Newsquawk Daily Economic Release - 26th August 2026

• Data: Australian CPI (Jul), US Durable Goods (Jul), PCE (Jul), GDP 2nd (Q2), Atlanta Fed GDP (Q3)
• Speakers: ECB’s Cipollone
• Supply: Germany, Italy, US
• Earnings: Nvidia, Salesforce, CrowdStrike

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This is a daily calendar preview rather than a print; the informational content is the shape of the session, not any number. The combination that matters is PCE alongside the second GDP estimate and the advance GDP tracker: in past episodes, core PCE has been the print that repriced the front end, while second GDP revisions have tended to matter only when the composition shifts (final demand versus inventories), and the nowcast has moved rates mainly when it diverged sharply from the published trajectory. Australian CPI sets the Asia tone and has historically been traded through the policy-expectations channel rather than as a global risk signal. A single ECB speaker of this seniority has typically produced only marginal euro moves unless it breaks with the prevailing Governing Council line. The earnings slate, particularly the large semiconductor name, has in recent cycles carried index-level weight beyond the data calendar, so the US session's direction has often been set after the cash close rather than by the morning releases. Supply across Germany, Italy and the US adds a duration backdrop; concession-building into the auctions has been the usual pattern on heavy issuance days.