Guide to today’s vital data & events

Today is a day with medium event risk. Today's focus is on India, UK and Canada.

Data released so far -

• Australia - Building permits showed growth of 7.9% compared to prior contraction of 2.8%. Reserve bank of Australia kept its benchmark interest rate on hold at 2.25%.

• Switzerland - GDP grew at 1.9% Y0Y and 0.6% mom better than anticipated. The revaluation of the franc has so far not impacted the numbers but could hit the coming data over months

• Germany - Another solid data out of Germany. Retail sales grew at 2.9% mom compared to a previous 0.6% and 5.3% YoY. Good news for the German stocks.

Upcoming -

• Spain - Unemployment change to be published at 8:00 GMT. If Spain is able to continue on its previous gain of massive 78,000 will be very positive news for the Spanish bonds and stocks in IBEX.

• UK - London is one of the costliest places to live in. For UK construction is of high importance as not only housing demand helps the sector but also contributes to inflation. Construction PMI to be released at 9:30 GMT. A strong print would help the pound gain back ground lost yesterday.

• India - Indian currency since last week enjoying strength over all the majors including dollar, today's release could either fuel the move further or cry foul. Trade balance data to be released at 11:30 GMT.

• Canada - GDP data to be released at 13:30 GMT. Very vital piece of data. Canadian dollar may extend gains with good prints. Bad prints would fuel the rate cut bets tomorrow. BOC is expected to be on hold tomorrow.  

• US - Some low key data to be released today like Redbook Index, TIPP economic optimism and ISM New York. Important to keep track of the underlying economic and sentiment trends but are not expected to move the market much. Important would be the yields at bond auctions namely the 52 week scheduled around 16:30 GMT.