UK industrial production expected to remain soft

Market Movers

• It's a very quiet day on the global data front today. UK industrial production and US NFIB small business optimism are the only key figures of interest.

• UK industrial production has disappointed in the past months and is expected to be soft in March as well, showing no increase. Manufacturing production is expected to grow 0.2% m/m.

• US NFIB small business optimism has declined in the past three to four months following a sharp rise towards the end of 2014. We expect to see a small increase as consumption is expected to have picked up somewhat in April.

• EU Ecofin will be meeting today following the Eurogroup meeting yesterday. Greece will continue to be high on the agenda, although we think it's too early for a deal between the EU and Greece.

• A lot of focus on Sweden today with CPI and Riksbank minutes due to be released. For more on Scandi markets see page 2.

Selected Market News

The positive risk sentiment that emerged after the Chinese monetary easing on Sunday quickly faded again. Hence, while there are signs that things are calming down following the past week’s volatile pricing actions, yesterday’s sell-off suggests that there might still be some further liquidation of asset positions in store.

The positive risk sentiment that emerged after the Chinese monetary easing on Sunday quickly faded again. Hence, while there are signs that things are calming down following the past week’s volatile pricing actions, yesterday’s sell-off suggests that there might still be some further liquidation of asset positions in store.

The statement from the Eurogroup meeting last night welcomed the progress that has been made so far in relation to the ongoing negotiations with the Greek authorities. The Eurogroup acknowledges that more time and effort are needed to bridge the gaps. It welcomes the Greek authorities’ intention to accelerate their work but at the same time reiterates that the Eurogroup statement of 20 February remains the valid framework for the discussions.

Last night the Greek finance ministry said that it has ordered the EUR750m payment to the IMF, securing that the repayment will arrive timely today. The Greek payment to the IMF, which was announced ahead of the Eurogroup meeting, ends days of uncertainty whether the Greek government would hold back the payment if euro-zone finance ministers were unable to signal progress in relation to unlocking the EUR7.2bn of Greek aid, which has been suspended since last year.