- Weaker PMI data from China and industrial production from Japan
- CPI inflation in the spotlight on the European markets
- Several speeches by FED members
In today's macro calendar, there are several particularly important publications, including inflation data in Europe, which central bank members will certainly be closely monitoring. In the first part of the day, investors got familiar with industrial production data from Japan and PMI data from China, which, in short, came worse than expected. Industrial production in Japan fell by 0.4% MoM compared to the expected 1.5% growth forecasted by analysts. Similarly, retail sales on a yearly basis increased by 5.0% YoY - less than the expected 7.0% YoY. In response to the weaker data, the Japanese Nikkei index lost over 1.1%. Concerns about slowing economic activity in China are also justified after the May PMI readings, with the industrial subindex at 48.8 compared to the forecasted 49.4.
Today, investors will learn about key inflation readings in Europe for May. In Poland, a decrease in CPI inflation is forecasted to 13.2%, in Germany to 6.5%, and in France to 7.4% on a yearly basis.
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Detailed macro calendar:
07:30 AM BST, Switzerland - Retail Sales
- Expected: -1.4% YoY, Previous: -1.9% YoY
07:45 AM BST, France - CPI
- Expected: 5.5% YoY, Previous: 5.9% YoY
09:00 AM BST, Poland - CPI
- Expected: 13.2% YoY, Previous: 14.7% YoY
02:00 PM BST, Germany - CPI
- Expected: 6.5% YoY, Previous: 7.2% YoY
09:40 PM BST, USA - Crude Oil Inventories
- Expected: 0.7 mn brk, Previous: -6.8 mn brk
Central bank speeches:
- 09:30 AM BST - Visco, President of the Bank of Italy
- 01:30 PM BST - Lagarde, President of the European Central Bank
- 01:50 PM BST - Bowman, FED member
- 01:50 PM BST - Collins, FED member
- 04:00 PM BST - Jordan, President of the Swiss National Bank
- 06:30 PM BST - Harker, FED member
- 06:30 PM BST - Jefferson, FED member
