Economic calendar: Retail sales from Canada; UoM data from the US

Futures contracts point to a higher opening for the last cash session of the week in Europe and the US. The DE40 contract is currently up nearly 0.81%, while the US100, representing technology companies, is up 0.5%. The increases are the result of continued gains following yesterday's lower CPI data from the US, but also reflect today's relatively dovish reception of the BoJ's decision. In this regard, it is worth noting that the bankers did not mention in their statement the process announced in September to begin reducing the bank's balance sheet by reselling its ETF holdings. September reports indicated that this process would begin in early 2026. As a result, the Japanese JP225 index is up 0.95% today.

What to look out for during today's session (CET time)?

2:30 p.m., Canada – Retail sales data for October:

• Retail sales: forecast 0.0% m/m; previous -0.7% m/m

2:30 p.m., Canada – Retail sales data for October:

• Core retail sales: forecast 0.0% m/m; previous result 0.2% m/m;

4:00 p.m., United States – University of Michigan inflation report for December:

• Consumer expectations in Michigan: forecast 55.0; previous 55.0;

• Consumer sentiment in Michigan: forecast 53.5; previous result 53.3;

• 5-year inflation forecast: forecast 3.2%; previous 3.2%;

• Inflation forecasts for the coming year: forecast 4.1%; previous value 4.1%;