Here are the top five things you need to know in financial markets on Friday, April 22:
1. Euro zone finance ministers discuss Greek bailout
Finance ministers from the countries in the single-currency blog were gathered in Amsterdam on Friday in the so-called Eurogroup meeting to review the progress for the review of Greece’s economic adjustment program which the Hellenic Republic needed to past to receive its next tranche of aid.
Eurogroup head Jeroen Dijsselbloem played down the possibility of any deal being reached and was expected to give a press conference at 10:15AM GMT, or 6:15AM ET.
2. Yen under pressure as BoJ weights negative rates
The yen hit a two-week low against the dollar on Friday after a media report said that the Bank of Japan (BoJ) could expand its negative interest rate policy beyond its current applications.
Specifically, Bloomberg reported that Japanese central bank was considering applying negative rates to its lending program for banks.
Japanese stocks also benefitted from the news, erasing gains and rising to an 11-and-half week high.
3. Euro area economy stuck in rut at beginning of second quarter
Economic activity in the euro zone unexpectedly slipped in April, underlining concerns over the health of the region's economy, according to the Markit PMI data released on Friday.
After the European Central Bank (ECB) decided to keep monetary policy unchanged on Thursday, Markit chief economist Chris Williamson warned that “even more aggressive policy action may therefore be required to drive a more robust and sustainable recovery and reignite inflationary pressures.”
The data was released as the ECB survey of professional forecasters showed a decrease in growth expectations for the region during 2016.
4. Oil set for biggest weekly rally this year
Crude continued to move in volatile trade on Friday, heading for one of its biggest weekly rallies this year.
Brent was up around 8% since Monday while West Texas had continued to move higher throughout the week.
Investors will digest the Baker Hughes U.S rig count data later in the day.
U.S. crude oil futures slipped 0.05% to $43.16 at 9:48AM GMT, or 5:48AM ET, while Brent oil traded down 0.31% to $44.39.
5. Market focus shifts to North America with Canadian data and U.S. blue-chip earnings
With European stocks trading broadly lower on disappointing data and weak earnings, market participants were set to shift their attention to the North American session.
Canada will release inflation data for March and February retail sales at 12:30GMT or 8:30AM ET.
On the U.S. economic front, the calendar was light though Markit will release its manufacturing PMI for April at 13:45GMT or 9:45AM ET.
Among Dow Jones components, McDonald’s, Caterpillar and General Electric were all set to report quarterly earnings.