Economic calendar: Powell testimony, BoC decision, OPEC+ and more

• European market launched session lower

• Powell to testify in Congress

• Bank of Canada expected to hike rates

• OPEC+ rumored to leave output policy unchanged today

• CPI data from Europe, ADP jobs numbers from US

European stock markets launched today's trading lower, following a downbeat session on Wall Street yesterday. Equities are pressured by uncertainty over consequences and potential spillover of Ukraine conflict as well as spiking commodity prices. Fighting in Ukraine continues and according to both Russia and Ukraine, Russian troops have taken full control over Kherson, what would be the first major city captured since the beginning of the invasion last week.

Markets will remain nervous due to Russia-Ukraine conflict but may also experience some short-term volatility jumps on a number of macro events today. European flash CPI reading for February will be released this morning, followed by US ADP jobs report in the early afternoon. OPEC+ will meet today and is expected to keep output hike policy unchanged. Fed Chair Powell will appear for the first day of congressional testimonies, text of the speech is usually release 1-2 hours ahead of the event. Last but not least, Bank of Canada is expected to announce a 25 basis point rate hike at 3:00 pm GMT.

10:00 am GMT - Euro area, CPI inflation for February. Expected: 5.3% YoY. Previous: 5.1% YoY

12:30 pm GMT - OPEC+ meeting

1:15 pm GMT - US, ADP employment report for February. Expected: 390k. Previous: -301k

3:00 pm GMT - Bank of Canada rate decision

3:00 pm GMT - Fed Chair Powell testifies in Congress

3:30 pm GMT - DOE report on oil inventories.

• Oil inventories. Expected: +2.8 mb (API: -6.1 mb)

• Gasoline inventories. Expected: -1.5 mb

• Distillate inventories. Expected: -1.8 mb

Central bankers' speeches

• 2:00 pm GMT - Fed Evans

• 2:30 pm GMT - Fed Bullard