- European stock markets seen opening higher
- US PCE data
- 4 Fed members to deliver speeches
Futures markets point to a higher opening of today's European session. The upbeat mood remains the underlying theme so far, as sentiment was fueled by a breakthrough in infrastructure spending talks in Washington. Economic calendar for the European session is almost empty as the only noteworthy reading - German GfK Consumer Climate survey - has already been released at 7:00 am BST. It has shown German consumer morale increased to -0.3 heading into July, the highest level since August 2020 and well above market expectations of -4.0. When it comes to the US trading hours, investors will be offered the PCE data and final reading of Michigan Consumer Sentiment Index for June. The core PCE indicator used by the Federal Reserve to assess its monetary policy is expected to drop from 3.1% to 3.4%. However, since the markets already know the May CPI, the PCE reading should not come as a surprise. Last but not least, 4 Fed members will deliver speeches this afternoon.
1:00 pm BST - BoE Quarterly Bulletin
1:30 pm BST - US, Personal Consumption Expenditures - Price Index (YoY)(May). Expected 4.0%. Previous 3.6%.
1:30 pm BST - US, Personal Consumption Expenditures - Price Index (MoM)(May). Expected 0.3%. Previous 0.6%.
1:30 pm BST - US, Core Personal Consumption Expenditures - Price Index (YoY)(May). Expected 3.4%. Previous 3.1%.
1:30 pm BST - US, Core Personal Consumption Expenditures - Price Index (MoM)(May). Expected 0.6%. Previous 0.7%.
3:00 pm BST – Final Michigan Consumer Sentiment Index(Jun). Expected 86.5. Previous 86.4.
Central bankers’ speeches
- 3:00 pm BST – FED Kashkari
- 4:35 pm BST – FED Mester
- 6:00 pm BST – FED Rosengren
- 8:00 pm BST – FED Williams
