Wednesday’s macroeconomic calendar is relatively light and does not include any releases that are likely to independently set the direction for global markets. We already received the latest data from China overnight, where CPI inflation accelerated to 0.8% YoY in August, while PPI rose by 3.8% YoY . Later in the day, attention may turn mainly to speeches by Christine Lagarde and Joachim Nagel , the weekly ADP US employment report , and the auction of 10-year US Treasury bonds. With no major macroeconomic releases on the agenda, investors will primarily focus on developments in the US–Iran conflict . Tensions have escalated again following attacks on US and Iranian vessels and shipping infrastructure, with an increasing part of the conflict now centred around oil tankers and the Strait of Hormuz. As a result, the oil market remains strongly supported, with OIL trading around $99 and OIL.WTI near $95 . Further headlines regarding attacks on vessels, the security of shipping through Hormuz, or potential de-escalation may have a greater impact today on oil, equities, the US dollar, and gold than the macroeconomic calendar itself.

• 02:30 AM GMT – China: August CPI +0.8% YoY , PPI +3.8% YoY; consensu CPI +0.8% YoY, PPI +3.6% YoY
• 07:45 AM GMT – France: July industrial production; actual -0.4 MoM ; consensus +0.2% MoM
• 01:15 PM GMT – US: Weekly ADP employment change report
• 06:00 PM GMT – Eurozone: Speeches by ECB President Christine Lagarde and Bundesbank President Joachim Nagel
• 06:01 PM GMT – US: 10-year Treasury auction
• 09:30 PM GMT – US: Weekly API crude oil inventories report