Greggs first loss since 1984; Nokia cutting up to 10,000 jobs; Buy2LetCars in administration – as it happened

Graeme Wearden

from on 2021-03-16 17:55 (#5FCXK)

Rolling coverage of the latest economic and financial news

Latest: Car hire investment firm Buy2LetCars in administration
Up to 10,000 job cuts planned at Nokia
Covid-19 no longer top risk worrying investors
European markets rally despite vaccine crisis
Greggs to open more stores despite first loss
Bakery chain makes first loss since floating in 1980s

5.55pm GMT

Time for a quick recap

Bakery chain Greggs has posted its first annual loss since floating on the London stock market in 1984. The company was badly hit by the closures of its stores during the first lockdown, and restrictions on shopping since.

5.54pm GMT

Ford workers in Dagenham can breath a sign of relief tonight - as the US carmarker has announced that their plans will make the diesel engines for its next generation of Transit Custom vans.

My colleague Joanna Partridge explains:

The US vehicle maker described the decision as positive news for the manufacturing plant in east London, and said it would safeguard jobs at the site, which employs a total of around 2,000 people, 60% of whom build engines.

The engines produced in Dagenham, along with transmissions from Cologne in Germany, will be shipped to Turkey, where the new range of Transit Custom commercial vehicles will be assembled by the carmaker's Ford Otosan joint venture.

5.51pm GMT

Sky News are reporting that payments giant Visa is planning to raise the fees charged when UK customers buy items from much of Europe.

The move could push up the cost of UK-EU trade, following Brexit.

Sky News has learnt that Visa plans to inform its roughly 4000 clients later this week that so-called interchange fees will increase to 1.5% for online credit card payments - a fivefold increase.

For debit card transactions, the rate will go up from 0.2% to 1.15%.

Exclusive: Visa is to increase interchange fees for British shoppers buying goods online from much of Europe, following a similar move from MasterCard and stoking fears of price increases in the wake of the UK's exit from the European Union. https://t.co/doNUghx26t

5.40pm GMT

Shares in Greggs ended the day 3% higher at 22.78, their highest closing level in over a year.

To be able to redress the balance of closures last year is fantastic news for Greggs and a signal that adaptability and relevance to consumer needs is at the heart of not only surviving the pandemic, but thriving post-lockdown."

5.01pm GMT

European stock markets shrugged off the row over the AstraZeneca/Oxford Covid-19 vaccine, and closed at their highest level in over a year

The Stoxx 600 gained nearly 0.9% to finish at its highest level since late February 2020, just before the first wave of the pandemic triggered the stock market crash.

A number of EU countries have suspended the distribution of the AstraZeneca-Oxford coronavirus vaccination due to health concerns. The drug in question has been given the support of the WHO as well as the European Medicines Agency. Equity markets in the eurozone are higher despite the toing and froing over the vaccine. It would appear the $1.9 trillion stimulus package from the US is still underpinning the rally in global stocks. In the next couple of days, we will hear from the Federal Reserve and the Bank of England but no changes to policies are expected.

Monetary policies are tipped to remain very loose for the foreseeable future, so that is assisting equity markets too.

4.47pm GMT

In the City, the FTSE 100 index of blue-chip shares has closed 54 points higher at 6803, lifted by economic recovery hopes.

That's the Footsie's highest close since mid-January.

4.36pm GMT

The collapse of Buy2LetCars could leave investors facing hefty financial losses.

My colleague Rob Davies explains:

Investors in a company that promised bumper returns from a car hire scheme fear significant losses after it collapsed into administration, signalling potential embarrassment for the City regulator.

Buy2Let Cars and its parent company Raedex Consortium entered administration on Tuesday, weeks after the Financial Conduct Authority (FCA) told it to stop taking new business due to concerns about its finances.

The fact @theFCA auth Raedex Consortium / Buy2LetCars was, until recently advertising for investors on national radio, newspapers & online is further proof of @theFCA's systemic failure to police the Financial Promotion Regime despite reports such as this>https://t.co/lzTElBSzRq

4.20pm GMT

The oil price has sagged today, with Brent crude currently down 0.8% at $68.30 per barrel.

Crude prices are headed lower for a third consecutive day on supply concerns and after major European nations suspend use of the AstraZeneca vaccine. Many energy traders are also focusing on growing Iranian oil exports into China.

