ECB optimism a good omen for traders

GDP figures for euro zone growth are scheduled for this morning, with the single currency area expected to show growth of 0.9% for Q4 of 2014. That news is likely to be welcomed by markets, who will also have been reassured by Mario Draghi’s statements yesterday. The ECB president asserted that the euro economy had now turned a corner, adding that he was confident that growth would be returned and that inflation targets would be met. Draghi was speaking ahead of the ECB’s impending purchase of soveregin bonds.

Spanish industrial production figures are also released today, with the sector expected to show growth of 0.14%, a result that would reverse consecutive months of contraction.Later this morning,the Spanish ten year obligation offering will take place, and yields are expected to continue around record low levels.

Data already released today has shown that German industrial production rose by 0.6% for the month to January, while overall prduction increased by 0.9% year-on-year. The positive figures from Germany are likely to further reinforce positve sentiment in the day ahead.