• Contracts in Europe indicate a lower opening of the cash session on Thursday
• Today’s data includes US unemployment benefits and trade balance in the Euro Zone

On Thursday, the penultimate day of the week, contracts indicate a lower opening of the cash session in Europe after a second day of significant declines on Wall Street. The DAX is quoted 0.10% lower.

Today’s macro calendar is relatively light. Investors should pay special attention to data on the number of unemployment benefits. Estimates suggest that the number of new benefits last week will fall to 240k compared to 248k the previous week. These data show a slight weakening, however, readings above 300-400k could indicate a weakening job market.

Detailed calendar for the day:

9:00 AM BST – Norway, central bank decision on interest rates:

• Expectations: 4.00%; Previously 3.75% – an increase of +25 basis points

10:00 AM BST – Euro Zone, trade balance for June:

• Expectations 3.6 billion EUR; Previously -0.9 billion EUR

1:30 PM BST – USA, Philadelphia FED regional index for August:

• Expectations -10; Previously -13.5

1:30 PM BST – USA, Jobless Claims:

• Expectations 240k; Previously 248k