- France’s overall business climate indicator remained unchanged at 94 points, in line with both market expectations and the previous reading. However, the manufacturing sentiment index rose to 102 points versus forecasts of 99 and the previous 100, signaling improving sector activity.
- Germany’s IFO expectations index came in at 83.8 points, above the 83.5 consensus and the previous 83.3 reading. Meanwhile, the IFO current conditions component fell to 86.1 points, compared to expectations of 85.1 and 85.4 previously. The headline German IFO business climate index rose to 84.9 points, beating expectations of 84.2 and improving from the previous 84.4, pointing to a moderate improvement in economic sentiment.
Macroeconomic Calendar
14:30 | Canada - Retail Sales (MoM)
Consensus: 0.6% Previous: 0.7%
14:30 | Canada - Core Retail Sales (MoM)
Consensus: 0.9% Previous: 0.5%
14:30 | Canada - PPI (MoM)
Consensus: 1.3% Previous: 2.4%
14:30 | Canada - Core PPI (YoY)
Consensus: 7.8% Previous: not available
14:30 | US - Richmond Fed Manufacturing Index (MoM)
Consensus: 2.6% Previous: 12.0%
16:00 | US — University of Michigan Consumer Sentiment (Final)
Consensus: 48.2 pts Previous: 48.2 pts
16:00 | US — University of Michigan 5-Year Inflation Expectations (Final)
Consensus: 3.4% Previous: 3.4%
16:00 | US — University of Michigan 1-Year Inflation Expectations (Final)
Consensus: 4.6% Previous: 4.5%
16:00 | US — University of Michigan Consumer Expectations
Consensus: 48.5 pts Previous: 48.5 pts
16:00 | US — University of Michigan Current Conditions
Consensus: 48 pts Previous: 47.8 pts
Central Bank Speakers
13:30 | ECB — Boris Vujčić speaks
13:30 | ECB — Muller speaks
13:30 | ECB — Kazimir speaks
16:00 | Fed — Christopher Waller speaks
EURUSD (D1)
Source: xStation5
Morning wrap (22.05.2026) Nasdaq climbs higher, supporting European and Asian stocks
BREAKING: Mixed PMI from US
Significant Weakness Following PMI Releases from France and Germany. ECB Hike Under Threat?
Economic Calendar - Will Weak Asian PMIs Point to Weakness in Europe and the US?
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