ONS will be releasing their first monthly GDP estimate for the UK

Good day, everyone! Hope you're all doing well as we prepare for European trading (and also for France vs Belgium!). It's been a relatively straightforward start to trading today, with equities higher alongside the aussie and kiwi while the yen struggles.

Here is what's on the agenda in European trading later:

0645 GMT - France May industrial production data

Prior figures can be found here. Minor data points, but they feed into overall Eurozone economic sentiment at the end of the day.

0800 GMT - Italy May industrial production data

Prior figures can be found here. Similar to the French reading, it is part of the general sentiment indicator towards the Eurozone economy.

0830 GMT - UK May trade balance data

0830 GMT - UK May manufacturing, industrial, construction output data

0830 GMT - UK May monthly GDP data

Prior figures can be found here: trade balance and factory output data. The trade balance data isn't expected to offer too much insight but factory output data will be ones to watch as economic activity becomes highly focused upon ahead of the BOE meeting in August. The monthly GDP figure here by ONS will be new but expect it to have some kind of a role in determining economic growth sentiment as well (but I reckon the figures won't stray too far away from the NIESR GDP estimate which we had here for May).

0900 GMT - Germany July ZEW current conditions and survey expectations

Prior release can be found here. A general sentiment indicator towards the German and Eurozone economies. A minor data point, but feeds into overall investor confidence/sentiment.

1000 GMT - US June NFIB small business optimism index

Prior release can be found here. This is an index which measures the opinion of small businesses on the economic conditions in the country. Not a major release by any means.

1100 GMT - UK June NIESR GDP estimate

Prior release can be found here. The ONS release will be seen as a lagging indicator relative to this one, but their measurements are different. The reading today will capture growth from April to June (essentially Q2) so it'll be more reflective of what we had in the quarter than the previous one. May not be a data point that's highly looked upon, but it's good to keep your eyes peeled in case of any surprises. In Q1, it provided a good account of final GDP as seen here.

That's all for the session, I wish you all the best of days ahead and as always good luck with your trading!