Wednesday preview: EU summit and ECB rate decision in focus

Topping the day's agenda is the extraordinary summit of European Union leaders, in Belgium, as investors wait with bated breath to see if the bloc grants the UK Prime Minister a further extension to Article and on what conditions.

Assuming that hurdle is cleared, always a dangerous proposition in financial markets, focus will shift rapidly to the European Central Bank's policy decision at 1245 BST and ECB chief Mario Draghi's follow-up press conference.

In terms of data, readings on UK industrial production, monthly GDP and foreign trade are all scheduled for release at 0930 BST, followed by figures on US consumer prices in the month of March at 1330 BST.

They will be followed by the minutes of the US Federal Reserve's last policy meeting on 19-20 March, which are due to be released after the close of markets in London.

And in the background, policy relevant remarks are possible from Bank of England Governor, Mark Carney, and deputy governor for Markets and Banking, Dave Ramsden, who will be in attendance at the IMF's spring meetings, in Washington.

"Investors are waiting for the next catalyst before considering extending current gains. With US – China trade talks over for now, the focus is shifting back towards Europe in more ways than one, that's a reason to think any rally could be hard to come by," said Jasper Lawler, head of research at LCG.

Asos is among the corporates that are set to update markets on Wednesday, with Numis's Simon Bowler anticipating that the online fashion retailer will post a 87% drop in first half profits to £4m, after a "challenging period impacted by fragile confidence, high levels of discounting, and executional mis-steps."

But having already pre-reported on sales and gross margins, Bowler didn't anticipate any changes to the company's fiscal year guidance, anticipating instead more colour on various issues, including on US warehousing, European warehouse automation and its trading plans for the second half.

"We expect management to hold off until FY results, when new CFO Matthew Dunn will be in place, before outlining thoughts around longer-term financial ambitions."

Wednesday 10 April

INTERIMS

ASOS, McCarthy & Stone, Tracsis

INTERIM DIVIDEND PAYMENT DATE

Colefax Group, Galliford Try, Gordon Dadds Group

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Consumer Price Index (US) (13:30)

Crude Oil Inventories (US) (15:30)

MBA Mortgage Applications (US) (12:00)

FINALS

Central Asia Metals, Epwin Group, Ergomed , Frenkel Topping Group, Futura Medical, Petards Group, Ra International Group, Tesco, Walker Greenbank, Warpaint London

ANNUAL REPORT

Baillie Gifford Shin Nippon, Frenkel Topping Group

AGMS

Canadian General Investments Ltd., Heavitree Brewery, Maven Income & Growth 3 VCT, Rio Tinto, VR Education Holdings

TRADING ANNOUNCEMENTS

Finsbury Food Group, Pagegroup

UK ECONOMIC ANNOUNCEMENTS

Gross Domestic Product (09:30)

Index of Services (09:30)

Industrial Production (09:30)

Manufacturing Production (09:30)

FINAL DIVIDEND PAYMENT DATE

Banco Bilbao Vizcaya Argentaria SA, Low & Bonar, Safestore Holdings