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European markets expected to open lower
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Flash PMIs from Europe and the United States
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Second day of Powell testimony
European stock markets are seen opening lower on Wednesday following lacklustre trading on Wall Street yesterday and in Asia today. Safe haven flows can be spotted on the FX market with USD and JPY outperforming other majors. Oil trades higher after a massive container ship got stuck in the Suez Canal and blocked the waterway.
Flash PMI release for March are key points in today's calendar. French and German readings in the morning will be key releases of the European session. US PMIs at 1:45 pm GMT usually have a smaller impact on the markets than European ones. API report showed an unexpected inventory build yesterday and oil may enjoy higher volatility if today's DOE print confirms it. Last but not least, Fed Chair Powell will appear in Congress today for the second day of pandemic relief testimony. However, he is mostly likely to stick to yesterday's tone and today's appearance may be overlooked by the markets.
8:15 am GMT - France, flash PMIs for March.
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Manufacturing. Expected: 56.5. Previous: 56.1
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Services. Expected: 45.5. Previous: 45.6
8:30 am GMT - Germany, flash PMIs for March.
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Manufacturing. Expected: 60.8. Previous: 60.7
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Services. Expected: 46.2. Previous: 45.7
9:30 am GMT - UK, flash PMIs for March.
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Manufacturing. Expected: 55. Previous: 55.1
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Services. Expected: 51. Previous: 49.5
12:30 pm GMT - US, durable goods orders for February.
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Headline. Expected: +0.8% MoM. Previous: +3.4% MoM
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Ex-transportation. Expected: +0.6% MoM. Previous: 1.3% MoM
1:45 pm GMT - US, flash PMIs for March.
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Manufacturing. Expected: 59.3. Previous: 58.6
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Services. Expected: 60. Previous: 59.8
2:30 pm GMT - DOE report on oil inventories.
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Oil inventories. Expected: -0.9 mb
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Gasoline inventories. Expected: +1.1 mb
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Distillate inventories. Expected: 0.0 mb
Central bankers' speeches
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2:00 pm GMT - Fed Chair Powell
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3:40 pm GMT - ECB President Lagarde
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5:35 pm GMT - Fed Williams
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7:00 pm GMT - Fed Daly
BREAKING: UK GDP and manufacturing lower than expected 📉Final German CPI in line with expectations
Morning wrap (12.12.2025)
BREAKING: US wholesale sales lower than expected
BREAKING: US jobless claims above expectations🗽
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