European markets tread water ahead of the ECB next week

European markets look set to end what has been a challenging and predominantly negative week very much on a flat note. Investors are currently caught

between two distinct pincers, concerns over slowing economic numbers, particularly in Europe and China, against a backdrop of much stickier inflation caused by rising energy prices.

The ECB has consistently said any decision on rates would be driven by the data. Well, the data from Germany has been utterly dreadful this week and yet pricing for a rate hike next week is approaching 40%, which seems rather high. If you really are data dependent, then surely a pause is the way to go, otherwise how can anyone take your guidance with any degree of seriousness.

post its best run of weekly gains since 2014, with the biggest losers this week split between the Australian dollar and the pound.

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