Economic calendar: US banking woes and NFP report in the spotlight

• European indices set for much lower opening

• Jobs data for February from the United States and Canada

• Concerns over condition of US banking sector pressure markets

Futures markets point to a much lower opening of the European cash session today with DAX futures trading around 200 points below yesterday's cash close. This comes after a massive sell-off on Wall Street yesterday and in Asia today. Trigger for a risk-off move were concerns over the condition of the US banking sector after SVB Bank informed it incurred $1.8 billion in pre-tax loss amid a hasty sale of a $21 billion bond portfolio aimed at boosting liquidity position. This has exerted pressure on other banking shares and led to a 7.7% in KBW banking index.

US banking sector woes will likely play a major role in today's price actions with European indices reacting to Wall Street sell-off. Economic calendar for today's European morning is empty but things get more interesting in the evening with the release of jobs data from the United States and Canada. A strong NFP report could reinforce market bets for a 50 basis point rate hike at FOMC meeting in March and it could exert even more pressure on equities. 

1:30 pm GMT - US, NFP report for February.

• Non-farm payrolls. Expected: 205k. Previous: 517k

• Average earnings growth. Expected: 4.7% YoY. Previous: 4.4% YoY

• Unemployment rate. Expected: 3.4%. Previous: 3.4%

1:30 pm GMT - Canada, jobs report for February.

• Employment change. Expected: +10k. Previous: +150k

• Unemployment rate. Expected: 5.1%. Previous: 5.0%

Central bankers' speeches

• 9:00 am GMT - ECB Panetta

• 11:00 am GMT - ECB McCaul