Markets shrug off positive macro data to slip into the red

The FTSE 100 opened lower this morning despite recent positive economic data, as rumours of a Fitch downgrade of Italy weighed on markets.

The EuroStoxx 50 was down 0.54% to 2,384, while the French Cac was down 0.47% to 3,255 and German Dax was 0.2% lower this morning at 6,320 as a director at Fitch refused to rule out a two notch downgrade for Italy.

The falls come despite better than expected macroeconomic data from China, Germany and the US recently.

China surprised markets with a slowdown in GDP that was less dramatic than some had feared, while the US has posted a string of good newsflow from the jobs market and manufacturing sector in recent weeks. UK employment data is expected later today.

London’s leading index was 0.51% down at 5,664 in early trading, driven lower by resources stocks including Tullow Oil, which fell 7.15% on news of delayed oil production.

Silver and gold miner Fresnillo was also lower after saying silver output was flat in the final three months of the year and would continue to do so into 2012. However, the Mexico-focused miner said it has beaten its full-year gold production target.

Sector peers ENRC and Rio Tinto also took a hit early on, tracking metals prices lower.

Shares in GLG owner Man Group climbed 5.84% to 113.36p despite posting a $1bn drop in assets under management for Q4, as the board reaffirmed its dividend payout.

Across the Atlantic, the big US investment banks are reporting this week, and in particular Goldman Sachs’ fourth quarter results, due later today, are expected to disappoint.

All eyes will also be on the tech sector to see how Yahoo! shares react to the departure of co-founder Jerry Yang, while several other technology giants are due to report this week.

Additional reporting by ShareCast.