Economic Calendar: Canada's CPI print takes center stage 💡

European indices are starting the morning on a slight buying note today, brushing aside some of the geopolitical risks that emerged over the weekend. The DAX (DE40) is trading at   25,182 points (+0.07%), the French CAC40 (FRA40) is up +0.14% to 8,441, and the broad Eurostoxx50 is rising by  +0.22% to 6,325 points. The Italian FTSE MIB (ITA40, +0.11%) and the Swiss SMI (SUI20, +0.22%) are also performing well, suggesting that investors view the reopening of the Strait of Hormuz and the preliminary US–Iran agreement as a clearly positive signal for market sentiment. 

Today’s calendar

The first half of the day was relatively quiet. Key releases:

• 03:00 – China: 1-year lending rate (3.00% – in line with the forecast and the previous figure), 5-year lending rate (3.50% – unchanged)

• 09:30 – Poland: Wages, year-on-year, May (forecast 6.0% vs. previous 5.4%), Retail sales, year-on-year, May (forecast 5.3% vs. previous 2.8%)

• 13:00 – Bundesbank President Nagel speaks

• 14:30 – Canada: May CPI y/y (forecast 3.0% vs. previous 2.8%) and CPI m/m (forecast 0.8% vs. previous 0.4%) – key release

• 14:30 – The ECB President speaks

• 15:00 – Fed member Waller speaks

Company results this week

This week, the earnings season is centred on a few key announcements:

• Tuesday (23 June)  – FedEx (consensus EPS: 5.96 vs. previous 6.07; revenue 23.54B vs. previous 22.2B) – results due this evening, highly significant as a barometer of the state of global logistics;  Carnival (EPS 0.46 vs. 0.35)

• Wednesday (24 June) – Micron Technology ⭐ – a key result for the entire chip sector (consensus EPS 10.81 vs. 1.91 a year ago; revenue 22.51B vs. 9.3B) – results due this evening

• Thursday (25 June)  – Darden Restaurants, SYNNEX, McCormick, Acuity Brands – all pre-market

The greatest potential volatility is expected for Micron on Wednesday – its results could have a significant impact on the entire semiconductor sector against the backdrop of the AI boom.