Iran is exempt from supply restriction and could be taking away sales from other OPEC countries, like Angola. Reports that Angola's preliminary plan will include a reduction of oil exports to 1.05 million bpd in May could be a sign that demand outlook is waning.

3.51pm GMT

Elon Musk's Tesla lobbied the UK government to raise taxes on petrol and diesel cars in order to fund bigger subsidies for electric vehicles, alongside a ban on hybrid, my colleague Jasper Jolly reported this morning:

The US electric car pioneer called for a rise in fuel duty and a charge on petrol and diesel car purchases to pay for grants and tax breaks such as a VAT exemption for battery-powered cars, according to submissions to the government seen by the Guardian.

The proposals would theoretically add thousands of pounds to the cost of a new petrol or diesel car, while making electric cars cheaper.

Britain's biggest car manufacturers lobbied the government to delay a ban on petrol and diesel cars by warning that sales would plunge and jobs would be at risk from accelerating the transition to electric vehicles, the Guardian can reveal.

The government announced in November that it would move forward a ban on the sale of pure internal combustion engine cars from 2040 to 2030, but said that it would allow the sale of hybrid vehicles until 2035, in a significant victory for the car industry.

3.36pm GMT

My Guardian Australia colleague, Ben Butler, has written an indepth piece on the crisis at supply chain finance group Greensill Capital - involving former UK PM David Cameron and a Sydney-based insurance underwriter named Greg Brereton.

Here's a flavour:

The day former UK prime minister David Cameron popped in must have been an odd one in the little office inhabited by the 15 or so employees of The Bond & Credit Co, a small insurance business run out of the 14th floor of a nondescript office building in Sydney.

But industry sources say that while he was there the former UK prime minister saw someone very important to the globe-spanning financial empire put together by his friend, former Queensland sugar farmer Lex Greensill.

- finally got hold of David Cameron

- thought he might like to chat about his role at the collapsed finance group Greensill

- he didn't seem to relish the opportunity https://t.co/S1wWLaKgP1 pic.twitter.com/37AUcMQQ4t

3.16pm GMT

My colleague Julia Kollewe has more details on Nokia's plan to cut between 5,000 and 10,000 jobs:

Nokia's planned job losses include 96 in the UK. France will be spared this time, after 1,233 jobs were cut there last year, which slashed the workforce of its French subsidiary Alcatel-Lucent by a third.

A Nokia spokesperson said: These plans are global and likely to affect most countries. It is too early to comment in detail, as we have only just informed local works councils and expect the consultation processes to start shortly, where applicable."

2.45pm GMT

Back in the US, industrial output has taken a larger than expected knock.

Industrial production fell by 2.2% month-on-month in February, crushing hopes of a small increase.

The 2.2% drop in industrial production in February was largely a result of the severe storms that battered the country in the second half of the month and should be mostly reversed in March.

But there were also signs that global supply shortages were playing a role, which could prove to be a longer-lasting drag on production.

US industrial production -4.2% y/y#Manufacturing -4.1% y/y

But excluding the #WinterStorm effect:

Industrial production -2.7% y/y#Manufacturing -1.6% y/y

The upward trend remains firmly in place. pic.twitter.com/DR5j5O9AWQ

Big miss for US industrial production: output fell a hefty 2.2% in Feb, far below the +0.5% consensus forecast. The upbeat spin is that it's mostly about harsh winter weather last month, echoing the narrative for today's deeper-than-expected slump in retail spending. pic.twitter.com/eCT8DHhn5A

2.27pm GMT

Back in London, shares in AstraZeneca have pushed higher after the European Medicines Agency told a news conference that, at present, there is no indication that vaccination has caused the blood clots detected in a very small number of Europeans who have received the vaccine.

Each potentially adverse event is being investigated, said EMA director Emer Cooke.

Jeffs on AZN - upgrade to buy pic.twitter.com/9m7DoPrdEh

1.44pm GMT

In New York, stocks have opened cautiously, with big tech stocks among the risers but energy companies dipping.

The Dow Jones industrial average has dipped by 51 points, or 0.15%, to 32,902, with Chevron down 2% following a drop in the crude price. Salesforce.com (+1.45%), Apple (+1.2%) and Intel (+1%) are rising, though.

The first children have been vaccinated in Moderna's Phase 2/3 pediatric Covid-19 vaccine trial, the company announced Tuesday in a statement.

