European equity markets are expected to open lower today, with Dax futures falling 0.3% and Cac 40 futures 0.39%. Investors showing caution ahead of the release of US inflation data. Persistent high inflation (in July it peaked since 2008) could induce the Fed to speed up the timing for the start of tapering.
Wall Street closed mixed yesterday, with only the Nasdaq falling slightly. The S&P 500 broke the streak of 5 consecutive falls (the longest since February). Waiting for the likely passage of US President Joe Biden’s $ 3.5 trillion budget package, which is expected to include a proposed increase in the corporate tax rate to 26.5% from 21%.
Today the spotlight is on the inflation report in the United States which will arrive in the Italian early afternoon. The August figure should be in line with the previous one, with the rise driven once again above all by the energy and food component. Also of note is the IEA’s monthly oil report. On the issues front, the Treasury will today auction BTPs for a maximum of 5.75 billion.