Economic Calendar: US ADP and CPI in Germany in the spotlight!

• Futures indexes indicate a mixed opening in European markets
• Several CPI publications from Europe today, including from Germany

Today's macro calendar is somewhat busier than the previous two days of this week, but there are still no key data planned. Futures contracts indicate a mixed opening on the European market, with the DAX trading flat at around 16,000 points.

Today we will receive ADP report from the US and CPI inflation data for August from Spain and Germany. In Spain, a slight rebound in inflation is forecasted compared to the previous month, 2.6% YoY (previously 2.3%), and in Germany, the reading is expected to be slightly lower at 6.0% YoY (previously 6.2%). Given the recent readings from Germany, it can be said that the largest economy in Europe is in a difficult situation. Persistent high inflation in the context of really weak PMI and industrial production readings is not a good combination, especially considering the need for further tightening.

Detailed calendar for the day:
8:00 AM BST - Spain, inflation report for August:

• CPI: Expected 2.6% YoY; previously 2.3% YoY
• HICP: Expected 2.5% YoY; previously 2.1% YoY

1:00 PM BST - Germany, inflation report for August:

• CPI: Expected 6.0% YoY; previously 6.2% YoY
• HICP: Expected 6.3% YoY; previously 6.5% YoY

1:15 PM BST - USA, ADP employment report for August:

• Employment Change: Expected 195k; previously 324k

1:30 PM BST - USA, final GDP data for Q2 2023:

• Annualized GDP: Expected 2.4%; previously 2.0%
• Price Deflator: Expected 2.2%; previously 4.1%
• Annualized Consumer Spending: Expected 1.6%; previously 4.2%