Global markets are treading water on Thursday as investors await a slew of U.S. economic data and a closely watched speech from Federal Reserve Chair Jerome Powell.

European Equities & U.S. Futures Under Pressure

European equity markets are trading with a subdued tone, reflecting cautious sentiment ahead of key macroeconomic releases. U.S. equity futures are also drifting lower, with S&P 500 futures down 0.6%, as market participants brace for potential policy signals from Fed Chair Powell.

Dollar Range-Bound, Haven Assets Attract Inflows

The U.S. dollar index (DXY) remains subdued and contained within recent ranges. Meanwhile, risk-off sentiment is drawing modest inflows into haven assets, reflecting investor caution amid global uncertainties.

Fixed Income Edges Higher

Benchmark government bond prices are slightly firmer as traders position ahead of today’s data deluge and Powell’s remarks, which may offer fresh insights into the Fed’s rate trajectory.

Crude Slides on Iran Deal Chatter, Metals Await Clarity

Crude oil futures are on the back foot following comments from former President Donald Trump suggesting the U.S. may be nearing a deal with Iran—a development that could potentially increase global supply. Meanwhile, metal markets remain in a holding pattern, awaiting U.S. data and Fed commentary for direction.

Key Events Ahead

Today’s calendar is packed with important U.S. data releases, including:

• NY Fed Manufacturing Index
• Initial Jobless Claims
• Philadelphia Fed Business Outlook
• Producer Price Index (PPI)
• Retail Sales
• Industrial Production

Additionally, the International Energy Agency (IEA) will release its monthly Oil Market Report (OMR), which could further influence energy markets.

Central Bank Speakers & Earnings Spotlight

In the central bank space, markets will hear from ECB Vice President Luis de Guindos, Fed Chair Jerome Powell and Vice Chair Michael Barr, and Bank of England’s Swati Dhingra.

On the corporate front, earnings from major names such as Applied Materials, Take-Two Interactive, Alibaba, Walmart, and Deere & Co. will be in focus.