-
European indices set to open lower
-
China relaxes Covid restrictions
-
Bank of Canada expects to deliver 50 bp rate hike
Risk aversion on the markets has clearly picked up this week with US indices finishing over 1% lower for the second day in a row yesterday. Equities from Asia-Pacific also performed poorly. Announcement of relaxation of Covid curbs in China provided only a brief relief and it was mostly limited to Chinese equities. European index futures also point to a slightly lower opening of the cash session on the Old Continent. Recessionary fears seem to be intensifying with equities underperforming and oil trading at level not seen since the turn of 2021 and 2022.
Economic calendar for the day ahead is light but includes some noteworthy releases. European GDP reading for Q3 2022 will be a second revision and therefore it is highly unlikely that it will show any major deviation from preliminary releases. CAD traders may see some action in the afternoon as Bank of Canada is set to announce a rate decision at 3:00 pm GMT. Market expects a 50 bp rate hike, to 4.25%, what would be a second 50 bp move in a row. Last but not least, oil traders will tune in for DOE report on 3:30 pm GMT after API estimates suggested a deep plunge in US oil inventories.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app10:00 am GMT - Euro area, GDP report for Q3 2022 (third release). Second release: 0.2% QoQ
3:00 pm GMT - Bank of Canada rate decision
3:30 pm GMT - DOE report on oil inventories
-
Oil inventories. Expected: -3.9 mb (API: -6.4 mb)
-
Gasoline inventories. Expected: +2.9 mb (API: +5.9 mb)
-
Distillate inventories. Expected: +2.1 mb (API: +3.6 mb)
Central bankers' speeches
-
7:10 am GMT - ECB Lane
-
11:00 am GMT - BoE Evans
-
2:30 pm GMT - ECB Panetta
-
9:45 pm GMT - RBA Jones
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
