Markets plummet on travel ban news
Investors await ECB rate decision
Equity markets experienced another massive sell-off after Donald Trump announced a ban on travel from Europe. Traders should look out for news on coronavirus response of other countries as these have potential to be market movers. Apart from that, ECB rate decision is the main event of the day. Investors would love to see more easing from European monetary authorities but there is little room for it.
8:30 am GMT - Sweden, CPI inflation for February. Expected: 1.3% YoY. Previous: 1.3% YoY
10:00 am GMT - Euro area, industrial production for January. Expected: 1.4% MoM. Previous: -2.1% MoM
12:30 pm GMT - US, PPI inflation for February. Expected: 1.8% YoY. Previous: 2.1% YoY
12:30 pm GMT - US, jobless claims. Expected: 220k. Previous: 216k
12:45 pm GMT - ECB rate decision. Fed and BoE made the decision to deliver 50 bp emergency rate cuts amid turmoil caused by the coronavirus outbreak. The question is now whether ECB will pull the trigger as well. What differs European Central Bank from the two mentioned earlier is that it does not have much room to ease it policy. Markets price in a 10 bp rate cut but the Bank may decide to use other tools.
2:30 pm GMT - EIA natural gas inventories. Expected: -56.9 bcf. Previous: -109 bcf