Economic calendar: Germany Ifo reading in the markets spotlight

• European stock market opens slightly lower
• Ifo data from Germany are the most important macro reading, scheduled today
• Light calendar of macro publications

Today's session is very light on the macroeconomic data side, with practically one significant reading, the Ifo index, which measures sentiment among German businesses. After yesterday's dismal PMI data from German industry and slightly higher-than-forecast services, there is still the potential for negative disappointment, looking at expectations that suggest improvement in each of the three key indicators, except for the current assessment.

The publication could also affect Eurodollar volatility. An hour after the publication, Bundesbank chairman Joachim Nagel will also speak. The previously published Swiss employment change data came in above forecasts. In the absence of a busy macro calendar, investors will focus today on company results and speeches by central bankers, although here too the calendar is not full of significant readings; most key US companies have already reported their results. 

Macro calendar:

10 AM GMT, Change in non-farm employment (Switzerland): 5.488 million vs. 5.465 million previously

11 AM GMT, Ifo Index (Germany)

• Expectations: 84 forecast vs. 83.5 previously
• Current situation: 86.8 forecasts vs 87 previously
• Business climate: 85.5 forecasts vs. 85.2 previously

11 AM GMT, Eurozone inflation expectations (ECB) 

Central bankers speeches

• 09:20 AM GMT - ECB, Schnabel
• 10:00 AM GMT- Bundesbank, Nagel
• 1 PM GMT - ECB, Schnagel
• 6:30 PM GMT - Fed, Daly