US EARLY MORNING: US index futures trade with modest gains ahead of ECB, PPI, retail sales, weekly claims data

US PREMARKETS: US equity futures are trading a little better than flat, Treasury yields have been moving higher in the European morning, and the Dollar Index has been gaining. Equities on Wall Street were indecisive on Wednesday, ultimately shrugging-off a mixed CPI report; the tone overnight was more constructive, and ahead of the ECB rate decision later today, Euro stocks are trading a little above neutral. While the ECB rate decision will have macro ramifications, US traders will also note that PPI, retail sales and weekly claims data are to be released just after the rate decision, and just before the press conference with ECB President Lagarde (ECB preview can be accessed below). For US traders, we are expecting mixed PPI data, where the annual rate of headline PPI is seen picking up (energy prices have been driving inflation headlines higher), though the core measure is expected to pare back a little. Meanwhile, the growth in August retail sales is expected to cool, while the control group is likely to have slipped in the month. Weekly claims data are seen ticking up a touch vs last week's levels (neither of this week's initial jobless claims or continuing claims syncs with the BLS survey window).

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14 Sep 2023 - 09:30- EquitiesData- Source: Newsquawk

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