Economic calendar: US GDP report for the second quarter in the spotlight 🎯

Today's macroeconomic calendar includes several interesting items, including the preliminary GDP report for the Q2 of 2024 in the USA and the June durable goods report. Additionally, stock market investors won't be bored, as American Airlines and AbbVie will release their quarterly reports before the market open.

The most important event of the day is definitely the release of the preliminary GDP data for the USA for the second quarter. Analysts expect a quarterly growth increase to 2.0%, compared to 1.3% in the previous first quarter of this year. Currently, the market is slowly changing its sentiment, and poor macroeconomic data is once again starting to cause declines in indices. Therefore, with low inflation readings, the ideal scenario for investors would be steadily positive GDP data, which would maintain hopes for a soft landing.

Detailed schedule for the day:

07:00 AM BST, Germany - German Buba President Nagel Speaks

09:00 AM BST, Germany - German Ifo Business Climate Index for July:

• Business Expectations: forecast 89.0; previous 89.0;
• Current Assessment: forecast 88.5; previous 88.3;
• Ifo Business Climate Index: forecast 88.9; previous 88.6;

01:30 PM BST, United States - GDP data:

• GDP Sales (Q2): previous 1.8%;
• GDP Price Index (Q2): forecast 2.6% QoQ; previous 3.1% QoQ;
• GDP (Q2): forecast 2.0% QoQ; previous 1.4% QoQ;

01:30 PM BST, United States - Inflation Data:

• Real Consumer Spending (Q2): previous 1.5%;
• PCE Prices (Q2): previous 3.4%;
• Core PCE Prices (Q2): forecast 2.70%; previous 3.70%;

01:30 PM BST, United States - Employment Data:

• Jobless Claims 4-Week Avg.: previous 234.75K;
• Initial Jobless Claims: forecast 237K; previous 243K;

01:30 PM BST, United States - Durable Goods for June:

• Durable Goods Orders: forecast 0.3% MoM; previous 0.1% MoM;
• Core Durable Goods Orders: forecast 0.2% MoM; previous -0.1% MoM;
• Durables Excluding Defense: previous -0.2% MoM;

04:00 PM BST, Euro Zone - ECB President Lagarde Speaks