Economic calendar: US Q3 GDP revision, CRBT rate decision

• European indices set to open lower
• US Q3 GDP report revision
• CBRT rate decision, Canadian retail sales

European index futures point to a lower opening of the cash session on the Old Continent today. DAX futures dropped around 0.5% since yesterday's European cash close. Precious metals and other commodities benefit from USD weakening. JPY is one of the best performing G10 currencies after Japanese government revised GDP and inflation forecasts higher.

Economic calendar for the day ahead includes some interesting releases. TRY traders will focus on CBRT rate decision at 11:00 am GMT. Bank is expected to deliver a 250 basis point rate hike, pushing the main 1-week repo rate to 42.50%. A number of US reports will be released in the early afternoon, include GDP report for Q3 2023. However, as the GDP report will be a revision, its impact on the markets may be minimal. CAD may see some moves on release of retail sales data at 1:30 pm GMT  while NATGAS may see some moves on EIA report at 3:30 pm GMT.

9:00 am GMT - Poland, retail sales for November. Expected: 3.7% YoY. Previous: 4.8% YoY

11:00 am GMT - CBRT rate decision

1:30 pm GMT - US, GDP report for Q3 2023 (third release).

• Annualized GDP growth. Second release: 5.2%
• Core PCE. Second release: 2.3% QoQ
• Annualized personal consumption. Second release: 3.6%

1:30 pm GMT - US, initial jobless claims. Expected: 215k. Previous: 202k

1:30 pm GMT - US, Philadelphia Fed index for December. Expected: -3.0. Previous: -5.9

1:30 pm GMT - Canada, retail sales for October.

• Headline. Expected: 0.8% MoM. Previous: 0.6% MoM
• Core. Expected: 0.5% MoM. Previous: 0.2% MoM

3:30 pm GMT - EIA natural gas storage. Expected: -80 bcf. Previous: -55 bcf

Central bankers' speeches

• 4:00 pm GMT - ECB Lane