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Extension of negotiation deadline (Brent: $54.7)

Voices are mixed on the status of the nuclear negotiations in Lausanne where Iran and six world powers continue trying to reach a deal even though deadline is exceeded. The parties could at least agree on extending talks for one day.

Yesterday's weekly API crude stock data showed another huge build in crude; 5.200M versus 3.500 expected. Gasoline showed a draw of 4.100M barrels versus 2.600M previous. Now this afternoon's weekly EIA oil inventory report will be watched closely for a confirmation of this trend.

Though Iran nuclear negotiations will be the main potential market mover today, do expect some volatility around publishing of the weekly report at 16.30 CET.

Chinese manufacturing data improved slightly this morning; 50.1 versus 49.9 previous. The HSBC Manufacturing PMI was still below the 50-level, at 49.6, a slight improvement from last reading of 49.2, increasing hopes of growth recovery in the huge country. A row of global manufacturing PMIs from Europe and the U.S. are due later today - see below schedule for economic key numbers of today.

Today's economic numbers:

01:50 JPY Tankan All Big Industry CAPEX (Q1)
01:50 JPY Tankan Big Manufacturing Outlook Index (Q1)
01:50 JPY Tankan Large Manufacturers Index (Q1)
01:50 JPY Tankan Large Non-Manufacturers Index (Q1)
03:00 CNY Manufacturing PMI (Mar)
03:00 CNY Non-Manufacturing PMI (Mar)
03:45 CNY HSBC Manufacturing PMI (Mar)
09:15 EUR Spanish Manufacturing PMI (Mar)
09:45 EUR Italian Manufacturing PMI (Mar)
09:50 EUR French Manufacturing PMI (Mar)
09:55 EUR German Manufacturing PMI (Mar)
10:00 EUR Manufacturing PMI (Mar)
10:30 GBP Manufacturing PMI (Mar)
14:15 USD ADP Nonfarm Employment Change (Mar)
15:00 USD FOMC Member Williams Speaks
15:45 USD Manufacturing PMI (Mar)
16:00 USD ISM Manufacturing Employment (Mar)
16:00 USD ISM Manufacturing PMI (Mar)
16:30 USD Crude Oil Inventories
16:30 USD EIA Weekly Distillates Stocks
16:30 USD FOMC Member Lockhart Speaks
16:30 USD Gasoline Inventories