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Europe Week Ahead: Q3 crunch time in U.S. and UK.

Friday, October 19, 2012 - 02:26

Oct. 19 - Europe's plan for a common banking watchdog sends yields on Italian and Spanish bonds lower, but the week ahead will be a testing one with a Fed rates decision and Q3 growth data in the UK and U.S.

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Spanish and Italian bond yields hit their lowest levels in over half a year as eurozone leaders some -- from common bank watchdog. The big question now remains will -- go for support and it's a win. Lack of progress on a Spanish bailout request cubs tomorrow and for the single currency. I'm -- -- Euro Stoxx 300 which has enjoyed one of its best weeks of the year dipped on unexpectedly weak results from US tech Bellwether Google. Looking to the week ahead -- plenty for investors to chew on. Including the FOMC policy meeting and no change of policy expected after the QE3 launched last month. Economists say don't expect any shift until December the earliest. Make sure that we will get the first glimpse of US third quarter GDP an important number ahead of the presidential election and a few weeks time but for some observers not a. Crucial one. I listen to the nonfarm payrolls this month of war far more important than. Next week's GDP figure and certainly far more important than next month's nonfarm payroll as well which I didn't think will sway. Anyone's mind -- by now he makes people have made up their mind. Also on the agenda initial estimates the UKQ. Three GDP. Reuters poll suggests Britain may have bounced back to growth of zero point 6% during the period. China's manufacturing back in focus with the forward looking PMI data due out mid week. Relief for Q3 GDP may be short lived if the data shows a twelve month of contraction. European Q3 earnings -- improper and should give plenty of investments is on global growth companies such as Philips Europe's biggest electronics manufacturer. Reports quarterly earnings CEO Tom how has taken his -- two overheads. Raising the company's cost cutting target to one point one billion euros running -- from rival elect trucks and from comic -- folks wrong. There was some more focus on Europe say crisis will have the latest snapshot of the health of the Spanish banking sector including scent and then touch a bank. As well as Credit Suisse. And consumer Bellwether unity about. Spanish prime minister Mariano Rajoy faces a high stakes election in his home region of Tennessee on Sunday. In which roses could punish him for his handling of the Euro zone debt crisis. That is all from us amount -- problems the systems.