The clinical trial, called the KidCOVE study, will enroll approximately 6,750 children in the US and Canada between the ages of 6 months and 11 years old.

1.33pm GMT

Back in 2014, Guardian Money looked at Buy2LetCars, and its promise of attractive returns through its leasing service....

The genial voice on radio adverts airing on Classic FM and LBC promises listeners an extraordinary investment return. It's a simple idea; buy a car and they just lease it out from you ... I get an average return of 11% a year and the assets give me security and peace of mind." But with returns that are 10 times the sums paid on many deposit accounts, listeners are asking: is this too good to be true?

The company is called Buy2LetCars and it asks investors to hand over a minimum of 13,500, which it says is enough to buy a new car. That car is then leased out and the investor receives 250 a month from the lease payments for the next three years, adding up to 9,000. At that point, with the lease expiring, the investor is sent an 8,955 lump sum. It is these figures that allow Buy2LetCars to claim that the return to investors is 33% over three years, or 11% a year (although 11% a year compounded over three years is actually 36.7%).

What if the company disappears? This is perhaps the biggest risk and in that event investors would in all likelihood lose all their money. The company is entirely unregulated and is not a part of the Financial Services Compensation Scheme. While investors would technically own a car that is somewhere in the country, they would be reliant on the administrators tracking down the vehicle and either arranging for it to be returned to the investor, or for the leaseholder to continue to pay for it.

1.14pm GMT

RSM Restructuring Advisory LLP have now been appointed as administrators to Raedex, Buy 2 Let Cars Ltd and Rent 2 Own Cars Ltd.

They say that Raedex will continue to trade, while they evaluate the group's current financial position and options. Customers who've rented a hire car through its Wheels4Sure subsidiary should keep making their lease repayments, RSM say.

On 19 February 2021, the FCA placed restrictions on Raedex (Restrictions). Under the Restrictions, Raedex is not permitted to enter into any new vehicle lease agreements, but it is permitted to continue to carry on its business in respect of leases that were in place prior to the Restrictions taking effect.

Raedex will continue to trade in administration, subject to the Restrictions. Lease agreements between Raedex and its existing customers remain in place; anyone leasing a vehicle from Raedex should continue to pay their monthly payment in the normal way to secure their ongoing usage of the vehicle.

12.50pm GMT

Buy2LetCars, which offered investments in hire cars, has gone into administration a month after regulators banned the company from taking new business.

Parent company Raedex Consortium Limited and Buy 2 Let Cars Ltd have both entered administration, the Financial Conduct Authority reports.

Raedex Consortium Limited (Raedex) was part of an investment scheme where consumers invested in car leases through Buy 2 Let Cars Ltd and Rent 2 Own Cars Ltd.

The investment scheme was conducted through Buy 2 Let Cars Ltd which is not FCA authorised. The cars were leased to customers by Raedex. Raedex is authorised by the FCA.

The Financial Conduct Authority (FCA) said it was concerned about the viability" of Buy2LetCars, after raising regulatory concerns with directors.

We are surprised at the FCA's interpretation of accepted accounting standards and principles," said the directors of Raedex Consortium, which owns the business.

Buy2LetCars appears to have gone into administration after the FCA halted new business (see below), citing concerns about its finances.

Having signed up as a potential investor, I've just had an email announcing RSM Tenon appointed as administrators. https://t.co/uj1atR66Qs

Here's the official announcement from the regulator.https://t.co/UXxhgLnUaO

Looks like maybe the FCA knew what it was talking about.

12.46pm GMT

Over in the US, retail sales fell by 3% in February - a sharp reversal on the 7.6% surge seen in January.

Economists had expected a smaller drop, of 0.5%, after the strong retail spending at the start of 2021 (boosted by stimulus checks).

Lull before next stimulus hits? Much weaker than expected retail sales in Feb; headline -3% vs. -0.5% est & +7.6% in prior month (rev up); ex-auto & gas -3.3% vs. -0.5% est & +8.5% prior (rev up)...Jan revisions quite strong, but still weakest print since April 2020 pic.twitter.com/l1GWju2Wr6

Only a temporary breather: #Retail sales fell back 3% in Feb, on the back of upwardly revised 7.6% Jan surge.
Better health condition & fiscal stimulus ahead

Core -3.5%
Sports -8%
Merch stores -5%
Online -5%
Auto -4%
Furniture -4%
Build mat -3%
Cloth -3%
Rest. & bars -2.5% pic.twitter.com/gzbJEz9MbM

U.S. retail sales declined in February, when inclement winter weather settled over large swaths of the country https://t.co/bJHGm8N8cd pic.twitter.com/5CTkGWbG3z

12.13pm GMT

More than a year into the pandemic, Covid-19 is no longer the biggest risk worrying investors.

