The ECB convenes later today to announce their interest rate decision as well as other monetary policy measures to support growth within Europe. While it is expected that rates will stay on hold, there has been talk that the ECB will extend its bond buying program. This was due to finish in March of 2017, but rumours are getting louder that they will extend that program by a further six months and finish up in September 2017. This program is of particular importance to markets as bonds compete with equities to attract investor money. As more bonds yields fluctuate inversely to bond prices. The ECB’s thinking is that if it keeps buying Government & Corporate bonds, it will drive investors over to equity markets, therefore investing in the private sector, thus enabling growth in the economy.

On the announcement front, China is releasing the most important data for the day. They are releasing their Trade Balance & USD-Denominated Trade Balance. The world’s second largest economy is still experiencing healthy growth figures during times of anaemic growth throughout the rest of the world. This makes China’s Trade Balance figures vital for global trade. If China still has an appetite for imported goods, while exports remain strong, that is a great indicator that growth is still being maintained within the economy.

Elsewhere, there are still quite a number of announcements. Japan is releasing Current Account, Final GDP, Bank Lending, Final GDP Price Index and Economy Watchers Sentiment data. Meanwhile, the UK is releasing RICS (Royal Institute of Chartered Surveyors) House Price Balance figures, Australia their Trade Balance data, Europe their French Final Non-Farm payrolls, the US is releasing Unemployment Claims and finally, Canada is releasing Housing Starts, Building Permits, Capacity Utilisation Rate and New Housing Price Index data.