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European indices set for lower opening
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UBS buys Credit Suisse in government-backed deal
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6 central banks announce actions to boost USD liquidity
European index futures point to a flat or slightly lower opening of today's cash session for major blue chips indices from the Old Continent. The Swiss government brokered a deal for UBS to buy Credit Suisse and provided guarantees and additional liquidity for the buyers. However, this does not mean that issues are over. In fact, the situation creates new issues as all of Credit Suisse's AT1 bonds will be written down to zero and it may create a headache for banks and institutions who owns those bonds. In other news, it was reported that Fed along with 5 other central banks (ECB, BoJ, BoE, SNB and BoC) will switch from weekly to daily USD FX swap auctions to boost USD liquidity.
Economic calendar for the day ahead is light - traders will be offered some macro data from Poland for February as well as speech from ECB President Lagarde. Things get more interesting later into the week with 5 rate decisions (Fed, SNB, Norges Bank, CBRT and BoE) as well as release of flash PMI indices for March from Europe and the United States.
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Create account Try a demo Download mobile app Download mobile app9:00 am GMT - Poland, data pack for February.
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Industrial production. Expected: 1.1% YoY. Previous: 2.6% YoY
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Employment change. Expected: 1.0% YoY. Previous: 1.1% YoY
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Wage growth. Expected: 12.0% YoY. Previous: 13.5% YoY
Central bankers' speeches
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2:00 pm GMT - ECB President Lagarde
Key events to watch in the later part of the week:
Tuesday
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0:30 am GMT - RBA minutes
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10:00 am GMT - Germany, ZEW economic sentiment for March
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12:30 pm GMT - Canada, CPI inflation for February
Wednesday
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7:00 am GMT - UK, CPI inflation for February
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2:30 pm GMT - DOE report on US oil inventories
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6:00 pm GMT - FOMC rate decision
Thursday
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8:30 am GMT - SNB rate decision
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9:00 am GMT - Norges Bank rate decision
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11:00 am GMT - CBRT rate decision
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12:00 pm GMT - BoE rate decision
Friday
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8:15 am GMT - France, flash PMIs for March
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8:30 am GMT - Germany, flash PMIs for March
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9:00 am GMT - Euro area, flash PMIs for March
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9:30 am GMT - UK, flash PMIs for March
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12:30 pm GMT - US, durable goods orders for February
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1:45 pm GMT - US, flash PMIs for March
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