The three things you need to know this week: 1Q Earnings, the ECB's Economic Bulletin and Oil.
1Q Earnings: Nearly 40% of the S&P 500 has reported earnings with revenues up 4.7% Y/Y and earnings 3.4% higher Y/Y. So far, the biggest positive earnings surprises have come from the Communication Services and Technology sectors, while Energy and Industrials have lagged.
ECB Economic Bulletin: In the April release, the ECB noted ample accommodation is still necessary, risks to the Eurozone growth outlook remain tilted to the downside and recent data has confirmed slower growth momentum. The ECB will announce precise terms of its new TLTRO series at an upcoming meeting and continues to assess how best to preserve the positive effects of negative interest rates while mitigating the negative impact it has on the bank-based transmission channel.
Oil: The Saudi Energy Minister sees no need to take immediate action to alter oil production following the U.S. decision to end waivers on imports from Iran. The next key date to focus on will be in June when the current round of OPEC and Russia global output cuts is set to expire.