Economic calendar: Brainard speech and UK holiday

• European stock markets set for lower opening

• UK markets closed for Summer Bank Holiday

• NFP report a key point in this week's economic calendar

Downbeat moods can be spotted on the global financial markets at the beginning of a new week. Powell's speech on Friday was taken as hawkish and triggered big declines on the stock markets. Those are being continued at the start of a new week with DAX futures currently pointing to an around-150 points drop at the beginning of the European cash session.

Economic calendar for today is bare. There are no market-moving releases scheduled for today but investors will get to hear from Fed Vice-Chair Brainard at 7:15 pm BST. A point to note is that UK traders are off for holidays today therefore liquidity may be somewhat thinner during the European trade.

Key events in the later part of the week:

Tuesday

• 1:00 pm BST - Germany, flash CPI inflation for August

• 3:00 pm BST - US, Conference Board consumer confidence index for August

Wednesday

• 2:30 am BST - China, PMI indices for August

• 10:00 am BST - Euro area, flash CPI inflation for August

• 1:15 pm BST - US, ADP employment report for August

• Expected start of 3-day Nord Stream maintenance

Thursday

• Final manufacturing PMIs for August from Europe and the United States 

• 7:00 am BST - Germany, retail sales for July

• 3:00 pm BST - US, ISM manufacturing index for August

Friday

• 1:30 pm BST - US, NFP report for August

• 3:00 pm BST - US, factory orders for July

• Expected end of 3-day Nord Stream maintenance