Economic calendar: Second day of Powell's testimony

• European markets seen opening lower

• Second day of Powell's testimony

• Morgan Stanley among earnings reporters

Futures markets point to a slightly lower opening of the European cash session today. Oil is trading lower today amid concerns that an agreement between Saudi Arabia and the United Arab Emirates may encourage other oil producers to seek higher baseline production levels. Economic calendar for today is light as most of the readings scheduled tend to be non-impactful. Fed Chair Powell is set for the second day of testimony in Congress but given that his yesterday's appearance had little market impact, today's appearance may also fail to trigger bigger market moves (text of a speech remains unchanged, questions from lawmakers may differ).

9:00 am BST - Poland, CPI inflation for June (final). First release: 4.4% YoY

9:00 am BST - Italy, CPI inflation for June (final). First release: 1.3% YoY

1:30 pm BST - US, NY Empire index for July. Expected: 17.9. Previous: 17.4

1:30 pm BST - US, Philly Fed index for July. Expected: 28.0. Previous: 30.7

1:30 pm BST - US, jobless claims. Expected: 360k. Previous: 373k

2:15 pm BST - US, industrial production for June. Expected: 0.6% MoM. Previous: 0.8% MoM

2:30 pm BST - Fed Chair Powell testifies

Central bankers' speeches

• 4:00 pm BST - Fed Evans

US earnings releases

• Morgan Stanley (MS.US) - before market open

• Bank of New York Mellon (BK.US) - before market open

• US Bancorp (USB.US) - before market open

• Unitedhealth Group (UNH.US) - before market open