- European session with slightly lower opening
- PPI inflation reading from the US and the FOMC minutes in the financial markets spotlight
Today's macro calendar is not particularly abundant but there are two very important publications scheduled. In particular, the PPI data from the US (14:30) and the FOMC minutes from the last meeting (20:00) are likely to cause increased volatility on the indices. Uniquely, PPI will be published today before CPI inflation so investors may build some expectations for tomorrow's CPI release (also published at 2:30 pm) based on this reading.
Moreover, we have a great deal of speeches on the calendar from representatives of the European Central Bank and the Fed - surely the market will also follow them closely today and look for confirmation of the general 'dovish narrative' of the last two days. Although the Asian session passed today again under the dictates of buyers driven by 'pivot' expectations in the US and reports of a broader stimulus package in China's economy - the European market opening is in mixed mood.
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ECB 5-year inflation expectations (10:00) Expectations: 2.5% vs. 2.4% previously (3.4% previous annual inflation rate expectations)
PPI inflation, in the US. Expectations (14:30)
- Headline reading y/y: 1.6% Previously: 1,6%
- Headline reading m/m: 0.3% Previous: 0,7%
- Core reading y/y: 2.3% Previous: 2,2%
- Core reading m/m: 0.2% Previous: 0,2%
Canadian building permits (14:30). Expectations: 1.2% Previously: -1,5%
API oil inventories (10:30 pm). Expectations: -4.21 million (with an expected 3.94 million increase in gasoline inventories)
FOMC minutes from the September Fed meeting (8:00 pm)
Central bankers speeches
- 09:15 BST - Fed Bowman
- 09:15 BST - ECB Knot
- 11:00 BST- Riksbank Bunge
- 12:00 BST - ECB de Cos
- 15:15 BST - Fed Waller
- 16:15 BST - ECB Villeroy
- 17:15 BST - Fed Bostic
- 21:30 BST - Fed Collins
