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What to watch

MARKET INSIGHT
  • Liquidity is likely to be constrained today with the UK out for a bank holiday (UK markets are the only notable European markets that are closed). And we also have Chinese markets closed Mon-Wed, Hong Kong closed today, Singapore closed today/tomorrow and then Japan will be out Tues-Thurs.
  • The main focus in the European morning session will be on the PMIs. Most notably, we will receive the first releases from Sweden, Spain, Italy and Norway as well as final releases from France, Germany and the Eurozone aggregate. We will also see the release of Eurozone confidence data (economic, industrial and services will all be first prints with consumer confidence the final print).
  • In the US session we will receive the final print of the S&P PMI and construction data for March but the main highlight will be the release of ISM manufacturing data. The prices paid (and to a lesser extent employment) component will be closely watched in particular.
  • Looking ahead, it's a big week for central banks with the DM highlights the RBA meeting overnight tonight, the FOMC meeting on Wednesday and the Norges Bank and BOE meetings, both on Thursday.

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