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Economic calendar: US hard data and BoC decision

7:32 AM 15 April 2020

  • Noteworthy data from the US economy

  • Bank of Canada to announce rate decision

  • 3 big US banks to report earnings ahead of opening bell

Moods on the global stock markets are weaker today than they were yesterday. Slight risk-off attitude can be spotted with S&P 500 and DAX futures trading lower. Final CPI data from European countries will be released throughout the morning. Hard data from the United States for March (retail sales, industrial production) will offer an insight into early damage Covid-19 pandemic has done

8:00 am BST - Spain, CPI inflation for March (final). Flash release: 0.1% YoY

8:30 am BST - Sweden, CPI inflation for March. Expected: 0.6% YoY. Previous: 1% YoY

9:00 am BST - Italy, CPI inflation for March (final). Flash release: 0.1% YoY

9:00 am BST - Poland, CPI inflation for March. Expected: 4.4% YoY

1:30 pm BST - US, retail sales for March. Expected: -8% MoM. Previous: -0.5% MoM.

2:15 pm BST - US, industrial production for March. Expected: -4% MoM. Previous: -0.6% MoM

3:00 pm BST - Bank of Canada rate decision. The Bank of Canada cut the main interest rate to 0.25% in March. The Bank is expected to stay on hold today when it comes to rates. However, an increase to asset purchases may be announced. A point to note is that press is usually allowed to access rate announcements prior to its release so they can prepare media reports. This time no such thing will take place due to the ban on gatherings in Ontario, Canada. Having said that, CAD volatility around announcement time is likely to be much higher than usual.

3:30 pm BST - DOE report on oil inventories. API data released yesterday showed another massive build. Given that the oil market is experiencing huge oversupply, the situation may continue for weeks, or at least until storage runs out. While OPEC+ and G20 nations agreed on coordinated output cuts, it is not sure if the size of cuts will be enough to stabilize the market.

Noteworthy earnings releases

  • Citigroup (C.US) - before market open

  • Bank of America (BAC.US) - before market open

  • Goldman Sachs (GS.US) - before market open

  • Unitedhealth Group (UNH.US) - before market open

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