- European markets set for lower opening
- US PPI for April due at 1:30 pm BST
- UK economy unexpectedly contracted in March
Futures markets point to a significantly lower opening of today’s cash trading session on the Old Continent. German DAX futures (DE30) are currently trading almost 300 points below yesterday’s cash close. Other risk asset classes are also being sold today. Cryptocurrencies are the most striking example with the majority of largest digital currencies trading over 7% lower on the day.
Economic calendar for the day ahead is light. There are no major reports scheduled for European morning. UK GDP report at 7:00 am BST was the only noteworthy print from Europe scheduled for today and showed an unexpected GDP contraction in March. Economic growth reached 0.8% QoQ in full-Q1 2022 (exp. 1.0% QoQ). Traders will be offered US PPI reading for April and a weekly jobless claims report. However, those two reports rarely have a major impact on the markets.
1:30 pm BST – US, PPI inflation for April.
- Headline. Expected: 10.7% YoY. Previous: 11.2% YoY
- Core. Expected: 8.9% YoY. Previous: 9.2% YoY
1:30 pm BST – US, jobless claims. Expected: 190k. Previous: 200k
Wall Street earnings releases
- Affirm Holdings (AFRM.US) – after market close
- Aurora Cannabis (ACB.US) – after market close
- US Foods Holdings (USFD.US) – before market open