Good Morning Traders it is the 6th of March. Today we expect some Eurozone data in the form of Construction PMI, as well as an ECB speaker later on in the session.
China's top leaders avoided any significant stimulus to accelerate the consumer-driven recovery already under way and instead set a moderate economic growth target of approximately 5% for the year, suggesting less of a growth boost for the struggling global economy.
People with knowledge of the situation said that the Biden administration is close to completing an executive order that would limit investments by US companies in certain sectors of the Chinese economy, including cutting-edge technologies that could improve China's military and intelligence capabilities.
In preparation for next week's budget, UK Prime Minister Rishi Sunak is allocating more than £360 million to cutting-edge technology as part of efforts to transform Britain into a "superpower" in research by the end of the decade.
Oil prices fell at the start of the week as worries persisted about further monetary tightening from the Federal Reserve and China's moderate growth target for this year.
3:30 AM ET
Eurozone S&P Construction PMI - Prior 46.1
French S&P Construction PMI - Prior 48.4
German S&P Construction PMI - Prior 43.3
Italian S&P Construction PMI - Prior 48.2
5:00 AM ET
ECB Chief Economist Phillip Lane address, Q&A on "underlying inflation".
Good Luck today traders!