The key report for Monday will be the volume of industrial production in China in February. It will show how quickly China economy recovers from sluggish January as shown in weak readings of services and manufacturing PMIs and after slowdown in activity related to Lunar New Year holidays.

On Tuesday, investors will pay attention to the RBA meeting and the report on retail sales in the United States. Inflation in the US in February slowed down growth, in particular, core inflation missed estimates, so retail sales may fall short of expectations and increase pressure on risk assets. In addition, the ZEW index of economic sentiment in Germany will allow investors to assess how the economy is going through a long lockdown, which may be extended.

The main events on Wednesday will be the Eurozone CPI release and the Fed's monetary policy decision. Markets may expect the Fed to increase QE in order to counter recent rapid rise in long-term yields that threaten normal recovery as access to cheap liquidity diminishes. If the Fed maintains the status quo, risk assets may negatively react to this.

On Thursday, investors will pay attention to the decision by the Bank of England on interest rate and QE. The market will also wait for US jobless claims update to gauge employment dynamics, a key parameter in the formula of US economic recovery.

The Bank of Japan and the Central Bank of Russia will hold monetary policy meetings on Friday. As expected, the Central Banks of the two countries will leave the parameters of monetary policy unchanged, however BoJ may hint on extension of stimulus in order to spur inflation growth.

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