Europe was expected to once again be in the red today

<p>After the DOW closed down 160 points last night and Asia mirroring the sell-off, Europe was expected to once again be in the red today. […]</p>

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  • After the DOW closed down 160 points last night and Asia mirroring the sell-off, Europe was expected to once again be in the red today.
  • However, despite fears over Spain potentially needing a bailout and Italian bonds failing to provide reassurance, the FTSE is up 25 points at 5320 and the DAX is up 14 points at 6298.
  • With a look at the FTSE, we have InterContinental Hotel Group leading the pack, up an impressive 4% already.
  • The financials are also a little stronger with Lloyds up 2%, Man Group up 2% and Barclays 1% higher.
  • To the downside, we have ITV, they are off 3.8% as the technical’s point to a further retracement to the downside, according to trading central.
  • We also have CRH, the building materials supplier, and the pharma firm Shire, both off around 1 ¼% this morning.
  • With a busy day from a macro perspective, we have already had some positive data out from Germany and France.
  • However, traders will be looking towards the US ADP figures at 1.15 as a precursor to tomorrows NFP.
  • Also at 1.30, the US GDP figures will be posted alongside the weekly jobless claims.

See the City Index Economic Calendar and Companies Reporting Dates page for latest economic news and company events that are likely to impact the markets today.

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