European cash equity markets are mixed ahead of the midway stage (FTSE +1.3%, DAX -0.3%, CAC +0.6%, FTSE MIB +0.2%). Luxury good stocks are among the best performers after strong results from LVMH despite concerns of a slowdown in China. The telecommunication sector was also impacted by earnings with soft numbers from Telenor and KPN providing a weight. In currency space, the Australian Dollar is at the top of the G10 pile having rallied overnight on stronger-than-expected Q4 CPI data. Sterling is also ahead after a rare victory of sorts for UK PM May in the House of Commons after lawmakers voted to give her a mandate to renegotiate the Irish backstop. EU leaders have so far steadfast in their argument that the withdrawal agreement cannot be reopened although Verhofstadt added “there is a possibility to discuss the future relationship”. There has been plenty of data for investors to work with this morning, including Euro Zone confidence indicators which were broadly weaker-than-expected. French Q4 GDP was stronger-than-expected while UK mortgage approvals also beat. Elsewhere, oil prices have advanced with US crude futures and Brent both up around one-percent while spot gold has added +0.1%. Looking ahead, futures are pointing to a slightly higher open on Wall Street while Apple shares are up sharply in premarket after they reported after the bell yesterday. DJIA component Boeing and McDonalds are both due this afternoon plus US ADP employment data (Q4 GDP has been delayed)
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