Economic calendar: Light macro calendar; markets await progress in U.S.-China talks

European indices are gaining between 0.5% and 0.9% ahead of the market open on the Old Continent
U.S. index futures are up around 1%, while the VIX is retreating by nearly 4%
Today’s session features only secondary macroeconomic data, including Canada’s Ivey PMI and U.S. API crude oil inventory changes

Market sentiment is slightly more positive today, although the macro calendar is very light and unlikely to drive major moves across financial markets. Investors remain hopeful that the 50% tariffs on China, announced by President Trump, will not come into effect before April 9, and that the two countries will eventually reach an agreement. However, recent comments from China offer little optimism for such an outcome. Today, China’s Ministry of Commerce stated that it would never accept "blackmailing". In such a scenario, market fears could quickly return if no signs of progress emerge in Washington-Beijing negotiations.

Macro Data Schedule:

10:00 AM GMT: France, Trade Balance: -5.65 billion euros vs. -6.54 billion euros expected
03:00 PM GMT: Canada, Ivey PMI: 53.2 vs. 55.3 expected
09:40 PM GMT: United States, API Crude Oil Inventories: previous reading +6.03 million barrels

Central Bank Speeches:

10:30 AM GMT: Luis de Guindos (European Central Bank)
7 PM GMT: Mary Daly (Federal Reserve)

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