Economic calendar: OPEC+ delay leaves calendar bare

• OPEC+ video meeting postponed

• German factory orders declined less than expected in February

Moods on the global financial markets are upbeat with equities rallying. European index futures point to massive 3-4% bullish price gaps at cash session open. 

Video meeting of OPEC+ group was expected to be the main event of the day. However, the meeting was postponed until, at least, Thursday, April 9 after a rift between Saudi Arabia and Russia surfaced over the weekend. Nevertheless oil price is likely to swing around on headline news today.

No major data releases are scheduled for today. German factory orders data for February was released at 7:00 am BST and it surprised to the upside. Data showed a drop of 1.4% MoM against an expected decline of 2.5% MoM. However, the data does not capture the impact of lockdown measures imposed in Europe.

Major readings and events scheduled for the later part of the week

• RBA decision (Tuesday, 5:30 am BST)

• FOMC minutes (Wednesday, 7:00 pm BST)

• OPEC+ video meeting (Thursday)

• ECB minutes (Thursday, 12:30 pm BST)

• Flash UoM consumer sentiment for April (Thursday, 3:00 pm BST)

• US CPI for March (Friday, 1:30 pm BST)