Macro calendar: Markets await ZEW reading from Germany!

• European futures point to a mixed opening of the European stock market session 
• The macro calendar for today is very light, the key reading remains the ZEW index from Germany

Other than the ZEW index of the German economy, there is no significant macro data scheduled today that could trigger big moves in the financial markets. However, since Germany is experiencing a massive slowdown, especially in industry - markets will certainly pay attention to the reading. Analysts expect a slight m/m improvement but in recent weeks a number of readings from Germany have turned out to be below overly optimistic expectations. If this is the case this time as well, we could see elevated volatility on the DAX (DE30) and EURUSD. Macro data from the UK came out mixed, although benefit claims were lower, with higher wages - unemployment rose 0.1% with a slight increase in employment on the side of the three-month average.

01:30 / 02:30 AM BST - Australian consumer/business sentiment index: -1.5% vs -0.5% / 13 points vs 10 points previously

05:30 AM BST - Netherlands, CPI inflation for August: 3% vs 4.6% previous (0.4% m/m vs 1% previous)

07:00 AM BST - UK, Unemployment rate: 4.3% vs 4.3% forecast and 4.2% previous

• Unemploymant change: 900 vs. 17.1 thousand forecast and 29 thousand previously
• Employment change: -207 thousand vs -195 thousand forecasts and -66 thousand previously 
• Average wages (weekly): 8.5% vs. 8.2% forecast and 8.2% previously
• Average wages (excluding bonuses): 7.8% vs. 7.8% forecasts and 7.8% previously

8:00 AM BST- Spain, CPI inflation for August: Expectations: 2.3% y/y. Previously: 2.6% y/y

10:00 AM BST - Germany, ZEW index: Expectations: Previously: -12.3 Previously: -15

Looking at the DAX (DE30) futures, we see that, like the EURUSD, the index has broken out of the uptrend from the bottom - the key barrier for bears is around 16,000 points. Source: xStation5