Economic calendar: EIA report on oil stocks, Walt Disney earnings

• European indices set for higher opening

• Chinese CPI drops into negative territory

• Earnings reports from Walt Disney and Plug Power

European index futures point to a higher opening of the cash session on the Old Continent. This comes after a mixed trading earlier today during the Asian session. Markets have calmed after yesterday's sell-off triggered by Moody's downgrading US banks, Italian Senate approving windfall tax on banks and a release of disappointing trade data from China. 

Economic calendar for today is very light and we may have to wait until US CPI report release tomorrow at 1:30 pm BST for a bigger volatility on the markets to surface. Chinese inflation data for July was released this morning and showed CPI inflation dropping into negative territory. There are two more macro reports scheduled today - Canadian building permits data for June and EIA report on US oil inventories - but their impact on CAD or oil is likely to be only short-term. Among today's Wall Street earnings highlights one can find reports from Walt Disney and Plug Power.

1:30 pm BST - Canada, building permits for June. Expected: -3.0% MoM. Previous: +10.5% MoM

3:30 pm BST - EIA report on US oil inventories.

• Oil inventories. Expected: -0.2 mb (API: -4.07 mb)

• Gasoline inventories. Expected: +0.2 mb (API: -0.41 mb) 

• Distillate inventories. Expected: -0.2 mb (API: -2.09 mb)

Top Wall Street earnings reports

• Plug Power (PLUG.US) - after market close

• Walt Disney (DIS.US) - after market close

• Wendy's (WEN.US) - before market open

• Sony Group (SONY.US) - before market open

• Trade Desk (TTD.US) - after market close

• Wynn Resorts (WYNN.US) - after market close