Economic calendar: US politics and data in the spotlight

European markets seen opening higher
Democrats may win both seats in Georgia Senate race
Services PMIs, ADP employment data and FOMC minutes on the agenda

European markets are expected to open higher following in spite of downbeat moods on the Asian stock exchanges. US Senate race in Georgia is a major theme today - one race has already been called for Democrats while the other is still too close to call. However, some media outlets have already reported that the second seat was also won by Democrats. Such an outcome would lead to a 50-50 split in the US Senate.

When it comes to data, services PMIs from European countries will be released throughout the morning. However, most of the releases will be revisions. ADP employment data will be released in the early afternoon and it will serve as a hint ahead of Friday's NFP report release. Last but not least, FOMC minutes will be released in the evening. However, the document is unlikely to trigger big moves on the markets as highlights from the December's meeting - economic forecasts and dot-chart - were already released.

8:15 am GMT - Spain, services PMI for December. Expected: 45. Previous: 39.5

8:45 am GMT - Italy, services PMI for December. Expected: 45.3. Previous: 39.4

8:50 am GMT - France, services PMI for December (final). First release: 49.2

8:55 am GMT - Germany, services PMI for December (final). First release: 47.7

9:30 am GMT - UK, services PMI for December (final). First release: 49.9

1:00 pm GMT - Germany, CPI inflation for December. Expected:-0.3% YoY. Previous: -0.3% YoY

1:15 pm GMT - US, ADP employment change for December. Expected: 88k. Previous: 307k

2:45 pm GMT - US, services PMI for December (final). First release: 55.3

3:00 pm GMT - US, factory orders for November. Expected: 0.7% MoM. Previous: 1% MoM

3:30 pm GMT - DOE report on oil inventories.

Oil inventories. Expected: -1.5 mb
Distillate inventories. Expected: +2.8 mb
Gasoline inventories. Expected: +1.55 mb

7:00 pm GMT - FOMC minutes

22 May 2026, 7:03 AM

Morning wrap (22.05.2026) Nasdaq climbs higher, supporting European and Asian stocks

21 May 2026, 2:54 PM

BREAKING: Mixed PMI from US

21 May 2026, 8:53 AM

Significant Weakness Following PMI Releases from France and Germany. ECB Hike Under Threat?

21 May 2026, 7:31 AM

Economic Calendar - Will Weak Asian PMIs Point to Weakness in Europe and the US?

Economic reports

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