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The Day Ahead

  • European indices open new week higher
  • Second-tier data from Europe and US
  • Speeches from BoE, ECB and Fed members

European stock market indices the first cash session of a new week slightly higher. This comes after an upbeat Asian session that saw indices from the region gain, with Chinese indices trading up to 1.3% higher. AUD is the best performing major currency while JPY lags the most. Oil is trading a touch lower while gold gains 0.3%. Cryptocurrencies are pulling back with Bitcoin and Ethereum dropping 1.6% and Dogecoin trading 2% lower.

Economic calendar for today is light with final CPI data from Italy and New York Fed manufacturing index on the agenda. Neither of those, however, tends to trigger any major market moves. Some volatility may come from central bankers’ speeches. Things get more interesting later into the week with Chinese Q1 GDP data on Tuesday and flash PMIs for April on Friday. Also the earnings stream will get more diverse with reports from Netflix on Tuesday and Tesla on Wednesday.

9:00 am BST – Italy, CPI inflation for March (final). First release: 7.7% YoY

1:00 pm BST – Poland, core CPI inflation for March. Expected: 12.2% YoY. Previous: 12.0% YoY

1:30 pm BST – US, New York Fed manufacturing index for April. Expected: -17.8. Previous: -24.6

Central bankers’ speeches

  • 8:30 am BST – ECB McCaul
  • 2:00 pm BST – BoE Cunliffe
  • 4:00 pm BST – ECB President Lagarde
  • 5:00 pm BST – Fed Barkin

Top Wall Street earnings

  • M&T Bank (MTB.US) – before market open
  • State Street (STT.US) – before market open
  • Charles Schwab (SCHW.US) – before market open
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