Economic calendar: German GDP and CPI data, US PCE inflation

• European stock markets set to open lower

• GDP data from Europe, PCE data from US

• Earnings reports from US oil companies ExxonMobil and Chevron

There is quite a lot of interesting macro data scheduled for release today. Investors will be offered Q3 GDP reports and October's inflation data from Europe in the morning. French data was already released showing GDP growth matching expectations and inflation coming in hotter than expected.

Most attention will be paid to German data. The German GDP report will be released at 9:00 am BST while CPI data will come in at 1:00 pm BST. However, state-level readings that were already released, suggested that German CPI may surprise to the upside today.

Focus in the afternoon will be on the US data pack for September that will include PCE inflation as well as personal income and spending data.

8:00 am BST - Spain, GDP report for Q3 2022. Expected: 0.3% QoQ. Previous: 1.5% QoQ

9:00 am BST - Germany, GDP report for Q3 2022. Expected: -0.2% QoQ. Previous: 0.1% QoQ

9:00 am BST - Italy, CPI inflation for October. Expected: 9.7% YoY. Previous: 8.9% YoY

1:00 pm BST - Germany, CPI inflation for October. Expected: 10.1% YoY. Previous: 10.0% YoY

1:30 pm BST - US, data pack for September.

• PCE inflation. Expected: 6.3% YoY. Previous: 6.2% YoY

• Core PCE inflation. Expected: 5.2% YoY. Previous: 4.9% YoY

• Personal income. Expected: 0.4% MoM. Previous: 0.4% MoM

• Personal spending. Expected: 0.5% MoM. Previous: 0.4% MoM

1:30 pm BST - Canada, monthly GDP report for August. Expected: 0.1% MoM. Previous: 0.1% MoM

3:00 pm BST - US, pending home sales for September. Expected: -5.0% MoM. Previous: -2.0% MoM

3:00 pm BST - US, University of Michigan consumer sentiment for October (final). First release: 59.8

Top US earnings releases

• AbbVie (ABBV.US) - before market open

• ExxonMobil (XOM.US) - before market open

• Chevron (CVX.US) - before market open