-Japanese cabinet to endorse Y700bn stimulus-Nikkei
-Troika finds Greece needs 2 more years and lower interest rates

FTSE-100: 0.51%
Dax-30: 0.42%
Cac-40: 0.68%
FTSE-Mibtel: 0.65%
Ibex 35: 0.60%
Stoxx 600: 0.46%

European stocks are continuing to bounce back today. That ahead of an avalanche of US economic data slated for release this afternoon and despite a bevy of weak corporate announcements this morning.

On a positive note, China's industrial output should grow faster in the last quarter of the year than in the third quarter, although the recovery remains clouded by uncertainty in export markets, the country's Ministry of Industry has said today. Furthermore, the Japanese cabinet is expected to endorse a 700bn Yen stimulus package.

Acting as a backdrop, yesterday the US Federal Reserve reiterated that it will continue its purchases of MBS, and might undertake additional asset purchases if the outlook for the labour market does not improve substantially

Negative corporate announcements fail to dent sentiment

French engineer Schneider Electric has cut its full-year sales forecast following a worse than forecast performance in parts of Western Europe and a slow rebound in China.

German car maker Daimler warned it will miss its earnings forecast this year by about €1bn euros.

Interestingly, Dutch staffing firm Randstad has warned of falling sales in Continental Europe, especially France and Germany.

From a sector stand-point the best performance can now be seen in the following industrial groups: Banks (0.90%), Basic Resources (0.87%) and Food&Beverage (0.86%).

Eurozone money supply growth almost in-line

Eurozone money supply (M3) grew at a 3.0% year-on-year clip in September (Consensus: 3.1%).

Italian hourly wages rose by 0.1% month-on-month in September.

Spanish producer prices fell by 0.1% month-on-month in September (Consensus: 0.5%).

Slight gains in the single currency

The euro/dollar is up by 0.33% at 1.3010.

Front month Brent crude futures are now higher by 0.617 dollars to the 108.520 dollar level.



AB

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