LONDON (ShareCast) - -Slide in January Chinese imports (-15.3%) fuels growth concerns.
-Alcatel Lucent rockets 22% higher on margin forecasts.

FTSE-100: -0.40%
Dax-30: -0.64%
Euro Stoxx 50: -0.70%
Cac-40: -0.55%
Ibex 35: -0.78%

Progress seems to have been made in talks between Greek officials and the ‘troika’ of public sector creditors, but there is no final agreement yet.

Yesterday, the Eurogroup –as the grouping of Eurozone finance ministers is called- acknowledged efforts by Greek authorities to reach a deal on new spending cuts. The grouping´s chairman, Jean Claude Juncker, however, asked for Greek parliamentary approval of the new austerity plans (this Sunday) and a commitment from politicians (by which some may understand written acceptance of the terms which have been set out).

As well, several hundred millions´ worth of euros in savings need to be found to compensate for lower than expected economic growth in 2012.

Simply put, markets may have been hoping for greater progress by now. Not to be ignored either, there are some very qualified observers, such as Mohammed El-Erian at fund manager PIMCO, for whom the Greek nation´s second bail-out package may be “analytically questionable,” according to Bloomberg.

EQUITIES

Oil major Total has announced fourth quarter results that were in line with analysts´ estimates, while at the same time unveiling $20bn in planned investments for 2012, versus $22bn in 2011. Exploration spending however is set to rise.

French Telecoms equipment maker Alcatel Lucent is rocketing 22% higher after forecasting an improvement in its operating margins for this year.

From a sector stand-point the worst performers now are: banks (-0.89%), basis resources (-0.86%) and utilities (-0.85%).

MACROECONOMY

French industrial production contracted at a 1.4% on month pace in December (Consensus: -0.7%).

The French current account deficit worsened to €3.0bn in December from €2.3bn the month before.

The Swiss consumer price index for the month of January has come in at 2.1% on the year (Consensus: 2.0%).

OTHER MARKETS

Front month Brent futures are falling by 0.773% to the $117.68/barrel mark in ICE trading.

The euro/dollar is moving down by 0.24% to the 1.3253 dollar mark.

AB

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