Bank of America's latest survey of fund managers has found that the pandemic is no longer the number one tail risk' for the first time since February 2020.

'Investor sentiment unambiguously bullish': COVID-19 is no longer #1 "tail risk" for the 1st time since Feb 2020. Inflation & taper tantrums are now bigger risks: @BofA_Business pic.twitter.com/cP0UiOpIO8

BofA Global Fund Manager Survey: It's over pic.twitter.com/URvAxn4aQz

Investors aren't worried about the pandemic anymore, according to the latest BofA Global Fund Manager survey. The question now is are we entering mid-cycle, and what does that look like... https://t.co/QrkOtuRQbW

It's over... COVID-19 no longer #1 'tail risk', 1st time since Feb'20" - BofA Fund Manager Survey pic.twitter.com/aAqrA4eOt6

11.43am GMT

Nokia is trying to regain its competitiveness after losing out in the early rounds of 5G networks to Huawei and Ericsson", says the Financial Times:

Nokia was caught flat-footed by the rollout of 5G networks as it was still digesting its 15.6bn takeover of Alcatel-Lucent. In recent years it has struggled financially compared with Sweden's Ericsson and China's Huawei.

Nokia is preparing to update investors on its new strategy under Lundmark at a capital markets day on Thursday.

We currently expect the consultation process in the UK to cover an estimated 96 roles," a Nokia spokesperson said.

At this stage, however, these are only estimates. It is too early to comment in detail, as we have only just informed local works councils and expect the consultation processes to start shortly, where applicable."

The decision to part ways with as much as 10% of its workforce follows an annual report that left investors disappointed by the prospect of a continued slide in revenue. Nokia said the restructuring plan could cost as much as 700m over the coming two years.

It's a massive program" that reflects the pace of change in the industry," analyst Kimmo Stenvall at OP Group said by phone. The shareholder will be left with nothing, all the proceeds will go toward R&D and developing the company."

11.36am GMT

Finnish telecoms group Nokia is planning to cut between 5,000 and 10,000 jobs over the next two years, in a plan to reset its cost base" and focus on new technologies.

Nokia now has four fully accountable business groups. Each of them has identified a clear path to sustainable, profitable growth and they are resetting their cost bases to invest in their future.

Each business group will aim for technology leadership. In those areas where we choose to compete, we will play to win. We are therefore enhancing product quality and cost competitiveness, and investing in the right skills and capabilities.

Cloud and Network Services' customers are shifting away from owning products to consuming outcomes, delivered as-a-service from the cloud. The business group's priorities and how it operates must align with this shift.

10.53am GMT

The pound has lost ground this morning, after the EU yesterday launched legal action against the UK over its alleged breach of the Northern Ireland protocol.

It's a fairly modest move - sterling has dropped by half a cent against the US dollar to $1.384, a one week low.

Sterling is on the retreat after the EU launched legal action against the UK over its decision to delay post-Brexit checks on goods going to Northern Ireland. Brexit risks have flown under the radar lately but could return to haunt the pound considering that the details governing financial services haven't been settled yet.

That said, it's doubtful whether that would be enough to offset the reigning vaccine enthusiasm.

Just as the biggest factor in sterling's favour in recent months has been the fading of negatives, so the weakness is the lack of clear positive news.

CFTC data showed non-commercial positioning flat at the start of December, and pretty long at the start of March. Getting Brexit done and vaccine deployment improved the mood, and negativity around the economic outlook as reined in a bit. But what really helped was that through January and February, when euro positioning was clearly very long, sterling gathered longs of its own, and momentum.

10.15am GMT

Just in: Business morale in Germany rose this month, according to the latest survey from economic think tank ZEW.

ZEW's monthly index of economic sentiment shows a sharp rise in March to 76.6, from 71.2 in February.

