Economic calendar: US CPI inflation ahead!💡

• Indices in Europe open slightly higher after yesterday's declines at the end of the day
• Key US CPI and jobless claims data ahead
• Allianz, Alibaba Group, and Siemens AG results

Today, markets in Europe open slightly higher after a nervous end to yesterday's session on Wall Street. CFD indices on DAX (DE30) register a 0.40% increase and are quoted around 16,000.

The key event of the day is the reading of CPI inflation data in the US. It's the first of two reports before the next FED meeting in September. The market reaction might be significant. So far, the market responded with increases to previous readings, as data typically were below expectations since mid-2022, and the general trend was downwards. Today's publication assumes a first increase in CPI inflation to 3.3% Y/Y from the previous reading of 3.0% Y/Y and core inflation at an unchanged level of 4.8% Y/Y. This and the next CPI report should show whether the trend will continue downward or if a slight rebound will indeed occur.

Detailed macro calendar:
1:30 PM BST - USA, inflation report for July:

• Headline inflation: Expectations 3.3% Y/Y; Previously 3.0% Y/Y
• Headline inflation: Expectations 0.2% m/m; Previously 0.2% m/m
• Core inflation: Expectations 4.8% Y/Y; Previously 4.8% Y/Y
• Core inflation: Expectations 0.2% m/m; Previously 0.2% m/m

1:30 PM BST - USA, unemployment benefit claims for the last week:

• Expectations 230k; Previously 227k

9:15 PM BST - Speech by FED member, Patrick T. Harker

Quarterly company reports:

• Siemens AG - report for Q3 2023
• Alibaba Group - report for Q1 2023
• Allianz - report for Q2 2023