UK, US and Europe: British Prime Minister Theresa May is expected to ask the EU for another short extension as she tries to work out her deal with opposition leader Jeremy Corbyn. This move has upset hardline Tory Brexiteers as Mr. Corbyn wants to implement a Customs Unions, which would keep the UK tied in with the EU in the future.
Looking ahead, a busy day sees the all-important UK services PMI reading released in the morning, with eurozone retail sales following shortly after. In the US we have the ADP payrolls figure and ISM non-manufacturing PMI reading, with the day finishing off with the release of the latest US crude inventories.
Economic calendar - key events and forecast (times in GMT)
Source: Daily FX Economic Calendar
9.30am – UK services PMI (March): index expected to weaken to 51 from 51.3. Markets to watch: GBP crosses
10am – eurozone retail sales (February): sales expected to fall by 0.6% MoM. Markets to watch: EUR crosses
1.15pm – US ADP employment report (March): 165K jobs expected to have been created, down from 183K last month. Markets to watch: US indices, USD crosses
3pm – US ISM non-mfg PMI (March): index to fall to 58.7 from 59.7. Markets to watch: US indices, USD crosses
3.30pm – US EIA crude inventories (w/e 29 March): stockpiles expected to fall by 2.7 million barrels. Markets to watch: Brent, WTI
Corporate News, Upgrades and Downgrades
Stagecoach said that strong trading and progress in its UK rail business had lifte performance, and as a result it expects an improvement in its earnings per share for the year to 27 April 2019. Topps Tiles reported a 0.2% rise in like-for-like revenues for the 26 weeks to 30 March 2019. However total revenues for the period were £108.8 million, down from the £109.4 million of a year earlier. AA suffered a 62% fall in pre-tax profit for the year to 31 January, to £53 million, but revenue rose 2% to £979 million. Generali upgraded to buy at Nord/LB
Just Group upgraded to neutral at JPMorgan
Panalpina upgraded to sector perform at RBC
Anima downgraded to neutral at Citi
Ferrexpo cut to neutral at JPMorgan
Halma downgraded to hold at Jefferies
IGTV featured video
Information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.