Economic calendar: German GDP report, US PCE inflation

• European markets set to open lower

• Q2 GDP reports from Europe

• US PCE inflation data to be released at 1:30 pm BST 

Futures markets point to a lower opening of today's cash session in Europe. European GDP data for Q2 that will be released throughout the morning may offer a chance for turnaround. German report at 9:00 am BST will be the most closely watched one. Apart from that, US data pack at 1:30 pm BST may have boost volatility on USD and precious metals markets. Fed's favourite inflation measure - core PCE - is expected to accelerate once again. Today's earnings calendar is dominated by oil and consumer goods companies. 

8:00 am BST - Spain, GDP report for Q2 2021. Expected: 2.2% QoQ. Previous: -0.4% QoQ

9:00 am BST - Germany, GDP report for Q2 2021. Expected: 2% QoQ. Previous: -1.8% QoQ

9:00 am BST - Italy, GDP report for Q2 2021. Expected: 1.3% QoQ. Previous: 0.1% QoQ

9:00 am BST - Poland, CPI inflation for July. Expected: 4.7% YoY. Previous: 4.4% YoY

10:00 am BST - Euro area, GDP report for Q 2021. Expected: 1.5% QoQ. Previous: -0.3% QoQ

1:30 pm BST - US, data pack for June.

• Personal spending. Expected: 0.7% MoM. Previous: 0% MoM

• Personal income. Expected: -0.4% MoM. Previous: -2% MoM

• Core PCE inflation. Expected: 3.7% YoY. Previous: 3.4% YoY

2:45 pm BST - US, Chicago PMI index for July. Expected: 64.5. Previous: 66.1

3:00 pm BST - US, University of Michigan index for July. Expected: 80.8. Previous: 85.5

US earnings releases

• AbbVie (ABBV.US) - before market open

• Caterpillar (CAT.US) - before market open

• Chevron (CVX.US) - before market open

• Colgate-Palmolive (CL.US) - before market open

• ExxonMobil (XOM.US) - before market open

• Procter&Gamble (PG.US) - before market open