Here are the top five things you need to know in financial markets on Thursday, April 14:
1. BoE to announce monetary policy decision
The Bank of England (BoE) will announce its monetary policy decision on Thursday at 11:00AM GMT, or 7:00AM ET.
Despite the fact that inflation hit a 15-month high, the low level of 0.5% implies that no changes to interest rates would be necessary and the members of the monetary policy committee (MPC) were expected to vote unanimously to keep both rates and the asset purchase program unchanged.
The minutes will be closely watched to see the BoE’s concern over the current economic situation and particularly with references to the Brexit, as recent surveys have shown that the vote to leave the European Union (EU) in the June 23 referendum was on the rise.
2. BoJ expected to ease by July at the latest
As the Bank of Japan (BoJ) continues to fight deflation and keeps an eye on the strength of the yen, a Reuters poll of economists showed that the monetary authority would implement further easing measures by July at the latest.
Half of the 16 analysts surveyed believed a move would come at the next meeting on April 27-28, with another three forecasting action in June and the remaining five placing bets on July.
3. Earnings season in focus: Burberry crashes; Bank of America and Wells Fargo on tap
The balance of earnings reports on Thursday in the European morning session was largely negative, with Burberry Group PLC (LON:BRBY) plunging 6% after the British luxury fashion brand reported a 5% drop in like-for-like sales last quarter and warning on profit.
In other large moves in European trade, Persimmon PLC (LON:PSN), Sodexo (PA:EXHO) and Casino Guichard (PA:CASP) were all trading lower after reporting earnings, while Nestle SA (SIX:NESN) traded up almost 2% after confirming its outlook and reporting a 3.9% in underlying sales growth.
Stateside, both Bank of America Corporation (NYSE:BAC) and Wells Fargo & Company (NYSE:WFC) were scheduled to report earnings before the U.S. open on Thursday after JPMorgan Chase & Co (NYSE:JPM) tallied gains of 4% on Wednesday after its own earnings-per-share beat consensus.
4. U.S. inflation, jobless claims and Fed speakers on the docket
Investors will face a deluge of references later on Thursday as the U.S. reports both inflation data and weekly jobless claims at 12:30GMT, or 8:30AM ET.
The Federal Reserve (Fed) will also be in the spotlight at 14:00GMT, or 10:00AM ET, as Fed governor Jerome Powell was scheduled to testify before the Senate Banking Subcommittee on trends in fixed-income markets and Atlanta Fed president Dennis Lockhart was slated to moderate a conversation on the perspective of the U.S. monetary authority.
5. Oil ticks down over doubts of a meaningful impact from any agreement in Doha
Oil retreated from 2016 highs on Thursday as pessimism grew over the ability of major oil producers to reach an agreement on Sunday that would be capable of reining in oversupply.
Russian oil minister Alexander Novak admitted that any deal will be loosely-framed with few detailed commitments.
The International Energy Agency warned Thursday that a deal is likely to have a limited impact on global supply and markets are unlikely to rebalance before 2017.
U.S. crude oil futures fell 0.17% to $41.69, at 9:56AM GMT, or 5:56AM ET, while Brent oil traded down 0.29% to $44.05.