• Bourses in Europe extended on the losses seen at the cash open and trade lower across the board
• US equity futures have also been hit in tandem with the surge in global yields; NQ underperforms
• US 10yr yield rose further above 1.50%, the 20yr topped 2.00% and the UK 10yr hit 1.00% for the first time since March 2020
• Advances in the crude complex saw Brent Nov contract reach USD 80/bbl, although volume and open interest has migrated to...

• SUN: JMMC meeting
• MON: Japan GDP
• TUE: RBA mins, US/Japan trade talks
• WED: FOMC mins, Japan trade balance, UK CPI
• THU: ECB mins, SARB, EZ flash PMI, German Ifo
• FRI: Japan CPI, US durable goods, UK retail sales, Trump to visit Japan
• SUN: European Parliamentary Election Results

• Expectations unanimously are set on an unchanged rate of 0.75%, with focus set on the accompanying statement
• HSBC cite lower global rate expectations as one of the major stumbling points for the Norges Bank’s rate path
• ING do not believe that this will be enough to stop the March hike amid recovering oil prices and the prosperous local economy.

• Bank of England expected to lift its base rate by 25bps from 0.50% to 0.75%; vote split expected to be 7-2
• Recent UK data points and MPC rhetoric has lead to markets pricing in a circa 80-90% chance of a hike
• Little in the way of material changes are expected for inflation and growth forecasts with the economy having developed largely in-fitting with the MPC’s expectations

• Unanimous expectations look for the ECB to leave its three key rates unchanged
• Not much in the way of fireworks expected given last month’s policy adjustments
• Draghi likely to be mindful of trade tensions and grilled on timing of rate lift-off  

Key Events

• SNB is expected to stand pat on policy rate at -0.75%, with little change anticipated to the policy statement
• The central bank is likely to reiterate its commitment to FX intervention in order to offset any unwanted appreciation of the “highly valued” CHF

• Norges Bank to publish its rate decision and new economic projections at 09:00 BST
• Rates expected unchanged
• Growth, inflation profiles may be revised up
• Central bank expected to stick to its hawkish stance

• Unanimous expectations look for the ECB to leave its three key rates unchanged
• Will the ECB unveil their blueprint for winding down their PSPP or will they ‘kick the can down the road’ to July?
• Questions likely to be raised on the Bank’s view surrounding the latest developments in Italian politics
• Macro projections likely to see oil prices curtail 2018 growth...