- European markets set to open slightly higher
- Several countries impose entry restrictions on Chinese passengers
- Weekly claims data
- DOE reports on oil and gas inventories
Indices from Asia moved lower following the downbeat Wall Street session. However, moods began to improve slightly as the European session approached and now futures markets point to a slightly higher opening. Nevertheless, the worsening covid situation in China weighs on sentiment. Markets fear that the end of China’s zero-Covid policy could lead to a surge in cases across the globe and trigger worldwide restrictions. The US will require all passengers from China to show negative COVID tests, while Italy will test all arrivals from China after nearly half of passengers on two flights from China to Milan tested positive. India and Japan have already said they will impose mandatory PCR testing on all passengers from China. If other countries take similar steps, the recent sell-off may deepen even further
Once again there are no major economic releases from Europe scheduled for release so morning trading is expected to be calm. Things get a bit more interesting in the afternoon with data releases from the United States - weekly jobless claims, oil and gas stockpiles reports. DOE reports may trigger some volatility on the oil and gas markets if a big beat or miss is spotted.
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Create account Try a demo Download mobile app Download mobile app1:30 pm GMT - US, jobless claims. Expected: 225k. Previous: 216k
3:30 pm GMT - EIA Natural Gas storage change. Expected: -201 bcf. Previous: -87 bcf
4:00 pm GMT - DOE report on oil inventories.
- Oil inventories. Expected: -1.52 mb (API: -1.3 mb)
- Gasoline inventories. Expected: +0.52 mb (API: +0.51 mb)
- Distillate inventories. Expected: -2.05 mb (API: +0.39 mb)
