Some key events today include German GDP & CPI, Eurozone consumer data, U.S. pending home sales and more earnings.

Today’s markets opened slower with everything that has happened in the last 14 hours. With mixed finishes last night in both Europe and the US from the numbers from Amazon and Apple.

In UK corporate news, British Airways owner IAG announced it had achieved third-quarter profit as airline travel continued to recover from the Covid pandemic. Despite all the travel issues at London’s Heathrow last summer. The company reported an operating profit of €1.2 billion compared with a loss of €452 million a year ago. The company now estimates an annual profit of €1.1 billion.

French third-quarter GDP increased by 0.2% on the quarter as data released earlier this morning has shown. It is a gain of 1.0% on an annual basis, which highlights a slowdown from growth of 0.5% and 4.2% in the previous quarter.   

Oil prices fell this morning as it continues to be weighed by China. China imposed fresh Covid restrictions in a number of cities as the cycle of infections is beginning to come around again.

Although, despite these weaknesses, the market is heading for a weekly gain. It is supported by robust U.S exports, supply tightness and a weakening U.S. dollar.

Growth data from Germany is due later in the session, as well as Eurozone consumer confidence.

Key Developments:

• German GDP (09:00 GMT)
• Eurozone consumer confidence (10:00 GMT)
• German CPI (13:00 GMT)
• U.S. pending home sales (15:00 GMT)

Earnings:

• Mitsubishi Electric expected to report EPS of £24.64 on revenue of £1.167 trillion.
• Exxon expected to report EPS of $3.67 on revenue of $107.24 billion.
• Chevron expected to report EPS of $4.83 on revenue of $57.03 billion.

(Sources: investing.com, reuters.com)