7th Jan 2014 07:41
LONDON (Alliance News) - UK stocks are called to open flat to marginally higher Tuesday, adding to small gains made on Monday, as investors adopt a cautious approach amid a lack of UK data releases.
IG is indicating the FTSE 100 to open flat at 6,730 points, while CMC Markets is calling the index to open fractionally higher at 6,735 points.
In a day with no major UK macro-economic data releases, investors may instead turn their attention to a series of releases coming from the eurozone.
In data just released, German retail sales improved in November. Retail sales expanded by a seasonally adjusted 1.5% month-on-month, having fallen for two straight months previously, provisional data from Destatis revealed Tuesday. Economists had expected the reading to come in at 0.5%. On a yearly basis, retail turnover advanced 1.6%.
Alongside this, the unemployment rate in Germany remained unchanged in November, the latest data released by the Federal Statistical Office showed. The seasonally adjusted jobless rate stood at 5.2% in November, the same as in October.
Germany's December unemployment rate is scheduled for 0855 GMT.
Also on the continent, eurozone consumer price information for December and producer price data for November are released at 1000 GMT. Ahead of the European Central Bank's interest rate decision later this week, the readings are likely to be in focus as investors look for any signs of potential weakness.
Economists expect the CPI reading to remain steady at 0.9%, while the PPI is forecast to show an improvement, rising to 0.1% from -0.5% in October.
Also in the data calendar Tuesday, French consumer confidence data are released at 0745 GMT.
Elsewhere, the US Senate voted late on Monday to confirm Janet Yellen as the next head of the Federal Reserve, making her the first woman ever to hold that post in the 100-year history of the US central bank.
The Senate voted 56-26 to approve the nomination. Notably, Monday's Senate vote makes 67-year-old Yellen the first Democrat to hold the job since 1987.
In the corporate calendar Tuesday, FTSE 250-listed Dunelm Group, amongst others, has released a trading statement.
By James Kemp; jameskemp@alliancenews.com; @jamespkemp
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