Key Global Events

The European Central Bank is seen busy publishing data on economic growth in the Euro Zone. GDP on an annual basis is expected to contract to 1.2%. On a monthly basis an economic slowdown to 0.0%. 

The Canadian central bank in the day yesterday raised interest rates after leaving the rate unchanged for two consecutive meetings. The BoC raised the rate to 4.75%. The cost of money is now at high levels not seen in 22 years.

Turkish lira collapses to record lows. Following the re-election of President Tayyip Erdogan, the USD/TRY cross gained more than 7 % on Wednesday.

A cautious start for European stock markets this morning. Milan's FTSE MIB -0.02%, Paris' CAC -0.09%, Madrid's IBEX +0.03%, London's FTSE +0.01%. Wall Street futures trade below par again. Dow Jones -0.08%, S&P500 -0.13% and the Nasdaq -0.38%.

Forex & Commodities

At the opening of European stock exchanges, the euro and sterling trade above parity against the greenback. EURUSD +0.09%, GBPUSD +0.09%. Among commodities, oil consolidates the sideways price phase by trading around $72.74. Gold trades around $1960 an ounce (+0.09%).

Index

Asia's markets were trading mixed. Japan's GDP rose to +0.7%. Tokyo's benchmark Nikkei 225 index retracts after last days rally closing at -0.85%. China's Hang Seng index trades at 19.312 trading at +0.26 Wall Street futures trade below par again. Dow Jones -0.08%, S&P500 -0.13% and Nasdaq -0.38%.

Global Macroeconomic Data 

EU - At 11 a.m. the central bank in Frankfurt will release Europe's economic growth figure. GDP on an annual basis is expected to contract to 1.2%. On a monthly basis an economic slowdown to 0.0%. 
US - At 2:30 p.m., the weekly report on unemployment benefit claims will be released. The forecast sees growth to 235K from 232K last week. At 5 p.m. weekly U.S. crude oil inventories will be released.