Economic calendar: Jerome Powell speaks at the teacher town hall meeting 📣

• Futures in Europe indicate a higher cash session opening
• Inflation and retail sales data from Spain
• Inflation from Germany, final GDP data from the US, and unemployment benefits

Even though we saw mainly poorer moods on the indices from Asia and the Pacific in the first part of the day, the cash session in Europe will probably open higher. At the moment, both the German DAX and indices in the UK and Euro Stoxx are rising.

Today, investors will get to know the preliminary CPI data for September from several countries, including Germany, Spain, Hungary, and Italy. In Spain, inflation is expected to rebound to 3.5% YoY, while in Germany, a significant drop to 4.6% YoY is forecasted compared to the previous month.

In the second half of the day, we will get the final GDP readings for the US. Expectations for the analyzed indicator are 2.1% YoY, the same as preliminary readings. Unemployment benefits are expected to rise slightly to 215k from 201k, but these are still very strong data in a longer-term perspective.

Detailed calendar of the day:

8:00 AM (BST), Spain - Retail sales for August:

• Previous reading +7.3% YoY

8:00 AM (BST), Spain - Inflation for September:

• CPI: Expected 3.5% YoY; previously 2.6% YoY
• HICP: Expected 3.3% YoY; previously 2.4% YoY

1:00 AM (BST), Germany - Inflation for September:

• CPI: Expected 4.6% YoY; previously 6.1% YoY
• HICP: Expected 4.5% YoY; previously 6.4% YoY

1:30 PM (BST), US - GDP for Q2 2023:

• Annualized GDP: Expected 2.1% YoY; previously 2.0% YoY
• GDP Deflator: Expected 2.0% QoQ; previously 4.1% QoQ

1:30 PM (BST), US - Unemployment benefits for the last week:

• Expected rise to 215k; previously 201k

Central bankers' speeches:

• 2:00 PM (BST) - US, Fed - Goolsbee
• 6:00 PM (BST) - US, Fed - Cook
• 9:00 PM (BST) - US, Fed - Jerome Powell