Economic calendar: second preliminary Q2 GDP report from the U.S. in focus 🔎

The first part of this week has not featured any significant macroeconomic data, resulting in low volatility in the U.S. stock market. Yesterday's Nvidia report, released after the market closed, was the first major event of the week. Today, investors will be watching the second preliminary GDP report and the U.S. jobless claims data.

The consensus expects the same reading as in the first release, indicating a strong annualized growth of 2.8%, compared to 1.4% growth in the previous quarter. The final GDP data will be published only at the end of September. At the same time, the weekly jobless claims will also be released. Expectations suggest that claims will remain in line with recent reports, around 233,000. The number of claims returned to lower levels after a temporary sharp increase in early August due to Hurricane Beryl, which hit Texas on July 8.

Detailed schedule for the day:

08:00 AM BST, Spain - Inflation Data for August:

• Spanish HICP: forecast 2.5% YoY; previous 2.9% YoY;
• Spanish HICP: forecast 0.2% MoM; previous -0.7% MoM;
• Spanish CPI: forecast 0.1% MoM; previous -0.5% MoM;
• Core CPI: previous 2.8% YoY;
• Spanish CPI: forecast 2.4% YoY; previous 2.8% YoY;

08:15 AM BST, Euro Zone - ECB's Schnabel Speaks

10:15 AM BST, Euro Zone - ECB's Lane Speaks

01:00 PM BST, Germany - Inflation Data for August:

• German CPI: forecast 0.0% MoM; previous 0.3% MoM;
• German HICP: forecast 0.0% MoM; previous 0.5% MoM;
• German HICP: forecast 2.3% YoY; previous 2.6% YoY;
• German CPI: forecast 2.1% YoY; previous 2.3% YoY;

01:30 PM BST, United States - GDP data:

• GDP Sales (Q2): forecast 2.0%; previous 1.8%;
• GDP (Q2): forecast 2.8% QoQ; previous 1.4% QoQ;
• GDP Price Index (Q2): forecast 2.3% QoQ; previous 3.1% QoQ;
• PCE Prices (Q2): forecast 2.6%; previous 3.4%;
• Real Consumer Spending (Q2): forecast 2.3%; previous 1.5%;
• Core PCE Prices (Q2): forecast 2.90%; previous 3.70%;

01:30 PM BST, United States - Employment Data:

• Initial Jobless Claims: forecast 232K; previous 232K;
• Jobless Claims 4-Week Avg.: previous 236.00K;
• Continuing Jobless Claims: forecast 1,870K; previous 1,863K;