• Futures point to slightly lower opening of European cash session
• Morgan Stanley, Tesla and Bed Bath & Beyond earnings reports
• Eurozone HICP inflation report

The futures market is pointing to a slightly lower opening to the European cash session. The mood in Europe was spoiled in the morning by the UK CPI inflation reading, which surprised with a higher-than-expected headline CPI reading and a core CPI reading in line with expectations. The high inflation in the UK has further cemented the money market’s view that another rate hike by the BoE is necessary, which was also hinted at by Finance Minister Hunt himself. 

Investors will receive several economic reports during the day. While most of these will be secondary publications that rarely move markets, some – such as the European HICP data – could trigger short-term volatility. Volatility in the currency market may also occur during speeches by central bankers. Finally, key earnings releases today include Morgan Stanley, Tesla, Lam Research and Bed Bath & Beyond. Investors involved in the commodities market will learn about US oil inventory data.

10:00 am BST – Eurozone, HICP inflation for March. 

HICP inflation y/y. Expected: 6.9% y/y. Previously: 8.5% y/y. 

HICP inflation m/m. Expected: 0.9% m/m. Previously: 0.8% m/m. 

HICP core inflation y/y. Expected: 5.7% y/y. Previously: 5.6% y/y. 

HICP core inflation m/m. Expected: 1.2% m/m. Previously: 0.8% m/m. 

03:30 pm BST- US, change in oil inventories.

Change in oil inventories. Expected: -2.5 bbl. Previously: 0.6 bbl.

 Change in gasoline inventories. Expected: -1.9 bbl. Previously: -0.33 bbl.

Change in distillate stocks. Expected: -1.8 bbl. Previously: -0.61 bbl.

Central bankers’ speeches

SNB Maechler 08:00 am BST

SNB Schlegel 05:00 pm BST

ECB Lane 11:35 am BST 

ECB Knot 12:00 am BST

ECB De Coss 03:25 pm BST

ECB Schnabel 05:00 pm BST

BoE Mann 08:30 pm BST

FED Goolsbee 10:30 pm BST 

Key earnings reports on Wall Street 

Morgan Stanley (MS.US) – before the market opens

Bed Bath & Beyond Inc. (BBBY.US) – before the market opens

Baker Hughes Co (BKR.US) – before the market opens

Abbott Laboratories (ABT.US) – prior to market opening

U.S. Bancorp (USB.US) – before market opening

Lam Research Corp. (LRCX.US) – after the market close

Tesla, Inc. (TSLA.US) – after market close

Equifax Inc. (EFX.US) – after market close

Las Vegas Sands Corp. (LVS.US) – after market close

International Business Machines Corp (IBM.US) – after market close