Traders cautious following the release of poorer EU data; all eyes on US home sales and trade balance data

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Early morning saw European markets trading higher until the FTSE’s opening bell. Then we had a series of worse than expected manufacturing and services data from France, Germany and the eurozone.

On a positive note, the Spanish unemployment rate declined by 0.3%.

Index levels after 9am were 6690 for the FTSE and 8957 for the German DAX. Gold was moderately up at $1337.

The EU Summit will start today in Brussels, with talks about economic recovery and immigration on the agenda. It is worth following any updates on that.

In the UK, Debenhams announced a small drop in profit figures for year to date. Unilever, WPP and Kazakhmys also reported sales and output results.

In the afternoon watch out for trade balance and new home sales reports from the US.

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