- Important macro data in China turned out better than expected
- Markets await industrial production readings, Michigan index and inflation expectations from the US
- Indexes in Europe open higher after a strong session in Asia and yesterday's gains on Wall Street
Today's calendar is dominated by readings from the United States as there are no significant readings scheduled aside from the final inflation data from Italy and France and the Eurozone trade balance. Looking at US data, on the other hand, markets will pay particular attention to readings from manufacturing, which will be kicked off by the NY Fed's regional benchmark and the Michigan index, which will complement readings on inflation expectations.
Weaker data could add to the pressure on the Fed, which will decide on interest rates next week. In the baseline scenario, markets expect one more hike in the U.S. but are pricing it with a much higher probability in November than in September. It seems that strong data readings should please the markets and confirm the strength of the economy (and thus also the potential performance of companies) - despite the Federal Reserve's tightening cycle. Inflation in the U.S. (although there is risk on the oil side) has definitely declined and appears less stubborn than in the Eurozone.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appCalendar of the day
03:00 BST - Macro readings from China
- Unemployment rate: 5.2% vs. 5.3% forecast and 5.3% previously
- Urban investments: 3.2% vs. 3.3% forecast and 3.4% previously
- Industrial production: 4.5% vs. 3.9% forecast and 3.7% previously
- Retail sales: 4.6% vs 3% forecast vs 2.5% previously
07:45 BST, France - CPI inflation
- CPI y/y: 4.8% vs 4.8% forecast vs 4.8% previously
- CPI m/m: 1% forecast vs 1% previous
- HICP y/y: 5.7% forecasts vs 5.7% previous
- HICP m/m: 1.1% forecasts vs 1.1% previously
09:00 BST, Italy - CPI inflation
- CPI y/y: 5.5% previously
- CPI m/m: 0.4% previously
- HICP y/y: 5.5% forecast vs 5.5% previous
- HICP m/m: 0.2% previously
13:30 BST, NY Fed regional index. Forecast: -10 vs -19 previously
- US import prices. Forecast: 0.3% vs 0.4% previously
- US export prices. Forecast: 0.4% vs 0.7% previously
14:15 BST, US industrial production m/m. Forecast: 0.1% vs 1% previously (-0.23% y/y previously)
- Manufacturing Output. Forecast: 0.1% vs 0.5% previously
15:00 BST University of Michigan Consumer Sentiment sentiments index (prelim). 69 vs 69.5 previously
- Expectations Index. Forecast: 65 vs 65.5
- Current Conditions Index. Forecast: 74.8 vs. 75.7
- 5-year inflation expectations. Forecast: 3% vs. 3% previously
- 1-year inflation expectations. Forecast: 3.5% vs. 3.5% previously
19:00 Number of US oil rigs (Baker Hughes) Previous: 513
Central bank speeches
- 07:45 BST ECB Villeroy
- 10:45 BST ECB Lagarde
The 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.
