MACRO 5 minutes to read

Macro Brief: All Quiet on the Western Front

Christopher Dembik

Head of Macro Analysis, Saxo Bank Group

Summary:  Financial markets have dropped in low gear as we approach Easter week. But do keep an eye out for a consumer sentiment update from the US and, of course, earnings releases from JPMorgan Chase and Wells Fargo.


The stock market was mixed yesterday with financials leading and the energy sector lagging in the US. As a matter of fact, there is not much to expect either from today’s session. It will be another quiet day for data with a focus on industrial production for the euro area in February and preliminary data in the US linked to consumer sentiment. The consensus expects that University of Michigan consumer sentiment will decrease to 98.0 in April versus prior at 98.4. If confirmed, it would remain at a very elevated level compared to similar measures (like the Conference Board data). 

The Bank of England’s Mark Carney is also due to speak today at the IMF/World Bank Spring meetings.

Frankly speaking, the focus will be on the earning season as the US banking sector will release the first data.

US consumer surveys – long term trend:
Today’s Calendar (All Times GMT)

9:00 Euro Area, Industrial production
12:30, USA, Import and Export Prices Report
14:00 USA, University of Michigan Consumer Sentiment

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