What to watch (1/2)

Core fixed income drifted lower overnight and the day ahead sees a number of key noteworthy events with the SNB and Norges Bank announcing their policy decisions, the NATO summit and a slew of data.

• Starting with the data, the highlight of the European morning session will be the release of flash PMI data from France, Germany, the Eurozone and the UK. Last month's surveys were largely conducted before the Russian invasion of Ukraine so this month's prints will take on further meaning. Elsewhere we also have French confidence data and UK CBI data this morning. Across the pond, US durable goods orders will be the highlight with weekly claims data and the US Markit PMI also both due.
• The NATO summit is due to take place today (schedule here) with a press conference due at 12:15GMT / 13:15CET. In terms of the agenda, US National Security Advisor Jake Sullivan said yesterday "They will discuss the question of NATO force posture of thealliance's eastern front. They will also outline a longer term plan for NATO defence to be agreed at the Madrid summit in Summer. NATO needs a long term footprint matched with the new security reality [created by Russia's invasion of Ukraine]."