Economic calendar: US PPI data, UoM consumer sentiment

• European indices set to open lower

• GBP surges after solid Q2 GDP data

• US PPI and University of Michigan index on the agenda

European index futures point to a lower opening of the cash session on the Old Continent. This comes after a downbeat trading earlier today in Asia and after a mixed Wall Street session yesterday.

GBP is the best performing major currency following the release of a better-than-expected GDP report for Q2 2023. AUD is also gaining following testimony of RBA Governor Lowe. On the other hand, NZD is a top laggard after PMI data for July showed the manufacturing sector remaining in contraction for the fifth month in a row.

Economic calendar for the day ahead is light. There are no major economic reports from Europe left to be reported today. Things get somewhat more interesting in the afternoon with the release of US PPI inflation data for July and flash University of Michigan data for August.

8:00 am BST - Spain, CPI inflation for July (final). First release: 2.3% YoY

1:30 pm BST - US, PPI inflation for July.

• Headline. Expected 0.7% YoY. Previous: 0.1% YoY
• Core. Expected: 2.3% YoY. Previous: 2.4% YoY

3:00 pm BST - University of Michigan data for August. 

• Consumer sentiment index. Expected: 71.0. Previous: 71.6
• Current conditions subindex. Expected: 76.9. Previous: 76.6
• Expectations subindex. Expected: 67.3. Previous: 68.3
• 1-year inflation expectations. Expected: 3.5%. Previous: 3.4%
• Long-term inflation expectations. Expected: 3.0%. Previous: 3.0%