It is hard to find anything that pleases investors these days, whether they are in the United States, Europe or in Asia. When a company "errs" on the side of caution in these days of data distrust, the stock takes a beating. But vying with corporate news this week will be a spate of revealing economic indicators in Europe and Britain. In Britain, a first reading on second-quarter gross domestic product is expected to show a rebound from anemic first quarter growth, thanks to the improving manufacturing sector. In Europe, a key German business sentiment indicator will reveal how optimistic businessmen are regarding conditions now and in the future.

The appreciation of the euro to parity with the U.S. dollar has implications for European Central Bank policymaking. The higher euro will ease inflationary concerns. With imports, especially oil, priced in U.S. dollars, the higher euro reduces these costs. On the other hand, export reliant economies, such as Germany, face pricing competition from U.S. products, posing a new hurdle to healthier growth.

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