An Israeli attack on Iran has triggered a geopolitical earthquake that will remain the primary focus for global financial markets for the foreseeable future. A massive airstrike on nuclear facilities and the deaths of key military commanders and scientists leave no doubt about further escalation of the Middle East conflict.
As a result, market volatility is at record levels and will persist throughout the session, despite a relative lack of major macroeconomic data releases. After final inflation readings from EU countries, attention may turn to the latest data on industrial production and the Eurozone trade balance – two key indicators in the context of the next two weeks, after which the official trade negotiation period between the U.S. and its partners concludes.
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Create account Try a demo Download mobile app Download mobile appAcross the Atlantic, we expect data from Canada’s industrial sector, as well as the University of Michigan’s inflation report.
Economic calendar for today:
10:00 – Eurozone – Trade Balance for April
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Forecast: €18.2B
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Previous: €36.8B
10:00 – Eurozone – Industrial Production for April
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Year-on-year: Forecast 1.4%; Previous 3.6%
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Month-on-month: Forecast -1.6%; Previous 2.6%
13:30 – Canada – Manufacturing Sales for April
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Forecast: -2.1% m/m
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Previous: -1.4% m/m
13:30 – Canada – New Motor Vehicle Sales for April
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Previous: 189.3K m/m
13:30 – Canada – Industrial Production
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Capacity Utilization Rate (Q1): Forecast 79.6%; Previous 79.8%
13:30 – Canada – Wholesale Sales for April
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Forecast: -0.9% m/m
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Previous: 0.2% m/m
15:00 – United States – University of Michigan Inflation Report (June, preliminary)
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Consumer Sentiment Index (preliminary): Forecast 59.4; Previous 58.9
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Michigan Consumer Expectations Index: Forecast 53.5; Previous 52.2
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Consumer Sentiment Index (final): Forecast 49.0; Previous 47.9
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5-year Inflation Expectations: Previous 4.2%
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Inflation Expectations (general): Previous 6.6%
16:00 – Eurozone – ECB’s Elderson speech
