Economic calendar: Middle East tensions and US stimulus

• European markets expected to open higher

• Saudi oil facilities targeted by Houthi

• German industrial production drops more than expected in January

Risk-off moods could have been spotted during the Asian session with the tech sector dragging indices lower. However, as the tech sector in Europe is relatively smaller than in Asia or the US, European futures markets point to a higher opening of today's cash trading.

Economic calendar is light today with almost no readings being scheduled for release. The major reading of the European hours - German industrial production data for January - has already been released at 7:00 am GMT. Report showed a 2.5% MoM decline in German production, compared to a 0.2% MoM decrease expected. Nevertheless, no major reaction to the data could be spotted on markets.

Today's trading is likely to be driven by two themes - attack on Saudi oil facilities and US stimulus. However, Middle East tensions story should not have a lasting impact on the markets as Saudi said that attack caused no injuries or major property damage and operations at the affected sites have been resumed. When it comes to the US stimulus, the recovery package has been passed by the US Senate and the US House is expected to vote on final approval tomorrow. $1,400 stimulus checks are expected to be sent around two weeks after President Biden signs the bill.

9:30 am GMT - Euro area, Sentix index for March. Expected: 1.9 Previous: -0.2

3:00 pm GMT - US, wholesale inventories for January. Expected: 1.4% MoM. Previous: 0.3% MoM

Central bankers' speeches

• 10:00 am GMT - BoE Governor Bailey