Fed decision on Wed will be more important: HSBC

Here are experts equity calls for the day on how the markets are expected to trade:

Pablo Goldberg, HSBC: It is not difficult to see a reversal of the trend seen last Thursday & Friday if policymakers do not deliver. The effects of just promises on the markets have been eroding very quickly and whether the ECB meets or disappoints expectations will have direct implications on appetite for risk "on" or "off". We believe the Fed decision on Wednesday will be more important in terms of base rate levels and the short-term outlook for the dollar. Michael Hartnett, BofA ML: The ECB eased rhetorically last week, with Draghi promising action. Assuming this materializes, it could soon be buying peripheral bonds. However, a sustained rally in equities in the H2 of this year requires action by the ECB, QE by the Fed and signs of growth revival in China. Also no re-rating is likely without sensible global fiscal policy consolidation.