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European indices set for higher opening
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US services ISM on watch after last month's huge jump
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Cryptocurrencies sink on Silvergate concerns
European index futures point to a higher opening of the cash session on the Old Continent today. USD is one the backfoot providing some support for commodities. Cryptocurrencies are plunging as concerns over the financial condition of Silvergate cryptocurrency bank are mounting.
Economic calendar for today is rather light. Day will be dominated by the final release of services PMIs for February. However, US non-manufacturing ISM for February will be on watch as reading for January showed a massive jump from 49.2 to 55.2, while the market expected a move to just 50.4. A number of speeches from Fed members is scheduled for the afternoon.
A point to note is that while today is the first Friday of a new month, there will be no release of US or Canadian jobs data. Jobs reports for February from those two countries will be released on Friday next week.
8:15 am GMT - Spain, services PMI for February. Expected: 54.2. Previous: 52.7
8:45 am GMT - Italy, services PMI for February. Expected: 53.0. Previous: 51.2
8:50 am GMT - France, services PMI for February (final). First release: 52.8
8:55 am GMT - Germany, services PMI for February (final). First release: 51.3
9:00 am GMT - Euro area, services PMI for February (final). First release: 53.0
9:00 am GMT - Italy, GDP report for Q4 2022 (revision). First release: 0.1% QoQ
9:30 am GMT - UK, services PMI for February (final). First release: 53.3
10:00 am GMT - Euro area, PPI inflation for January. Expected: 17.8% YoY. Previous: 24.6% YoY
2:45 pm GMT - US, services PMI for February (final). First release: 50.5
3:00 pm GMT - US, non-manufacturing ISM for February. Expected: 54.5. Previous: 55.2
Central bankers' speeches
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8:30 am GMT - ECB De Guindos
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4:00 pm GMT - Fed Logan
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4:15 pm GMT - Fed Bostic
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8:00 pm GMT - Fed Bowman
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9:45 pm GMT - Fed Barkin