• European indices set to open lower
• US CPI data for January due at 1:30 pm GMT
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European index futures point to a slightly lower opening of the cash session on the Old Continent today, despite upbeat Wall Street session yesterday and solid Asian session. JPY is a top performer among G10 currencies, while NZD dollar lag the most as investors digested latest data showing the Japan economy rebounded less than expected in the fourth quarter of 2022, with private consumption picking up as the country lifted border restrictions. NZD weakened sharply after RBNZ inflation expectations 2yr fell to 3.3% from previous 3.6%, while January Food Price Index jumped to 1.7% m/m from 1.1% in December, which raises hopes that New Zealand central bank may change its monetary policy to more dovish. GBP also appreciated as the unemployment rate in the UK was unchanged at 3.7% in Q4 of 2022, the same as in the previous period and in line with expectations.
Economic calendar for today's European morning does not contain any market-moving releases but things get more interesting in the afternoon. Key event of the day is the release of the US CPI report for January at 1:30 pm GMT. Market expects that inflationary pressures eased further last month, however US Fed 'insider' Timiraos and analysts from Goldman Sachs warn of a potential upside surprise. Later in the session, traders will also be offered speeches from 3 Fed members which may also be a source of volatility on markets.
10:00 am BST - Euro area, GDP report for Q4 2022 (2nd estimate). First release: 0.1% QoQ
10:00 am BST - Euro area, Employment change for Q4 2022 (preliminary). Expected: 0.2% QoQ. Previous: 0.3% QoQ
1:30 pm GMT - US, CPI report for January.
• Headline. Expected: 6.2% YoY. Previous: 6.5% YoY
• Core. Expected: 5.5% YoY. Previous: 5.7% YoY
9:30 pm GMT - API report on oil inventories. Previous: -2.184 mb
Central bankers' speeches:
• 2:30 pm GMT - Fed Barkin
• 4:00 pm GMT - Fed Logan
• 6:00 pm GMT - Fed Harker
• 7:05 pm GMT - Fed Williams
Top US earnings reports:
• Coca-Cola Company (KO.US) - before market open
• Airbnb (ABNB.US) - after market close
• Marriott International (MAR.US) - before market openThe content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
