Economic calendar: First US presidential debate

• Markets lose steam ahead of European open

• Trump and Biden to face each other in a debate tonight

• Range of Fed speakers scheduled for today

Positive risk moods could have been spotted during the Asian session but some of that optimism began to falter as European cash open approached. DAX futures point to more or less flat opening of the European session. There are some noteworthy economic data releases scheduled for today as well as a range of Fed speakers. However, the most important near-term risk event is the first US presidential debate that will be held tonight.

First US presidential debate

Donald Trump will face Joe Biden during the first US presidential debate tonight at 2:00 am BST. Debate is scheduled to last 90 minutes. While both candidates will try to draw as much support as possible, one should keep in mind that they might try to do so by undermining the opponent. Trump may continue to float the idea that Biden is unfit to be the US President due to his health while Biden may press on the topic of Trump's tax returns. This will be the first in a series of debates but as it will also be the first major showdown between Trump and Biden, it could play a key role in shaping market sentiment for the remeining part of the week.

Macro releases scheduled for today

8:00 am BST - Spain, CPI inflation for September. Expected: -0.5% YoY. Previous: -0.6% YoY

1:00 pm BST - Germany, CPI inflation for September. Expected: -0.1% YoY. Previous: 0% YoY

3:00 pm BST - US, Conference Board consumer confidence for September. Expected: 90. Previous: 84.8

9:40 pm BST - API report on oil stocks.

Central bankers' speeches

• 2:15 pm BST - Fed's Williams

• 2:30 pm BST - Fed's Harker

• 4:40 pm BST - Fed's Clarida

• 6:00 pm BST - Fed's Williams

• 6:00 pm BST - Fed's Quarles

• 8:00 pm BST - Fed's Quarles