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European indices set for much lower opening
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Jobs data for February from the United States and Canada
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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.
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Non-farm payrolls. Expected: 205k. Previous: 517k
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Average earnings growth. Expected: 4.7% YoY. Previous: 4.4% YoY
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Unemployment rate. Expected: 3.4%. Previous: 3.4%
1:30 pm GMT - Canada, jobs report for February.
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Employment change. Expected: +10k. Previous: +150k
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Unemployment rate. Expected: 5.1%. Previous: 5.0%
Central bankers' speeches
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9:00 am GMT - ECB Panetta
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11:00 am GMT - ECB McCaul
