We expect Europe to start today's session cautionary

Indicatively, the indices point to a slight opening downwards, but rather to pure caution, given that global bonds continue to rise, and today we expect US GDP data and initial aid applications. We expect a minimal play of Brexit's events yesterday as the market will also be prepared for CPI from Germany, so watch DAX in particular. Expectations for the CPI to grow from 0.4% to 0.6%. Improvement in inflation will certainly be something positive, from which markets, especially in Europe, will need.

Markets are trying to ignore the crossing of the yield curve, which has become a hot topic this week, but investors can not ignore the negative sentiment about the global economy. Given the positive signs surrounding the trade talks, there are still a lot of uncertainties surrounding major issues, and a deadline for signing the agreement is still missing. Still, however, the optimistic lion, which keeps the risky assets "alive".

Brexit's uncertainty will remain a burden on investors because nothing is clear yet. It is expected next Monday to propose changes to the vote agreement, while May still does not get the third chance of a major agreement to vote. She was ready to sacrifice by resigning if the parliament supported her, but yesterday it did not happen. At the last minute, the DUP of Northern Ireland drew its support from May, and half of the ministers decided by the ERG to stand on her side.

Unless the market assesses the risks of a global recession, then at one point the bond rally has to stop. More and more is said that this topic will not become hot only for this week, but also for the whole year.

Indicative levels of opening of major European indices:

DAX: 11411 - 32 points

FTSE: 7202 -3 points

CAC: 5311 -8 points

Economic calendar for today:

14:30 USA - GDP

14:30 USA - Initial jobless claims

15:00 Germany - CPI

16:00 USA - Pending home sales

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