The euro zone CPI estimate for August is also expected to be released on Friday. Economists are anticipating the inflation measure to come in at 4.0%.

The euro zone business climate indicator will also be a source of interest for markets to gauge how investor confidence is holding up in the current market turmoil. The indicator is expected to come in at a -0.3 reading, while the euro zone consumer confidence indicator is forecast to remain unchanged at -20.

Shortly before the CPI figures are published, ECB Governing Council member Klaus Liebscher will hold a closing press conference in Vienna. Liebscher is expected to step down from his post as governor of Oesterreichische Nationalbank, Austria's central bank. His successor will be Ewald Nowotny, the former CEO of Bawag PSK Bank, and current full-time professor at the Vienna University of Economics and Business.

All Times in EDT:

4:00 IT Retail Sales (M/M) (SA) June Exp: -0.1% Prior: +0.2%

4:00 IT Retail Sales (Y/Y) June Exp: -0.5% Prior: +0.5%

4:00 EU WTO Holds Dispute Settlement Body Meeting

4:00 AS ECB's Klaus Liebscher Holds Closing Press Conference in Vienna

5:00 IT CPI (NIC incl. tobacco) (M/M) August Preliminary Exp: +0.5% Prior: +0.5%

5:00 IT CPI (NIC incl. tobacco) (Y/Y) August Preliminary Exp: +4.0% Prior: +4.1%

5:00 IT CPI - EU Harmonized (M/M) August Preliminary Exp: -0.2% Prior: -0.6%

5:00 IT CPI - EU Harmonized (Y/Y) August Preliminary Exp: +4.0% Prior: +4.0%

5:00 EU Euro Zone Unemployment Rate July Exp: +7.3% Prior: +7.3%

5:00 EU Euro Zone CPI Estimate (Y/Y) August Exp: +4.0% Prior: +4.1%

5:00 EU Business Climate Indicator August Exp: -0.3 Prior: -0.21

5:00 EU Euro-Zone Consumer Confidence August Exp: -20 Prior: -20

5:00 EU Euro-Zone Economic Confidence August Exp: 89.3 Prior: 89.5

5:00 EU Euro-Zone Industrial Confidence August Exp: -9 Prior: -8

5:00 EU Euro-Zone Services Confidence August Exp: 1 Prior: 1

6:00 IE Irish Central Bank Publishes Monthly Credit Statistics

By Steve Stecyk, This email address is being protected from spam bots, you need Javascript enabled to view it , edited by Sarah Sussman, This email address is being protected from spam bots, you need Javascript enabled to view it

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