Economic calendar: Euro area Q4 GDP, Wall Street earnings

• European indices opened slightly lower

• GDP reports from euro area, Canada and Italy

• Earnings from Caterpillar, McDonald's and Electronic Arts among others

European stock market indices opened with small bearish price gaps on Tuesday, following a downbeat trading on Wall Street yesterday and in Asia earlier today. Energy commodities are pulling back with Brent dropping 0.7% at press time. Precious metals are pressured by USD strengthening with gold dropping 0.5% while platinum and silver drop around 1.4% each. 

Economic calendar for today holds some interesting releases. Traders will focus on European Q4 GDP data in the morning followed by the monthly GDP report for November from Canada in the early afternoon. The Conference Board index for January may also trigger some moves. Oil may see some additional action in the evening following the release of API report. Last but not least, Wall Street earnings calendar for today is packed with top-tier earnings reports (see the list below).

German CPI data for January was initially set to be released today at 1:00 pm GMT but German statistics office announced yesterday that it had to delay release until next week due to technical errors. Exact time and date of new release is to be announced on Friday.

8:55 am GMT - Germany, unemployment rate for January. Expected: 5.5%. Previous: 5.5%

10:00 am GMT - Euro area, GDP report for Q4 2022. Expected: -0.1% QoQ. Previous: 0.3% QoQ

10:00 am GMT - Italy, GDP report for Q4 2022. Expected: -0.2% QoQ. Previous: 0.5% QoQ

1:30 pm GMT - Canada, GDP report for November. Expected: 0.2% MoM. Previous: 0.1% MoM

2:45 pm GMT - US, Chicago PMI for January. Expected: 45.0. Previous: 45.1

3:00 pm GMT - US, Conference Board confidence index for January. Expected: 109.0. Previous: 108.3

9:40 pm GMT - API report on US oil inventories. Expected: +0.2 mb. Previous: +3.4 mb

9:45 pm GMT - New Zealand, data pack for Q4 2022.

• Employment change. Expected: 0.3% QoQ. Previous: 1.3% QoQ

• Labour Cost. Expected: 1.1% QoQ. Previous: 1.1% QoQ

• Unemployment rate. Expected: 3.3%. Previous: 3.3%

Top US earnings releases

• Caterpillar (CAT.US) - before market open

• ExxonMobil (XOM.US) - before market open

• General Motors (GM.US) - before market open

• Marathon Petroleum (MPC.US) - before market open

• McDonald's (MCD.US) - before market open

• Pfizer (PFE.US) - before market open

• Phillips 66 (PSX.US) - before market open

• United Parcel Service (UPS.US) - before market open

• Advanced Micro Devices (AMD.US) - after market close

• Electronic Arts (EA.US) - after market close