Equity markets opened Wednesday’s session on a slightly weaker note, with attention focused mainly on the US, where retailer Target (TGT.US) will report earnings, Fed officials Bostic and Waller are scheduled to speak, and in the evening the minutes from the July Fed meeting will be released.
Key themes for the day
-
Final eurozone CPI data in focus in Europe
-
FOMC minutes the main macro highlight (6 PM GMT)
-
Markets watching speeches from Fed’s Bostic and Waller ahead of Friday’s Jackson Hole meeting
Today events
- Earlier in the day, Germany’s PPI data showed a decline of 0.1% m/m versus expectations of a 0.1% increase, and -1.5% y/y versus -1.4% expected and -1.3% previously.
- Meanwhile, UK CPI data surprised to the upside, with services inflation rising as much as 5% y/y compared to the 4.8% forecast
- Swedish Riksbank holded interest rates unchanged at 2%, in line with expectations
- Reports indicated that Trump discussed Ukraine’s potential accession to the European Union with Hungarian President Viktor Orban, while Budapest was floated as a possible venue for talks between Putin and Zelensky.
Economic Calendar
-
9 AM GMT – Eurozone: Final CPI for July, expected 2.0% y/y vs 2.0% previously; 0.3% m/m vs 0.0% previously
-
2:30 PM GMT – US: EIA Weekly Crude Oil Inventories: Expected +0.85M barrels vs +3M previously
-
Gasoline: Expected -0.31M barrels vs -0.79M previously
-
Distillates: Expected +1.478M barrels vs +0.71M previously
-
-
6 PM GMT – US: FOMC Minutes (July meeting)
Central Bank Speakers
-
3 PM GMT – Fed Waller
-
7 PM GMT – Fed Bostic
US Earnings Season
-
10:30 AM GMT – Target (TGT.US)
