• European indices set to open lower
  • Markets await Middle East developments
  • Canadian CPI data, German ZEW scheduled for today
  • Speeches from Fed Chair Powell and BoC Governor Macklem
  • Earnings from Bank of America and Morgan Stanley

European index futures point to a lower opening of the cash session on the Old Continent today. This comes after a downbeat trading on Wall Street yesterday and in Asia-Pacific region earlier today. Markets are still awaiting further Middle East developments, especially Israeli response to Iranian attack over the weekend. Response looks certain and, according to some sources, imminent, but its scale and type will be crucial as it will determine whether all-out war will follow.

Geopolitics are a key risk to watch right now, but economic releases may also offer some market volatiltiy. Traders will be offered German ZEW reading for April as well as Canadian CPI inflation print for March today. Apart from that, there is a number of speech scheduled for today, including a moderated discussion with Fed Chair Powell. Last but not least, earnings season is gathering pace and companies like Bank of America and Morgan Stanley will report results today.

9:00 am BST - Italy, CPI inflation for March (final). Expected: 1.3% YoY

10:00 am BST - Germany, ZEW Economic Sentiment index for April. Expected: 36.0. Previous: 31.7

1:00 pm BST - Poland, core CPI for March. Expected: 4.6% YoY. Previous: 5.4% YoY

1:15 pm BST - Canada, housing starts for March. Expected: 242k. Previous: 253.5k

1:30 pm BST - Canada, CPI inflation for March. Expected: 2.9% YoY. Previous: 2.8% YoY

1:30 pm BST - US, housing market data for March.

  • Housing starts. Expected: 1485k. Previous: 1521k
  • Building permits. Expected: 1515k. Previous: 1524k

2:15 pm BST - US, industrial production for March. Expected: 0.4% MoM. Previous: 0.1% MoM

  • Capacity utilization. Expected: 78.4%. Previous: 78.3%

9:40 pm BST - API report on US oil inventories. Expected: +0.4 mb. Previous: +3.03 mb

Central bankers' speeches

  • 9:00 am BST - ECB Rehn
  • 10:00 am BST - BoE Lombardelli
  • 2:00 pm BST - Fed Jefferson
  • 3:30 pm BST - ECB Nagel
  • 5:30 pm BST - ECB Villeroy & Fed Williams
  • 6:00 pm BST - BoE Governor Bailey
  • 6:00 pm BST - Fed Barkin
  • 6:15 pm BST - BoC Governor Macklem
  • 6:15 pm BST - Fed Chair Powell
  • 9:00 pm BST - ECB Nagel

Top Wall Street earnings to watch

  • Bank of America (BAC.US) - before market open
  • Johnson & Johnson (JNJ.US) - before market open
  • Morgan Stanley (MS.US) - before market open
  • Bank of New York Mellon (BK.US) - before market open
  • PNC Financial (PNC.US) - before market open
  • UnitedHealth Group (UNH.US) - before market open
  • Interactive Brokers (IBKR.US) - after market close
  • United Airlines (UAL.US) - after market close