Good News for the Eurozone business morale: German ZEW economic index rises in March to 76.6 to from previous 71.2, more than expected 74.0@graemewearden

ZEW:

Current Conditions: -61.0 vs. Exp. -62.0 (Prev. -67.2)

Economic Sentiment: 76.6 vs. Exp. 74.0 (Prev. 71.2)

Expectations: 74.0 vs (Prev. 69.6)

- Again, this survey was taken before the latest Brexit/Vax/Lockdown woes

9.43am GMT

John Moore, senior investment manager at Brewin Dolphin, flags up that Greggs' annual loss, although unprecedented as a listed company, was better than feared.

He says Greggs is in good shape to thrive when the pandemic is over:

On the back of lockdown, analysts had pencilled in a potential loss of up to 15 million for Greggs; but the company has once against proven its resilience by beating expectations thanks to its careful, can-do attitude.

The baker is in a strong cash position with access to ample liquidity and has used this period to upgrade processes and systems so that it can emerge stronger. The high street is likely to be a very different place when lockdown restrictions are fully ended, with many empty spaces and chains such as Pret re-focusing on suburban areas - the traditional heartland of Greggs.

Greggs is known for its sausage rolls and baked goods but in recent years it introduced healthier options such as soups, a wide range of sandwiches and vegan items too. The company made a concerted effort to broaden its menu and it paid off, as the Greggs share price hit a record high in January 2020. The subsequent lockdown clobbered the stock price as it lost over half its value by September.

At the start of 2020, the group announced that it would be partnering with Just Eat for its food delivery business. In light of lockdowns, it proved to be a very lucrative deal as delivery capabilities are a huge advantage in the current climate. Greggs began to reopen stores in the summer, even trading is still challenging, the fact it is still motoring along puts it in a good position for when restrictions are eased. Greggs fared better than most eatery groups because a relatively small number of its outlets have city centre locations, the shops are typically in suburbs, which are gaining far more footfall in the current environment.

Greggs is yet another high street name that has been hit hard by the pandemic. Despite being able to keep many shops open the lack of footfall has made trading extremely difficult. The baker has sought to adapt by offering a click and collect service and a new delivery partnership with Just Eat and without these innovations it's results might have been worse.

Innovation and an agile marketing strategy is nothing new to Greggs; who can forget the success of its vegan sausage roll. The brand's willingness to adjust, invest in marketing and adapt its strategy to meet the current environment stand it in good stead. The future of the high street remains a subject of much debate, however Greggs' focus on expanding its drive-throughs suggest the baker has a plan for beyond the pandemic."

9.21am GMT

The London stock market has also picked up this morning, with the FTSE 100 index of blue-chip shares currently 45 points higher at 6794 points.

AstraZeneca is currently the top riser on the FTSE 100, up 3%. This morning the pharmaceutical firm announced an agreement with the US to supply up to half a million extra doses of its experimental antibody-based COVID-19 combination therapy.

The antibody therapy, which has yet to be approved by U.S. regulators, is designed to treat the disease rather than prevent it like the vaccine, which several countries have stopped using while reports of blood clots in some people are investigated.

The Anglo-Swedish drugmaker said on Tuesday the $205 million U.S. extension for 500,000 antibody doses builds on a contract agreed with government agencies in October for initial supplies of 200,000 doses of the antibody cocktail, AZD7442.

9.14am GMT

European stock markets have risen this morning, despite several EU countries suspending use of the AstraZeneca Covid-19 vaccine in the past few days.

The Europe-wide Stoxx 600 index is up around 0.4%, having hit a one-year high during Monday's trading.

Germany, France, Spain and Italy (amongst others) all moved to suspend use of the AstraZeneca vaccine following a number of reports of blood clots and even a few deaths after people had received their doses. In a statement, Germany's Paul-Ehrlich Institute said that their experts see a striking accumulation of a special form of very rare cerebral vein thrombosis (sinus vein thrombosis) in connection with a deficiency of blood platelets (thrombocytopenia) and bleeding in temporal proximity to vaccinations" with the AZ vaccine. Reports suggest it is 7 serious cases out of 1.6 million doses over 6 weeks that is causing this. Further reading suggests one would expect 3-4 cases per million per year of such an issue in the general population. We should bear in mind though that studies reported by the Heart Research Institute suggest that in France and Holland 30-70% of people who have been admitted to ICU with covid developed blood clots in the deep veins of the legs or in the lungs. So given the low number of reported cases of thrombotic issues post taking the AZ versus those seen in the general population and given the risks of getting them with covid, it does feel like this mass suspension is very cautious. We will see if there is any additional data that is over and above that seen so far.

