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Sentiment scintillates (sort of)

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  • Business sentiment data is the focus for the coming day, with the Euro area offering flash estimates of both manufacturing and service sector PMI data. The expectation is for further economic expansion to be signalled (perhaps inevitably, given the measure is a relative one).
  • UK CBI business trends data is also expected to signal economic expansion. Bank of England governor Carney is scheduled to speak in the wake of minutes from the monetary policy committee that acknowledged a more positive economic outlook.
  • EU leaders gather together for a summit. Any hope for a constructive, progressive outcome should probably be suppressed. The lack of anything other than an interim government in Germany, and disagreements between the Germans and French probably preclude significant agreement.
  • US data is relatively quiet, focused on imports and exports. Trade data from elsewhere in the world has perhaps hinted that the US recovery is a little less import intensive than has been the case in the past.

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