The market witnessed very quiet trading throughout the day as both the New York and London markets were closed for the spring break holiday - we expect a slow return of investors to the market. There are currently two major stories to follow, a} the French vote and its implications and b) banking consolidation across Europe. Both themes should keep the market alert.
Average wages for 1Q 2005 are to be released at 9:00am CET. The market expects wages to rise in real terms by 4.1% y/y compared to 3.1% in 4Q 2004. Patria estimates a rise of 3.3% y/y.