Economic calendar: preliminary European CPI data and US Q3 GDP change

Economic calendar: US PPI and FOMC minutes in focus of the markets

  • European indices pointed to a flat opening
  • Preliminary CPI data for Spain and Germany
  • US Q3 GDP Review and Bank of England Governor Bailey Speech

European index futures point to a more or less flat opening of the currency session of the Old Continent. It comes after a mixed session during Asia-Pacific trading, when the regional indices struggled for a common direction. The New Zealand dollar (NZD) was the best performing G10 currency after the country’s central bank maintained the same monetary policy, while the Australian dollar (AUD) was the worst performing currency among the major currencies after the CPI. that reading was lower than expected for October. The dollar (USD) was also one of the worst performers, but has recently made up some ground and is trading below the 1.10 level again.

A key point in today’s economic calendar is preliminary publication of the November CPI for Spain and Germany. Expectations are mixed: the Spanish CPI is expected to strengthen while, on the contrary, the German CPI will slow down. In addition to CPI data, investors will also be offered a review of the US third quarter GDP report, as well as the DOE oil report and speeches from members of the Bank of England (BoE). .

9:00 am- Spain, preliminary CPI for November. Expected: 3.7% year-on-year. Previous: 3.5% year-on-year

2:00 pm – Germany, preliminary CPI for November. Expected: 3.5% year-on-year. Previous: 3.8% year-on-year

2:30 pm – US, Q3 2023 GDP report (review).

  • GDP (annual). First data: 4.9%
  • GDP deflator. First data: 3.5% quarter-on-quarter
  • Basic PCE. First data: 2.4% inter-quarter
  • Personal expenditure (annual). First data: 4.0%

4:30 pm – DOE report on oil inventories.

  • Oil inventories. Expected: -1.0 mb (API: +0.817 mb)
  • Fuel inventories. Expected: -0.4 mb (API: -0.898 mb)
  • Distillate inventories. Expected: +0.2 mb (API: +2.806 mb)

Speeches by central bankers

  • 4:05 pm – Governor Bailey at the BoE
  • 4:15 – BoE Hauser
  • 7:45 pm – Federal Reserve Master

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