Economic calendar: All eyes on OPEC+ and Eurogroup meetings

  • OPEC and non-OPEC producers to hold video meeting

  • Eurogroup to restart pandemic funding talks

  • US jobless claims and Canadian labour market report

A lot is on the agenda today. OPEC+ and Eurogroup meetings are undoubtedly the most important and may have major impact on the markets. However, regular data also should be watched closely as jobless claims, Canadian labour report and Michigan consumer sentiment for April will be released today. Michigan data is expected to show a massive drop in sentiment.

12:30 pm BST - ECB minutes. Minutes from ECB's last meeting may offer some insight into discussion over market-stabilizing measures. However, a lot has happened since the meeting and release of minutes is likely to be ignored by the markets, just as it was the case with yesterday's FOMC minutes.

1:30 pm BST - Canada, labour market report for March.

1:30 pm BST - US, jobless claims. The US labour market is under severe stress right now with Americans flooding labour departments with jobless claims. Initial claims jumped to 6648k last week and market consensus points to a 5500k print this week. However, traders should keep in mind that US stock market saw mixed reactions to the previous 2 readings.

3:00 pm BST - OPEC+ meeting. Video meeting of OPEC and non-OPEC oil producers is a key event of the week. There are more and more rumours that major producers will agree to a 10 million barrel per day cut. However, even if they agreed to a 15 million barrel cut, it would likely not be enough to balance the market right now.

3:00 pm BST - US,  University of Michigan consumer sentiment for April (flash). Expected: 75 pts. Previous: 89.1 pts.

4:00 pm BST - Eurogroup meeting. Finance ministers of the eurozone countries failed to reach consensus on pandemic funding earlier this week. The meeting is set to restarted today in the afternoon. However, it is said that only one country (the Netherlands) opposed an idea of joint funding.

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Morning wrap
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