ex-div effect -22.6pts. UK 100 .
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