LONDON (ShareCast) - FTSE 100: +1.65%

Dax-30: +1.17%

Cac-40: -0.04%

Euro Stoxx 50: +0.38%

The main European equity benchmarks are trading in a mixed fashion, following yesterday´s sharp gains and ahead of important economic data expected out this afternoon Stateside. Acting as a backdrop, investors are said to be expectant ahead of today´s auction of €9bn of French short-term debt, while tensions in the Middle East may be contributing to gains in the oil complex.

Propelling stocks forward, the latest Chinese manufacturing sector purchasing managers index (out yesterday) came in above the 50 point unchanged mark. Although some observers highlighted that any improvement may be transitory and tied to demand ahead of the Chinese Lunar New Year there is some market chatter regarding optimism for the so-called Bric countries. The Chinese service sector purchasing managers´ index has shot up to 56 from the 49.7 registered in the month before.

On the company front the biggest mover now seems to be Dutch Telecommunications group KPN, whose shares are plummeting on news of its finance imminent director´s departure.

Refining group Petroplus has also made the headlines after losing access to credit lines. Royal Dutch Shell is said to be “closely watching the company.”

BMW may gain on the back of positive comments from company executives regarding the firm´s ability to withstand the crisis.

French oil giant Total has acquired a stake in Cheseapeake Energy for $2.3bn.

From a sector stand-point the biggest gains are now to be seen in: basic resources (2.74%), automobiles (1.58%) and financial services (1.20%).

MACROECONOMY

German unemployment fell by 22,000 in December (Consensus: -10,000). The unemployment rate has retreated to 6.8%.

Ireland´s manufacturing sector purchasing managers´ index for the month of December has risen to 48.6 from 48.5 the month before.

Spanish unemployment rose by 1,897 persons in December.

The Swiss manufacturing sector purchasing managers´ index for the month of December has risen to 50.7 (Consensus: 45.4) from 44.8 the month before.

OTHER MARKETS

The Euro/dollar is now trading up by 0.47% to the 1.3000 dollar mark.

Front month Brent futures are now at $108.86/barrel in ICE trading. Barclays is keeping its 2012 Brent forecast unchanged at $115/barrel.

AB

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