Market movers today
Few things on the agenda today. No tier 1 data up for release so focus will again be on central bank talk and market sentiment. The ECB's Coeuré is scheduled to speak but speeches from other ECB members last week do not point to any immediate action. First line of defence seems to be verbal intervention, highlighting that more measures can be taken if necessary.
Over the rest of the week focus will be on a number of speeches from Fed members to gauge where their trigger level is for continued asset purchases. On the data front US CPI, euro flash PMI and Chinese data for GDP and flash PMI will be in focus. There are few signs that activity data in the euro area or China is about to bottom so we do not expect markets to get support from this side. Technically there were some positive signs in the market on Thursday and Friday which could indicate some improvement in risk appetite in the very short term. However, we still see a risk that a short term bounce could be followed by a further leg down in risk appetite - see also Strategy: The straw that broke the camel's back.
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