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European indices set for lower opening
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UBS buys Credit Suisse in government-backed deal
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6 central banks announce actions to boost USD liquidity
European index futures point to a flat or slightly lower opening of today's cash session for major blue chips indices from the Old Continent. The Swiss government brokered a deal for UBS to buy Credit Suisse and provided guarantees and additional liquidity for the buyers. However, this does not mean that issues are over. In fact, the situation creates new issues as all of Credit Suisse's AT1 bonds will be written down to zero and it may create a headache for banks and institutions who owns those bonds. In other news, it was reported that Fed along with 5 other central banks (ECB, BoJ, BoE, SNB and BoC) will switch from weekly to daily USD FX swap auctions to boost USD liquidity.
Economic calendar for the day ahead is light - traders will be offered some macro data from Poland for February as well as speech from ECB President Lagarde. Things get more interesting later into the week with 5 rate decisions (Fed, SNB, Norges Bank, CBRT and BoE) as well as release of flash PMI indices for March from Europe and the United States.
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Open account Try demo Download mobile app Download mobile app9:00 am GMT - Poland, data pack for February.
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Industrial production. Expected: 1.1% YoY. Previous: 2.6% YoY
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Employment change. Expected: 1.0% YoY. Previous: 1.1% YoY
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Wage growth. Expected: 12.0% YoY. Previous: 13.5% YoY
Central bankers' speeches
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2:00 pm GMT - ECB President Lagarde
Key events to watch in the later part of the week:
Tuesday
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0:30 am GMT - RBA minutes
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10:00 am GMT - Germany, ZEW economic sentiment for March
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12:30 pm GMT - Canada, CPI inflation for February
Wednesday
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7:00 am GMT - UK, CPI inflation for February
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2:30 pm GMT - DOE report on US oil inventories
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6:00 pm GMT - FOMC rate decision
Thursday
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8:30 am GMT - SNB rate decision
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9:00 am GMT - Norges Bank rate decision
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11:00 am GMT - CBRT rate decision
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12:00 pm GMT - BoE rate decision
Friday
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8:15 am GMT - France, flash PMIs for March
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8:30 am GMT - Germany, flash PMIs for March
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9:00 am GMT - Euro area, flash PMIs for March
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9:30 am GMT - UK, flash PMIs for March
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12:30 pm GMT - US, durable goods orders for February
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1:45 pm GMT - US, flash PMIs for March
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
