European markets await key data from the US

<p>- European markets, awaiting key data from the US this afternoon, have begun the morning session in a fairly lacklustre manner. With the German Dax […]</p>

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- European markets, awaiting key data from the US this afternoon, have begun the morning session in a fairly lacklustre manner. With the German Dax slightly down, off 10 points at 7340, the FTSE is the reverse with a 10 point gain, at 5789.

- With the drama likely to come this afternoon, the major movers on the FTSE are on the downside with NEXT down 5.7% on slowing sales and a cautious note about the economic outlook. We also see BAE Systems down 5% after the announcement over their tie-up with EADS to create the world’s biggest aerospace company. On the Up-side we have BT Group, 1.5% higher, while Amec are also 1.5% higher.

- Arm Holdings, who are providing the new Apple iPhone 5 with their A6 chipset are also strong, 1% higher. With twitter still digesting Apple’s Keynote Speech, while many suggesting the iPhone as the weakest aspect of the product upgrades, many anticipate their share price to struggle, despite a strong showing towards the close last night with the stock ending trading around $670.

- The major story of the day will undoubtedly be at 5.30pm with the FOMC statement and press conference likely to give a clearer indication of the US economy and any potential stimulus. Also of note is US PPI and weekly jobless claims at 1.30pm.

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