- European equity markets are likely to open lower
- University of Michigan Consumer Confidence 4pm
- UK retail sales fell more than expected in August
Futures on European indices today indicate a weaker opening of the Old Continent session. While sentiment was already bleak all day yesterday, it was further overshadowed by the FedEx numbers released after the Wall Street close yesterday. FedEx was disappointed with the results, citing weakness in Asia and Europe and decided to downgrade the guidance for the fiscal year.
The economic calendar for today is sparse due to a lack of high-profile releases. UK Retail Sales for August were posted as early as 8:00 am, showing a drop of 1.6% m / m from expectations of -0.5% m / m. GBPUSD fell roughly 0.3% on the news, but has since recouped some of those losses. The only reading left today is the University of Michigan’s August Consumer Confidence Index at 4pm. An improvement is expected from the previous month. In addition, retailers are also provided with final consumer price indices for August from Italy and since euro zone and data on the real estate market in Canada.
11:00 | Eurozone, CPI for August (final). Initial release: 9.1% on an annual basis
11:00 | Italy, CPI of August (final). Initial release: 8.4% on an annual basis
14:00 | Poland, core inflation (CPI) for August. Expectation: 9.9% / previous value: 9.3% (y / y)
14:15 | Canada, housing starts in August. Expectation: 264,000 / previous value: 275,300
14:30 | Canada, wholesale sales for July. Expectation: -0.4% / previous value: 0.1% (monthly comparison)
16:00 | United States, University of Michigan Consumer Confidence for September. Expectation: 60.0 / previous value: 58.2
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