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DailyFX European Market Outlook: European Markets Remain Flat After London Terrorist Attack

DailyFX European Market Outlook: European Markets Remain Flat After London Terrorist Attack

2017-03-23 14:58:00
Katie Pilbeam,
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European markets remain flat as investors returned to their desk following the deadly terrorist attack in London and ahead of the crucial House of Representatives vote on ‘Trumpcare’ later in the day. Retail shares were the best performing sector as several retailers posted earnings reports and retail economic data gained in February. UK retail sales jumped 1.4% in February, much higher than the 0.4% economists had forecast.

Despite UK clothing and homeware retailer Next reporting its first annual profit loss for eight years the share price soared. Pre-tax profit dropped 5.5% from £836.1m to £790.2m last year. Next put the fall down to inflation rising and incomes being squeezed.

German consumer sentiment unexpectedly fell to its lowest level in five months. GfK institute survey based on around 2,000 Germans fell to 9.8 going into April. Over in France, optimism among firms in the industrial sector fell to a four-month low. The ongoing presidential debates could be part of the reason for a drop-in confidence. The number fell to 107 from 104.

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