Economic calendar: Coca-Cola and Netflix to report earnings

• Markets in risk-off mode following oil market carnage

• ZEW index seen at -41 pts in April

• Netflix (NFLX.US) to report earnings after session close

Global markets are in risk-off mode following catastrophic plunge in front-month oil prices yesterday. WTI futures for May delivery settled at -$37.63 and negative sign in front of the figure is not a typo. That was a one-day drop of around 300%. US and Asian stocks dropped and European futures point to a decline at open.

There are not many market moving data releases scheduled for today. ZEW index could be of note as it will be an early indication of moods across German investment professionals as we head into another month of lockdowns. UK labour market report for February was released at 7:00 am BST and it showed weaker wage growth (2.8% vs 3.1% in January) and higher unemployment rate (4% vs 3.9% in January). However, the report did not capture the period of coronavirus-disruptions.

9:00 am BST - Poland, industrial output for March. Expected: -1.7% YoY. Previous: 4.9% YoY

10:00 am BST - Germany, ZEW index for April. Expected: -41 pts. Previous: -49.5 pts

1:30 pm BST - Canada, retail sales for February. Expected: 0.3% MoM. Previous: 0.4% MoM

3:00 pm BST - US, existing home sales for March. Expected: 5.3 million. Previous: 5.77 million

9:40 pm BST - API weekly report on oil inventories. Expected: 16.1 mb. Previous: 13.1 mb

Noteworthy earnings reports

• Chubb (CB.US) - after market close

• Coca-Cola (KO.US) - before market open

• Lockheed Martin (LMT.US) - before market open

• Netflix (NFLX.US) - after market close

• Philip Morris International (PM.US) - before market open

• Travelers (TRV.US) - before market open