• European indices set to open flat
• Jobless claims and PPI data from the United States
• EIA report expected to show build in US natural gas stockpiles

Futures markets point to a more or less flat opening of today’s cash session for major stock market indices from Europe. This comes after a rather downbeat Asian session, where the majority of regional indices traded lower. AUD is the best performing major currency following better-than-expected jobs data for March. GBP lost some ground after UK GDP data for February showed lack of growth (0.0% MoM) against an expected 0.2% MoM expansion. Final German CPI data for March was also released this morning but as it confirmed flash estimates, no major market reaction occurred.

Economic calendar for the day ahead offers some second-tier data from Europe and the United States. Traders will be offered industrial production data from Italy and euro area in the morning, followed by US PPI and jobless claims data in the early afternoon. Natural gas traders will tune in for the EIA report as it is expected to show the second inventory build since the beginning of the year, signaling that the heating season in the United States is drawing to a close.

9:00 am BST – Italy, industrial production for February. Expected: 0.4% MoM. Previous: -0.7% MoM

10:00 am BST – Euro area, industrial production for February. Expected: 0.9% MoM. Previous: 0.7% MoM

1:30 pm BST – US, PPI inflation for March.

• Headline. Expected: 3.0% YoY. Previous: 4.6% YoY
• Core. Expected: 3.4% YoY. Previous: 4.4% YoY

1:30 pm BST – US, jobless claims. Expected: 230k. Previous: 228k

3:30 pm BST – EIA report on US natural gas storage. Expected: +25 bcf. Previous: -23 bcf

Central bankers’ speeches

• 12:45 pm BST – ECB Nagel
• 2:00 pm BST – BoC Governor Macklem
• 2:00 pm BST – BoE Pill
• 7:00 pm BST – ECB Nagel