- First US data releases come in mixed
- Inverted head-and-shoulders pattern in Euro-dollar cross

FTSE-100: -0.48%
Dax-30: -0.12%
Cac-40: -0.64%
FTSE Mibtel 30: 0.04%
Ibex 35: -0.66%
Stoxx 600: -0.25%

The main European equity benchmarks have started the day slightly lower following the release of some 'mixed' macroeconomic indicators Stateside and ahead of even more to come, this afternoon. As well, there is keen interest in the result of the European Union´s summit.

For now market reports indicate that Portugal will be granted an extra year to meet its budget deficit reduction targets and that the European Union will move to allow most periphery countries greater leeway when assessing the trajectories for their fiscal adjustments.

Downsizing still the norm

Vivendi is down after calling off the sale of its Brazilian Telecommunications unit.

French outfit Bouygues, on the other hand, is gaining after winning approval from the country´s regulatory authority to use the 1,800 mghz band to offer faster services.

Italian oil firm Eni has sold a 20% stake in its Mozambique offshore project to Chinese oil firm CNPC.

Spanish hotels group NH may lay-off 600 workers, according to news reports.

From a sector stand-point the worst performance is now to be seen in the following sectors: Oil (-1.0%), Utilities (-0.81%) and Automobiles&Parts (-0.73%).

Sharp fall in Dutch industrial production

Dutch industrial production contracted at a 4.7% year-on-year pace in January (Consensus: -2.6%).

The Eurozone´s consumer price index for the month of February has come in at a 1.8% year-on-year rate of change, as expected.

Labour costs in the Eurozone gained at a 1.3% year-on-year pace in the last three months of 2012, versus 1.8% a year back.

Inverted head-and-shoulders pattern in euro-dollar 'cross'

The euro/dollar is nudging higher by 0.59% to 1.3090.

Front month Brent crude future are now up by 1.179 dollars to the 110.25 dollar mark on the ICE.

AB

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