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European markets up on Thursday, Italy pressured as Italy officials comment

The German DAX 30 (+0.66%), the French CAC 40 (+0.32%), the Spanish IBEX 35 (+0.48%) and the British FTSE 100 (+0.06%) are edging higher on Thursday, while the Italian FTSE MIB remains pressured by the policital stalemate taking place in the country.

Italian Prime Minister Mario Monti warned that granting postponement of deficit targets harms credibility. Italy's President Napolitano said it is not possible to speed up process of forming new government and EU's Barroso is confident that next Italian government won’t undermine confidence that has been building.

In regard to the economic calendar, EMU Core CPI dropped from 1.5% to 1.3% in January (YoY), instead of staying unchanged as expected. The headline figure fell -1.0% (MoM) and eased from 2.2% to 2.0% (YoY), as expected.
German unemployment dropped less than expected in February, by -3 instead of -5, with the rate staying at 6.9% instead of the 6.8% consensus.

The Spanish GDP fell more than expected, from -1.6% to -1.9%, instead of -1.8%. In Q4, GDP contracted -0.8%. Good news is that current account balance improved from €1.78B to €4.87B in December.

In Greece, PPI eased from 1.9% to 0.0% in January (YoY) and retail sales improved from -16.7% to -8.5% in December. German CPI data is due at 13:00 GMT.

Futures for the American S&P 500, Nasdaq 100 and Dow Jones 30 are signaling a higher opening between +0.10% and +0.20% ahead of US GDP, jobless claims and Chicago PMI.

Forex Flash: Bunds eye correction as resistance reached – RBS

According to Technical Markets Strategist Dmytro Bondar at RBS, “Bund prices have reached a strong resistance zone formed by the 145.20 Fibonacci retracement and filled-not-closed gap from the start of the year and formed a long-legged Doji star yesterday. The full target from the inverse head and shoulders pattern (144.94- 145.00 region) was met, where we recommended taking profits, as there are good chances of a correction to the 144.00 region. Weekly momentum is turning bullish, as indicated by the slow stochastic oscillator. Overall, favor being flat at the moment and wait for the correction to be over before re- loading longs.”
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Forex Flash: EUR/USD potential upside ahead – Danske Bank

The euro sentiment remains subdued in the vicinity of 1.3100 on Thursday, as softer euro docket failed to bolster the cross around 1.3150...
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