Good Morning Traders! It is the end of a busy week for Europe, with PMI coming in to top it off.
Here is what to expect.
Sentiment
The underlying inflation trend continued to strengthen as consumer prices in Japan increased faster than anticipated in May. These developments could feed rumours that the central bank will increase its inflation predictions in July and possibly make changes to its stimulus programme.
The danger that the US will enter a recession is decreasing, according to Treasury Secretary Janet Yellen, who also hinted that the cost of concluding the fight to keep inflation in check would be a slowdown in consumer spending.
Despite high inflation and rising interest rates, UK consumer confidence increased more than anticipated, reaching its highest level in 17 months.
President Joe Biden claimed that his comments characterising Chinese President Xi Jinping as a tyrant had not jeopardised efforts to mend strained ties between the two biggest economies in the world.
After the Federal Reserve indicated that additional rate hikes were necessary, the price of oil was on track to decline by more than 3% on a weekly basis, dampening risk appetite, strengthening the currency, and increasing the likelihood of an economic downturn.
During their state visit to the White House on Thursday, US President Joe Biden and Indian Prime Minister Narendra Modi unveiled a number of defence and business agreements intended to strengthen the military and economic connections between their two countries.
Docket
02:00 AM ET
UK Core Retail Sales MoM
Median Forecast -0.3%| Prior 0.8% | Range 0.5%/-1.5%
UK Retail Sales YoY
Median Forecast -2.5% | Prior -3.0% | Range 2.5%/-3.5%
03:15 AM ET
French Mfg PMI Flash
Median Forecast 45.3| Prior 45.7 | Range 46.5/44.3
03:30 AM ET
German Mfg PMI Flash
Median Forecast 43.5 | Prior 43.2 | Range 46.0/42.5
04:00 AM ET
Eurozone Mfg PMi Flash
Median Forecast 44.8 | Prior 44.8 | Range 46.0/44.0
04:30 AM ET
UK Mfg PMI Flash
Median Forecast 46.8 | Prior 47.1 | Range 48.1/46.4
Speakers
05:15 AM ET
Fed's Bullard Speaks
06:00 AM ET
ECB's de Cos Speaks
Good Luck Today Traders!
