-
European indices open higher after Credit Suisse takes steps to improve liquidity
-
DAX jumps over 200 points at session launch
-
ECB to face a dilemma today
European stock markets indices launched today's cash session higher. Credit Suisse announced steps to boost its liquidity position, like exercising an option to borrow additional 50 billion CHF from Swiss National Bank, and it has eased concerns over potential collapse of this systematically important bank. DAX launched today's session around 200 points above yesterday's cash close.
Banking sector will remain in the center of attention today. The European Central Bank is set to announce a rate decision at 1:15 pm GMT today and it will face a big dilemma. A 50 basis point rate hike was almost fully priced in last week and ECB officials, including ECB Lagarde, also strongly hinted that another half percentage point move is coming. However, some say that ECB may opt for a smaller hike or even no change to the level of interest rates given recent turmoil in the banking sector. Having said that, ECB will have to decide whether firm actions on inflation are worth risking the banking sector crisis. Money markets are currently 50-50 split between 25 and 50 basis point rate hikes.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appApart from the ECB meeting, traders will also be offered wholesale trade data from Canada as well as housing market and jobless claims data from the United States. EIA will release a report on change in US natural gas stockpiles in the evening.
9:00 am GMT - Italy, CPI inflation for February. Expected: 9.2% YoY. Previous: 10.0% YoY
12:30 pm GMT - Canada, wholesale trade for January. Expected: 3.0% MoM. Previous: -0.8% MoM
12:30 pm GMT - US housing market data for February.
-
Building permits. Expected: 1335k. Previous: 1339k
-
Housing starts. Expected: 1310k. Previous: 1309k
12:30 pm GMT - US, jobless claims. Expected: 205k. Previous: 211k
1:15 pm GMT - ECB rate decision
2:30 pm GMT - US, EIA report on natural gas storage. Expected: -61 bcf. Previous: -84 bcf
Central bankers' speeches
-
1:45 pm GMT - ECB President Lagarde (post-meeting press conference)
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.
