DB Thematic Research Next week...this week

Cross-Discipline Date 21 August 2026 Thematic Research

Next week...this week Galina Pozdnyakova The focus next week will be on the US PCE report and the Jackson Hole Research Analyst symposium. In Europe, France and Spain will release their flash CPI prints for August, and the ECB will publish the account of its July meeting. In corporate earnings, the spotlight will be on Nvidia on Wednesday. Jim Reid Global Head of Macro and Thematic The key economic event next week will be the Jackson Hole economic policy Research symposium taking place on August 27-29 and its theme this year is “Financial Innovation: Implications for Payments and Policy." Investors will be focused on Luke Templeman, CPA the speech by Fed Chair Warsh on Friday. Research Analyst In US economic indicators, the main release will be the July PCE report on Wednesday, alongside personal income, spending and durable goods orders data. Our US economists expect core PCE to rise by +0.18% MoM, up from +0.1% in June. They also see growth in income and consumption slowing to +0.1% (+0.2%) and +0.2% (+0.3%), respectively. Our team’s forecast for headline durable orders growth in July is +0.7% (+0.5%). Other US indicators due include the Conference Board’s consumer confidence index (DB forecast 90.2 reading for August vs 90.8 in July) and July new home sales on Tuesday.

Moving on to Europe, highlights include the ECB’s account of its July meeting on Thursday, as well as the flash August CPI prints from France and Spain on Friday. Our European economists forecast YoY HICP to come in at 2.85% for France and 4.42% for Spain. Reports for other main economies will be out on Monday (Germany) and Tuesday (Italy, Eurozone) the week after next. Our team detail their full forecasts and more here.

Other European economic indicators due will include the August Ifo survey in Germany, consumer confidence in Germany, France and Italy, as well as Q2 GDP in Norway and Sweden.

Over in Asia, the focus in Japan will be on the August Tokyo CPI on Friday, alongside July labour market data. Our economists forecast core CPI growth ex. fresh food to slip to +1.6% YoY (+1.7% in July) while core-core CPI growth should hold at 1.9% (+1.8%). See more here. Elsewhere, the July CPI report will be out in Australia on Wednesday (see DB’s preview here) and July industrial profits are due Thursday in China.

Finally, investors will be laser-focused on earnings from Nvidia due Wednesday to get signals about the state of AI demand. Other technology names reporting include CrowdStrike, Salesforce, Synopsys, also Wednesday, as well as Marvell, Autodesk and Workday on Thursday.

Deutsche Bank AG IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. UNTIL 19th MARCH 2021 INCOMPLETE DISCLOSURE INFORMATION MAY HAVE BEEN DISPLAYED, PLEASE SEE APPENDIX 1 FOR FURTHER DETAILS.

21 August 2026 Thematic Research

Day-by-day calendar of events Monday August 24 Data: US July Chicago Fed national activity index Earnings: PDD Holdings

Tuesday August 25 Data: US August Conference Board consumer confidence index, Philadelphia Fed non-manufacturing activity, Richmond Fed manufacturing index, business conditions, July new home sales, June FHFA house price index, Germany August Ifo survey, France August consumer confidence Earnings: Intuit Auctions: US 2-yr Notes ($69bn)

Wednesday August 26 Data: US July PCE, personal income, personal spending, durable goods orders, Japan July PPI services, Australia July CPI Central banks: ECB's Cipollone speaks Earnings: NVIDIA, Crowdstrike, Salesforce, Synopsys, Agilent, Veeva, HP, Okta Auctions: US 2-yr FRN (reopening, $28bn), 5-yr Notes ($70bn)

Thursday August 27 Data: US July advance goods trade balance, wholesale inventories, August Kansas City Fed manufacturing activity, initial jobless claims, Germany September GfK consumer confidence, France July PPI, Eurozone July M3, Canada Q2 current account balance, China July industrial profits, Norway Q2 GDP Central banks: Jackson Hole symposium (through August 29), BoJ’s Himino speaks, ECB’s account of the July meeting Earnings: Marvell, Toronto-Dominion Bank, Autodesk, Workday, Affirm, Dollar Tree, Pernod Ricard, Rubrik, Best…