Risk play, economics quiet
- Japanese consumer price inflation was generally very slightly weaker than expected (the Tokyo CPI covering the initial reaction to the consumption tax hike) - but the "whisper" in markets had been to expect higher figures, to disappointment may be magnified.
- Tensions over the Russian/Ukrainian dispute are likely to be a focus for markets in the absence of much economic data, but as ever the global macro consequences rest on the decisions taken in Washington and Brussels.
- UK retail sales are due, and should continue to point to a relatively firm performance by the UK consumer (the CBI distributive trades survey yesterday was helpful in this regard).
- US final Michigan consumer sentiment is expected to be revised higher, though it comes with the normal caveats associated with sentiment data. The BEA is also planning to release a new quarterly breakdown of GDP by industry, which will excite economists (but may not excite markets).
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