- European stock markets set to open lower
- University of Michigan Consumer Sentiment at 4:00 p.m.
- UK retail sales fell more than expected in August
European index futures point to a weaker opening of the session on the Old Continent today. While the moods were already bad yesterday during the day, they were further shaken by the publication of the results of FedEx yesterday following the close of Wall Street. FedEx was disappointed with its earnings, pointed to weak business in Asia and Europe and decided to withdraw its guidance for the year.
The economic calendar for the day ahead is light with a lack of high-profile releases. UK retail sales data for August was already released at 8:00 am and showed a decline of 1.6% MoM vs an expected 0.5% MoM decline. GBPUSD fell around 0.3% on the news but has since recouped some of those losses. The only notable reading remaining today is the August Consumer Sentiment Index from the University of Michigan at 4:00 p.m. It should show improvement from a month ago. Apart from this, traders will also be offered the final CPI readings for August from Italy and the Eurozone as well as housing market data from Canada.
11:00 a.m. – Eurozone, CPI inflation for August (final). First release: 9.1% YoY
11:00 a.m. – Italy, CPI inflation for August (final). First release: 8.4% YoY
2:00 p.m. – Poland, core CPI inflation for August. Expected: 9.9% YoY. Previous: 9.3% YoY
2:15 p.m. – Canada, starts for August. Expected: 264k. Previous: 275.3k
2:30 p.m. – Canada, wholesale trade for July. Expected: -0.4% MoM. Previous: 0.1% MoM
4:00 p.m. – US, University of Michigan consumer sentiment for September. Expected: 60.0. Previous: 58.2
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