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Events that marked the week:

On Wednesday, German Industrial Production figures were released. In January 2017,production in industry was up by 2.8% from the previous month on a price, seasonally and working day adjusted basis according to provisional data of the Federal Statistical Office (Destatis). In December 2016, the corrected figure shows a decrease of 2.4% (primary –3.0%) from November 2016.  In January 2017, production in industry excluding energy and construction was up by 3.7%. Within industry, the production of capital goods increased by 6.1% and the production of consumer goods by 2.3%. The production of intermediate goods showed an increase by 1.7%. Energy production was down by 0.7% in January 2017 and the production in construction decreased by 1.3%.

Focus of Thursday's session was on ECB interest rate decision. The European Central Bank (ECB) left its benchmark interest rate unchanged on Thursday and said it would continue with its generous asset-buying program until at least the end of the year. The ECB stuck to the same rate of asset purchases announced in January with the monthly rate due to come down from 80 billion euros ($84.4 billion) to 60 billion euros in April and is set to run through until the end of December this year.

 

ECB President Mario Draghi declared that a very substantial degree of stimulus was still required for the euro zone on the day which marked the two-year anniversary since the central bank introduced quantitative easing (QE).  Draghi also said the ECB would continue to look through "transient" changes in headline inflation figures. Typically, the central bank chief has vowed in his introductory statements that the ECB is prepared to use "all the instruments available within its mandate" however this had been removed on Thursday.

 

This week markets will be looking at:

 

German ZEW Economic Sentiment/ZEW Economic Sentiment (Tuesday 11:00)

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