Major European indices are mostly higher, sporting modest gains in front of the 8:30 a.m. ET release of the U.S. July CPI report.
STOXX Europe 600: +0.1%,
Germany’s DAX: +0.5%,
U.K.’s FTSE 100: +0.1%,
France’s CAC 40: -0.1%,
Italy’s FTSE MIB: +0.3%,
Spain’s IBEX 35: +0.2%.
Germany’s CPI held at 2.8% yr/yr with the final July report, while Italy’s CPI ticked up slightly to 2.9% from the preliminary report of 2.8%, leaving them well ahead of the ECB’s 2% inflation target.
Markets are also keeping tabs on Brent crude prices, which have moved from roughly $80.00/bbl at the start of the month to $89.04/bbl today as the U.S. and Iran dig in with their respective demands for getting to a peace agreement and full reopening of the Strait of Hormuz.
Germany
July CPI 0.8% m/m (expected 0.8%; prior -0.3%) and 2.8% yr/yr (expected 2.8%; prior 2.3%).
June Current Account Balance EUR19.0 bln (prior EUR9.0 bln).
Italy
July CPI 0.3% m/m (expected 0.2%; prior 0.0%) and 2.9% yr/yr (expected 2.8%; prior 3.0%)