Economic Calendar: Markets Focus on US PPI and Retail Sales (25.11.2025)

Tuesday’s session is set to be interesting both in Europe and the United States. Today’s macroeconomic data include, among others, Germany’s preliminary GDP reading, PPI inflation in Sweden and the US, retail sales in Poland and the US, and property price indices. Attention will also focus on speeches by members of the European Central Bank’s Executive Board and weekly US crude oil inventory data. However, the market’s main focus today will be on US PPI and retail sales figures.

Today’s Calendar (CET):

08:00 – Germany
Gross Domestic Product (GDP) – preliminary Q3 data

• GDP s.a. q/q: actual 0.0% (forecast 0.0%; previous -0.3%)

• GDP n.s.a. y/y: actual 0.3% (forecast 0.3%; previous -0.2%)

08:00 – Sweden
PPI inflation y/y – October: actual 0.4% (previous 0.5%)

08:45 – France
Consumer Confidence Index – November: (forecast 90; previous 90)

09:00 – Poland
BIEC Well-being Index – November: previous 94.8

10:00 – Poland
Retail Sales – October

• Retail sales m/m: (previous -2.5%)

• Retail sales y/y: (forecast 3.9%; previous 6.6%)

• Retail sales at constant prices y/y: (forecast 3.7%; previous 6.4%)

10:00 – Eurozone
Speech by ECB Executive Board Member Piero Cipollone

14:00 – Poland
Money Supply M3 y/y – October: (forecast 10.6%; previous 11.1%)

14:30 – USA
Producer Price Index (PPI) – October

• PPI m/m: (forecast 0.3%; previous -0.1%)

• Core PPI m/m: (forecast 0.3%; previous -0.1%)

• PPI y/y: (forecast 2.7%; previous 2.6%)

• Core PPI y/y: (forecast 2.7%; previous 2.8%)

14:30 – USA
Retail Sales – October

• Retail sales m/m: (forecast 0.4%; previous 0.6%)

• Retail sales ex. autos m/m: (forecast 0.4%; previous 0.7%)

• Retail sales ex. autos & gas m/m: (previous 0.7%)

• Retail sales y/y: (previous 5%)

15:00 – USA
S&P/Case-Shiller Home Price Index – September

• 10-city y/y: (forecast 1.9%; previous 2.1%)

• 20-city y/y: (forecast 1.4%; previous 1.6%)

FHFA House Price Index m/m: previous 0.4%

15:00 – Eurozone
Speech by ECB Executive Board Member Piero Cipollone

16:00 – USA
Richmond Fed Index – November: (forecast -0.2; previous -4)
Pending Home Sales Index m/m – October: (previous 0.0%)
Consumer Confidence Index – Conference Board – November: (forecast 93.5; previous 94.6)
Inventories of Unfinished Goods m/m – August: (forecast 0.1%; previous 0.2%)

22:40 – USA
Weekly US API Fuel Inventory Change

• Crude oil change: 4.4 million barrels