The suspension will last until the European Medicines Agency have evaluated the data on this, but that shouldn't be too long, with the EMA's safety committee reviewing the information today, and holding an extraordinary meeting on Thursday to conclude on the information gathered and any further actions that may need to be taken".

8.45am GMT

Shares in Greggs have jumped by 6% in early trading, to their highest level since late February 2020 - when the pandemic sent stock markets crashing.

That makes them the top riser on the FTSE 250 share index of medium-sized companies this morning.

During the final quarter of the year, sales represented 81% of 2019 levels, which is some achievement given the extraordinary backdrop. With customer accessibility in mind, particularly by car, Greggs will continue its store expansion programme by opening 100 shops this year, with an eventual target of 3000.

Current trading remains under pressure, but is also on an improving trajectory. A like for like sales decline of 36% last year is now down to 29% and, with the easing of restrictions in sight, the company may well benefit from the consumer being let off the leash in the coming months.

8.25am GMT

Despite posting its first annual loss as a listed company, Greggs has lifted its target for UK stores - anticipating that the pandemic will create new opportunities on the high street.

In the short term, it plans to open around 100 new bakery outlets this year, on top of its 2,078 existing shops (last year it opened 84 and closed 56).

Shops accessed by car have been the strongest performers during the Covid crisis and these location types already formed most of our new shop pipeline. This gave us the confidence to restart our new shop opening programme in the second half and we are targeting a rapid return to previously planned growth levels of circa 100 net new shops for the year ahead.

In addition, new opportunities now exist in previously underrepresented locations such as central London and mass transport hubs where availability and rental levels will now make those locations more accessible. Similarly, relocation opportunities to expand into bigger, better shop space are expected in existing locations that will support our continued drive to improve the quality of the estate and develop new opportunities with additional seating.

With a strong pipeline and support from multi-channel development we have raised our target for the UK estate to 3,000 shops.

8.23am GMT

Here's some early reaction to Greggs results, from the BBC's Sean Farrington:

#Greggs

Total sales down over a third (300m less)
1st loss (14m) as a listed co. (since 1984)

Better-than-expected start to 2021
Delivery sales strong

Losers: office-dependent stores
Winners: shops accessed by cars
And that will be where new (100) shops will be@bbc5live pic.twitter.com/e3hjfJsU9u

Interesting from Greggs. Delivery, available from c600 branches, accounted for 5.5% of company-managed shop sales in Q4 and 9.6% in the first 10 weeks of new year.

Greggs still confident in future of stores. Added 84 last year and plans another 100 net this year.

8.07am GMT

Greggs also says that sales so far this year has been better than expected, although the current restrictions on retail in Scotland are hitting takings.

On current trading, it reports:

Greggs has made a better-than-expected start to 2021 given the extent of lockdown conditions and is well placed to participate in the recovery from the pandemic. It has a clear strategy to extend its digital capabilities and to grow further in new locations, channels and dayparts.

These opportunities will benefit all of its stakeholders in the years to come.

7.45am GMT

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

With lower-than-normal sales levels Greggs made a loss in 2020; the first time in its history as a listed business. Government support has been essential to mitigate the impact of Covid and protect as many jobs as possible through this period.

Shareholders have made a significant contribution, forgoing dividends and accepting reduced investment in the business, and there has been terrific support from our employees.

Experts say that the numbers of blood clots and thrombocytopenia cases in people who have been vaccinated is no higher than in the population that has not received the jab. The International Society on Thrombosis and Haemostasis, representing medical experts around the world, said on Friday that the small number of reported thrombotic events relative to the millions of administered Covid-19 vaccinations does not suggest a direct link".

Blood clots are common, they said, but not more common in people who have had a Covid jab, from evidence so far. They recommended that even people with a history of blood clots or taking blood-thinning drugs should go and get their vaccination.

European Opening Calls:#FTSE 6779 +0.44%#DAX 14493 +0.22%#CAC 6052 +0.26%#AEX 681 +0.28%#MIB 24228 +0.37%#IBEX 8679 +0.50%#OMX 2169 +0.32%#STOXX 3838 +0.20%#IGOpeningCall

With the DAX hitting record highs last week, it can safely be assumed that investor sentiment is fairly bullish this month with the latest German ZEW expectations survey set to rise to 74, from 71.2 in February.

We also have the latest February retail sales data for February, which could well struggle to live up to the rebound seen in January.

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