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European indices set to open higher
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EUR traders wait for EMU CPI data and ECB minutes
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ADP jobs report for May in the early afternoon
European index futures point to a higher opening of the cash session on the Old Continent today. Equity markets took a hit yesterday as higher-than-expected JOLTS data led to a jump in market pricing for a Fed rate hike at the June meeting. However, dovish comments from Fed Jefferson and Harker yesterday in the evening led to a drop in hawkish bets, allowing equities to recover a bit. Fed Harker will also deliver a speech today in the evening (6:00 pm BST).
Economic calendar for today is packed with top-tier releases from Europe and the United States. Traders will be offered final PMIs from Europe in the morning, followed by EMU CPI reading for May and ECB minutes. Attention in the afternoon will be on ADP jobs report and manufacturing ISM for May. Commodity traders will tune in for two reports from EIA - natural gas storage report and data on US oil inventories.
8:00 am BST - Poland, manufacturing PMI for May. Expected: 45.9. Previous: 46.6
8:15 am BST - Spain, manufacturing PMI for May. Expected: 47.8. Previous: 49.0
8:45 am BST - Italy, manufacturing PMI for May. Expected: 45.8. Previous: 46.8
8:50 am BST - France, manufacturing PMI for May (final). First release: 46.1
8:55 am BST - German, manufacturing PMI for May (final). First release: 42.9
9:00 am BST - Euro area, manufacturing PMI for May (final). First release: 44.6
9:30 am BST - UK, manufacturing PMI for May (final). First release: 46.9
10:00 am BST - Euro area, CPI report for May.
- Headline. Expected: 6.3% YoY. Previous: 7.0% YoY
- Core. Expected: 5.5% YoY. Previous: 5.6% YoY
12:30 pm BST - ECB minutes
1:15 pm BST - US, ADP employment report for May. Expected: 170k. Previous: 296k
1:30 pm BST - US, jobless claims. Expected: 235k. Previous: 229k
2:45 pm BST - US, manufacturing PMI for May (final). First release: 48.5
3:00 pm BST - US, manufacturing ISM for May. Expected: 47.0. Previous: 47.1
3:00 pm BST - US, construction spending for April. Expected: 0.1% MoM. Previous: 0.3% MoM
3:30 pm BST - US, EIA natural gas storage report. Expected: +95 bcf. Previous: +96 bcf
4:00 pm BST - US, EIA report on US oil inventories.
- Oil inventories. Expected: -1.2 mb (API: +5.2 mb)
- Gasoline inventories. Expected: -0.2 mb (API: +1.89 mb)
- Distillate inventories. Expected: +1.0 mb (API: +1.85 mb)
Central bankers' speeches
- 8:30 am BST - SNB Schlegel
- 8:55 am BST - ECB Knot
- 10:30 am BST - ECB President Lagarde
- 1:30 pm BST - ECB Villeroy
- 6:00 pm BST - Fed Harker
