Economic calendar: US PPI and jobless claims in focus 🗽

• European markets open higher, DAX up 0.2%; Wall Street futures edge slightly higher
• Eurozone data slightly weaker than expected
• Key U.S. data at 12:30 PGMT (Producer Price Index and jobless claims).
• Today’s market sentiment indicates an appetite for extending the recent gains.

Macro Calendar

• 10:00 – Norges Bank decision: 4.25%, in line with expectations and unchanged from the previous level.

• 9 AM GMT – Eurozone Q2 GDP (estimates): +1.4% y/y vs +1.4% exp. and 1.4% previously; +0.1% q/q vs +0.1% exp. and +0.1% q.q previously

• 9 AM GMT - Industrial production for July: 0.2% y/y vs +1.5% exp. and +3.7% y/y in June; -1.3% m/m vs -1% exp. and +1.7% m/m in June.

• 12:30 PM GMT – U.S. July PPI inflation: Expected +2.5% y/y vs +2.3% in June; +0.2% m/m vs 0% in June.

• 12:30 PM GMT – U.S. initial jobless claims: Expected 225k vs 226k previously. Continuing claims: 1.967 million vs 1.974 million previously.

• 2:30 PM GMT – EIA natural gas storage change: Expected +54 bcf vs +7 bcf previously.

Central Bank Speakers

• 2 PM GMT – Fed’s Musalem

• 5:30 PM GMT  – Fed’s Barkin