Economic calendar: Oil data and US PPI

Summary:

• US PPI to shed more light on a CPI release later this week
• DoE to report a weekly change in US crude inventories
• Poland’s central bank rate decision

8:00 am BST - Spanish industrial output for July

12:00 pm BST - US mortgage applications

1:00 pm BST - Hungarian central bank minutes

1:30 pm BST - US PPI for August: The median Bloomberg estimate suggests that producer prices did not change last month compared to the same period last year and remained at 1.7%. In terms of core PPI, the consensus points to a slight acceleration to 2.2% from 2.1%. Bear in mind that today’s data could be used by market observers in making predictions ahead of a CPI report due tomorrow, a relationship in the US has been quite small though. 

3:00 pm BST - Poland’s central bank press conference: Expectations suggest no change will be made (the main rate to stay at 1.5%) today with a decision likely to come somewhere between 11:00 and 12:00 UK time. Then, a press conference will be held where Governor Glapinski could be grilled over the latest plans sketched out by the ruling Law and Justice regarding a sharp increase in minimum wage over the coming years. 

3:30 pm BST - DoE crude inventories weekly report: The consensus suggests US crude inventories declined 2.7 million barrels last week, after falling 4.8 million barrels in the previous week. At the same time, gasoline inventories are expected to have declined by 0.86 million barrels, after falling 2.4 million barrels. 

Central bankers’ speeches:

• 8:15 am BST - Riksbank’s Skingsley