Thursday will be dominated by PMI reports, which will provide insights into manufacturing and services activity in key economies. The Eurozone index, which has been slightly above 50 for months, is expected to fall by 0.2, indicating slower private-sector expansion after Donald Trump’s tariffs came into effect.
Across the Atlantic, besides PMI, U.S. jobless claims data will be released—especially important after yesterday’s Fed minutes highlighted confidence in employment and greater concern about inflation. Also due are the Philadelphia Fed regional report and the U.S. leading index.
Economic calendar for today:
08:15 BST – France, August PMI report:
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Composite PMI: forecast 48.5; previous 48.6
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Manufacturing PMI: forecast 48.2; previous 48.2
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Services PMI: forecast 48.5; previous 48.5
08:30 BST – Germany, August PMI report:
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Composite PMI: forecast 50.2; previous 50.6
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Manufacturing PMI: forecast 48.8; previous 49.1
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Services PMI: forecast 50.4; previous 50.6
09:00 BST – Eurozone, August PMI report:
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Composite PMI: forecast 50.7; previous 50.9
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Services PMI: forecast 50.8; previous 51.0
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Manufacturing PMI: forecast 49.5; previous 49.8
09:00 BST – Poland, July industrial production:
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Industrial output: forecast 1.6% y/y; previous -0.1% y/y
09:00 BST – Poland, July labor market data:
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Employment growth: forecast -0.8% y/y; previous -0.8% y/y
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Corporate sector wages: forecast 8.6% y/y; previous 9.0% y/y
09:00 BST – Poland, July inflation data:
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PPI: forecast -1.4% y/y; previous -1.8% y/y
09:30 BST – UK, August PMI report:
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Services PMI: forecast 51.8; previous 51.8
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Manufacturing PMI: forecast 48.2; previous 48.0
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Composite PMI: forecast 51.6; previous 51.5
12:30 BST – USA, Speech by FOMC member Raphael Bostic
13:30 BST – Canada, July Raw Materials Price Index (RMPI):
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Monthly: forecast -0.5% m/m; previous 2.7% m/m
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Annual: previous 1.1% y/y
13:30 BST – Canada, July inflation data:
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Industrial Product Price Index (IPPI): forecast 0.3% m/m; previous 0.4% m/m
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IPPI y/y: previous 1.7% y/y
13:30 BST – USA, Weekly jobless claims:
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Initial claims: forecast 226K; previous 224K
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4-week average: previous 221.75K
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Continuing claims: forecast 1.960M; previous 1.953M
13:30 BST – USA, Philadelphia Fed report for August:
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Manufacturing index: forecast 6.8; previous 15.9
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Business conditions: previous 21.5
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Prices: previous 58.8
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New orders: previous 18.4
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Employment: previous 10.3
14:45 BST – USA, August PMI report:
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Manufacturing PMI: forecast 49.7; previous 49.8
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S&P Global Composite PMI: previous 55.1
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Services PMI: forecast 54.2; previous 55.7
15:00 BST – USA, July Leading Index:
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Forecast -0.1% m/m; previous -0.3% m/m
15:00 BST – USA, July Existing Home Sales:
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Forecast 3.92M; previous 3.93M
18:00 BST – USA, 30-year TIPS auction:
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Previous 2.403%
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