Economic calendar: University of Michigan index, final CPI from Eurozone

• European indices set for higher opening

• Final CPI reading for February from Eurozone 

• University of Michigan consumer sentiment for March (preliminary)

European index futures point to a higher opening of the cash session on the Old Continent today. Risk-on moods can be spotted on the global markets today with index futures, oil and cryptocurrencies trading higher. Precious metals gain on USD weakness as the biggest US lenders agreed to contribute USD 30 billion in deposits to First Republic Bank in order  to shore up confidence in the banking system.

Economic calendar for the day ahead includes some interesting data releases. During the European session market attention will focus on  inflation data from the Eurozone, however it should not have much impact on markets, as it should just reaffirm that price pressure is still elevated in the euro area. During the US trading hours, traders will  be offered industrial production from the US and preliminary consumer sentiment index for March from the University of Michigan at 2:00 pm GMT.  Condition of the global banking sector is still uncertain, therefore traders should pay attention to news headlines today as they may be a source of elevated volatility.

10:00 am GMT - Euro area, CPI inflation for February (final). First release: 8.5% YoY

12:30 pm GMT - Canada, PPI inflation for February. Previous: 5.4% YoY

1:15 pm GMT - US, industrial production for February. Expected: 0.2% MoM. Previous: 0.0% MoM

2:00 pm GMT - US, University of Michigan consumer sentiment for March (preliminary). Expected: 67.0. Previous: 67.0