Economic calendar: PCE inflation in focus

• European indices set for flat opening
• US PCE inflation for November
• US Personal income and spending data

European index futures point to a more or less flat opening of the cash session on the Old Continent today. Energy commodities trade little higher, while precious metals are trying to erase some of the recent losses amid weaker US dollar. Surprisingly cryptocurrencies are climbing higher, despite rather downbeat sentiment. The US major averages sold off during Thursday’s session, putting pressure on Asia indices as well. Following yesterday's upbeat US GDP revision investors now try to assess what the Fed's next steps will be and today's inflation figures may be helpful. US core PCE inflation will be released at 1:30 pm GMT along with personal income and spending data.  Markets expect that price pressure will ease significantly. However, given Thursday's data, today's report may also turn out to be a disappointment and spark another wave of sell-off. Release of US new home sales will follow an hour-and-a-half later (3:00 pm GMT). University of Michigan will release December consumer sentiment index simultaneously but it will be a revision and may be overlooked by the markets 

8:00 am GMT - Spain, GDP report for Q3 2022 (final). Previous: 3.8% QoQ

9:00 am GMT - Poland, unemployment rate for November. Expected: 5.1%. Previous: 5.1%

1:30 pm GMT - US, data pack for November.

• PCE inflation. Expected: 5.3% YoY. Previous: 6.0% YoY

• Core PCE inflation. Expected: 4.7% YoY. Previous: 5.0% YoY

• Personal income. Expected: 0.3% MoM. Previous: 0.7% MoM

• Personal spending. Expected: 0.2% MoM. Previous: 0.8% MoM

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

3:00 pm GMT - US, New home sales for November. Expected: -4.7% MoM. Previous: 7.5% MoM

3:00 pm GMT - US, University of Michigan consumer sentiment for December (final). First release: 59.1