Economic calendar: European inflation and US ISM data in the spotlight

Stocks in Europe set to open lower
US ISM manufacturing index for September, CPI data from euro area
Revision of PMI data for September

Futures markets point to a lower opening of today's European cash session with major indices from the region set to launch today's trading over 1% below yesterday's closing prices. Risk-off moods in the markets remain with safe haven currencies like USD, JPY and CHF gaining on the FX market. Commodity currencies are lagging while commodities themselves drop pressures by USD strengthening.

There are 2 major data releases to watch scheduled for the day ahead. Investors will be offered flash European CPI reading at 10:00 am BST. Partial data from member countries pointed to a faster than expected price growth and today's reading is also likely to beat the expected 3.3% YoY. Another major reading will be released at 3:00 pm BST - ISM manufacturing index for September. Market expects a slight deterioration.

8:00 am BST - Poland, manufacturing PMI for September. Expected: 54.8. Previous: 56.0

8:15 am BST - Spain, manufacturing PMI for September. Expected: 58.2. Previous: 59.5

8:45 am BST - Italy, manufacturing PMI for September. Expected: 59.4. Previous: 60.9

8:50 am BST - France, manufacturing PMI for September (final). First release: 55.2

8:55 am BST - Germany, manufacturing PMI for September (final). First release: 58.5

9:00 am BST - Euro area, manufacturing PMI for September (final). First release: 58.7

9:00 am BST - Poland, CPI inflation for September. Expected: 5.5% YoY. Previous: 5.5% YoY

9:30 am BST - UK, manufacturing PMI for September (final). First release: 56.3

10:00 am BST - Euro area, CPI inflation for September. Expected: 3.3% YoY. Previous: 3.0% YoY

1:30 pm BST - US, monthly data for August.

PCE core. Expected: 3.6% YoY. Previous: 3.6% YoY
Personal spending. Expected: 0.6% MoM. Previous: 0.3% MoM
Personal income. Expected: 0.3% MoM. Previous: 1.1% MoM

2:45 pm BST - US, manufacturing PMI for September (first release). Expected: 60.5

3:00 pm BST - US, manufacturing ISM for September. Expected: 59.5. Previous: 59.9

Central bankers' speeches

4:00 pm BST - Fed Harker
6:00 pm BST - Fed Mester

12 February 2026, 7:03 PM

Daily summary: Silver plunges 9% 🚨Indices, crypto and precious metals under pressure

12 February 2026, 1:31 PM

BREAKING: US jobless claims slightly higher than expected

12 February 2026, 8:33 AM

Economic calendar: US Jobless Claims and ECB Speeches to Offer Markets Breathing Room (12.02.2026)

12 February 2026, 7:04 AM

BREAKING: Pound frozen after lower-than-expected GDP data from UK 🇬🇧 📉

Economic reports

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