© Reuters.
At Peter Nurse
Investing.com – A quiet opening is expected for , , and at the start of a week that includes the release of key data on Eurozone activity and the minutes of the latest Federal Reserve meeting.
With Wall Street on President’s Day, trading volumes in Europe will not be very high, but investors will still be cautious about positioning themselves ahead of some important regional economic data.
The highlight of the week will be Tuesday’s flash data for the month of February, which will show how the Eurozone economy is performing after unexpected growth in the last quarter of 2022.
Germany’s index on Wednesday will show how the region’s largest economy is coping with the energy crisis, while the bloc will also release its final January inflation data on Thursday, which will be in focus after German data published late were omitted from the first estimate.
Across the pond, i will be in focus Wednesday evening amid renewed uncertainty over the eventual interest rate hike after data released last week suggested that inflation is proving to be stickier than policymakers had hoped.
Elsewhere, China’s central bank left interest rates unchanged on Monday, tensions between Beijing and Washington show no signs of easing after China’s alleged spy balloon and potential aid to Russia, while North Korea reportedly launched three ballistic missiles offshore of its east coast on Monday.
Among commodities, oil prices are looking to rally after last week’s losses as traders focus on likely supply shortages later in the year amid optimism about a recovery in Chinese demand.
Russia is preparing to cut oil production by 500,000 barrels a day in March, in response to the imposition by Western powers of a ceiling on the prices of oil and petroleum products.
In addition, OPEC+ said last October it would cut oil production targets by 2 million barrels a day through the end of 2023.
This supply reduction comes as China’s oil imports are forecast to hit an all-time high in 2023 due to increased demand due to the post-Covid reopening.
The trades just below 1.07, in Amsterdam the remains at 50 euros per MW/h, while the is worth just over 24,730 dollars.
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