Economic calendar: German CPI inflation, Q3 GDP report from Canada

• European indices set to open higher

• China does not change Covid approach

• German CPI data and Canadian GDP are highlights of the day

Futures markets point to a higher opening of the European cash session today. Risk appetite was boosted by speculation that China may announce easing of restrictions today. While the awaited press conference turned out to be a nothing burger and no major announcements were made, indices hold onto earlier gains. Boost in risk appetite is supporting oil and industrial metals prices as well. Meanwhile, USD pulls back providing support for precious metals.

Economic calendar for the day ahead includes some interesting readings. Attention in Europe will be on flash inflation data for November. German reading is set to be released at 1:00 pm GMT but German state-level readings will be released earlier and may provide some hints. Apart from German CPI print, investors will also follow Canadian GDP report for Q3 and CB consumer confidence index for November. 

8:00 am GMT - Spain, CPI inflation for November. Expected: 7.5% YoY. Previous: 7.3% YoY

8:00 am GMT - Switzerland, GDP report for Q3 2022. Expected: 0.3% QoQ. Previous: 0.3% QoQ

1:00 pm GMT - Germany, CPI inflation for November. Expected: 11.3% YoY. Previous: 11.6% YoY

1:30 pm GMT - Canada, GDP report for Q3 2022 (annualized). Expected: 1.5%. Previous: 3.3%

3:00 pm GMT - US, Conference Board consumer confidence index for November. Expected: 100.0. Previous: 102.5

9:40 pm GMT - API report on oil inventories. Expected: -1.0 mb. Previous: -4.8 mb

Central bankers' speeches

• 8:05 am GMT - ECB De Guindos

• 12:45 pm GMT - BoE Mann

• 1:30 pm GMT - ECB Schnabel

• 2:00 pm GMT - ECB De Cos

• 3:00 pm GMT - BoE Governor Bailey