What to watch

It's month-end and a busy day for data.

• We have already seen French Q4 GDP data broadly in line with expectations but consumer spending data for December disappoint. German retail sales data for December has also disappointed. In terms of GDP data we will also receive Austrian data at 8:00GMT / 9:00CET, Portugal at 9:30GMT / 10:30CET and Italy / Eurozone aggregate data at 10:00GMT / 11:00CET.
• However, more important from a market perspective will be inflation data. Destatis confirmed yesterday that German data would be delayed until next week but today will still see the release of French inflation data at 7:45GMT / 8:45CET, Portuguese at 9:30GMT / 10:30CET and Irish at 11:00GMT / 12:00CET. Dutch and Austrian data are also due tomorrow morning ahead of the Eurozone HICP print - which will use an estimate for German data (although quite how this estimate will be calculated is unclear).
• Across the pond we will receive S&P Caseschiller housing data, the MNI Chicago Business Barometer and the Conference Board Consumer Confidence indicator.
• There are also a number of earnings releases as well as month-end rebalancing while markets will also be looking ahead to tomorrow's FOMC statement and the policy decisions from the BOE and ECB due Thursday.