However, markets were more concerned with the results of Greek elections, where leftwing Syriza won. "Greece is turning a page, leaving behind disastrous austerity ... and five years of humiliation," Mr Tsipras told, leader of Syriza. Syriza looks set to have 149 seats, just two short of an absolute majority.
Wednesday's session brought German Gfk Consumer Climate figures. German consumers appear to be considerably more optimistic at the start of the New Year. The consumer climate has improved further. Following a value of 9.0 points in January 2015, the overall indicator is forecasting 9.3 points for February. Analysts were forecasting incline to 9.2 points. Significant increases were recorded in both economic and income expectations as well as willingness to buy.
Thursday's session was marked by M3 Money Supply, German Unemployment Change and German Prelim CPI data. The annual growth rate of the broad monetary aggregate M3 increased to 3.6% in December 2014, from 3.1% in November 2014. This was in line market predictions. The three-month average of the annual growth rates of M3 in the period from October 2014 to December 2014 increased to 3.1%, from 2.7% in the period from September 2014 to November 2014.
Separate report on German Unemployment Change also showed figures in line with market forecast, with number of unemployed decreasing by 9,000. This was fourth consecutive month of decline.
The inflation rate in Germany as measured by the consumer price index is expected to be -0.3% in January 2015. A negative inflation rate was last measured in September 2009 (‑0.2%). Based on the results available so far, the consumer prices are expected to decline by 1.0% on December 2014. Analysts were anticipating smaller decline by 0.8%.
Friday's session brought German Retail Sales, French Consumer Spending, Spanish GDP and CPI as well as Eurozone CPI and Unemployment Rate figures. When adjusted for calendar and seasonal variations, the December turnover was in real terms 0.2% and in nominal terms 0.1% larger than that in November 2014. Analysts were forecasting 0.4% increase. Compared with the previous year, turnover in retail trade was in the whole year 2014 in real terms 1.4% and in nominal terms 1.7% larger than that in 2013.
In December 2014, household consumption expenditure on goods increased sharply: +1.5% in volume, after +0.2% in November. Smaller increase by 0.3% was anticipated. This rise was especially attributable to the marked rebound in consumption of energy (+6.9% in December).
Spanish GDP rose by 0.7% in fourth quarter, beating predictions on 0.5% increase. This followed 0.5% increase in third quarter and was the sixth consecutive quarter of increase. Separate report on Spanish CPI also beat market expectations on 1.5% decline and decreased by 1.4%. This decrease is mainly explained by the lower prices of fuels (diesel and gasoline).
Euro area annual inflation is expected to be -0.6% in January 2015, down from -0.2% in December 2014. Analysts were anticipating 0.5% decline. This negative rate for euro area annual inflation in January is driven by the fall in energy prices (-8.9%, compared with -6.3% in December).
The euro areaseasonally-adjustedunemployment ratewas 11.4% in December 2014, down from 11.5%in November 2014, and from 11.8% in December 2013. Analysts were expecting no change from last month's 11.5%. This is the lowest rate recorded in the euro area since August 2012.
This week markets will be looking at:
Spanish Unemployment Change (Monday 9:00)
Spanish Manufacturing PMI (Monday 9:15)
Italian Manufacturing PMI (Monday 9:45)
Spanish Services PMI (Wednesday 9:15)
Italian Services PMI (Wednesday 9:45)
Retail Sales (Wednesday 11:00)
