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Mix of moderate and high profile risks are scheduled for today. Today's focus is on services data across globe and central bank policy.
Data released so far -
- Australia - GDP data released showed growth slowed to 2.5% YoY in the fourth quarter but improved to 0.5% QoQ basis. Aussie remained unimpressed over the release.
- China - HSBC services PMI released showed improvement at 52 compared to previous 51.8. CSI 300 cut back some of yesterday's loss.
- Japan - Services PMI contracted to 48.5 compared to previous 51.3.
- India - Not scheduled but RBI surprised markets with another 25 basis points rate cut.
Upcoming -
- Spain - Services PMI to be released at 8:15 GMT. Vital to revitalize the Spanish stock market after yesterday's payroll numbers disappointed. Services have been strengthening in Spain since December 2013.
- Italy - Services PMI to be released at 8:45 GMT. Market is expecting better reading after previous data showed expansion at 51.2.
- France - Services PMI data to be released at 8:50 GMT. France is struggling with growth in manufacturing and market is expecting a sharp rebound to 53.4 after last month's contraction to 49.3.
- Germany - Services PMI to be released at 8:55 GMT. A solid number would provide boost to DAX after last night's correction. Should be grossly ignored by Euro.
- Euro zone - Services PMI to be released at 9:00 GMT, services have been growing in Euro zone since September 2013 a further expansionary number might boost further inflows to Euro zone. Previous reading was 52.7. Retail sales data to be released at 10:00 GMT.
- India - Today is once again the tentative date of release of India's trade data. Scheduled time 11:30 GMT.
- US - lot of event risks scheduled for today with market moving potential. Low market moving data are MBA mortgage application at 12:00 GMT, Markit services PMI at 14:45 GMT, ISM non-manufacturing PMI at 15:00 GMT. High profile data are ADP employment at 13:15 GMT and Speech by FED's Richard Fischer at 22:00 GMT. Biege book would be released at 19:00 GMT, very vital from economic point and to map the road ahead.
- Canada - Mega event for the day is BOC rate decision scheduled at 15:00 GMT. BOC is not expected to change policy rates as understood from recent comments but would be vital to assess the path ahead. Canadian dollar is to take queue from the press release and may continue sideways till then.
