Economic calendar: US PCE data in the spotlight

• European indices set for flat opening
• US PCE data for June in the spotlight
• Earnings reports from 3M and Bristol-Myers Squibb

European index futures point to a more or less flat opening of the cash session on the Old Continent today. This comes following an upbeat trading during Asia-Pacific session earlier today and in spite of tech sell-off on Wall Street yesterday.

Economic calendar for today's European morning hours is light, but things get a bit more interesting in the afternoon with release of US monthly data pack for June. Among data that will be released one can find PCE report for June. While this data has lost some of its significance given that investors were offered Q2 PCE data yesterday, it is still worth watching and can trigger some moves on USD market. Final University of Michigan reading at 3:00 pm BST is unlikely to trigger major market moves. Financial reports from 3M and Bristol-Myers Squibb are highlights in today's earnings calendar.

8:00 am BST - Spain, retail sales for June.

8:00 am BST - Spain, unemployment rate for Q2 2024. Expected: 11.4%. Previous: 12.3%

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

• Headline PCE (annual). Expected: 2.5% YoY. Previous: 2.6% YoY
• Headline PCE (monthly). Expected: 0.1% MoM. Previous: 0.0% MoM
• Core PCE (annual). Expected: 2.5% YoY. Previous: 2.6% YoY
• Core PCE (monthly). Expected: 0.1% MoM. Previous: 0.1% MoM
• Personal income. Expected: 0.4% MoM. Previous: 0.5% MoM
• Personal spending. Expected: 0.3% MoM. Previous: 0.2% MoM

3:00 pm BST - US, University of Michigan data for July (final).

• Consumer Sentiment. First release: 66.0
• Current Conditions. First release: 64.1
• Expectations. First release: 67.2
• 1-year inflation expectations. First release: 2.9%
• 5-year inflation expectations. First release: 2.9%

Top Wall Street earnings releases

• Bristol-Myers Squibb (BMY.US) - before market open
• 3M (MMM.US) - before market open