Economic calendar: Fitch downgrade, ADP jobs report in the spotlight

• European indices set to open lower

• Fitch downgrades US credit rating

• ADP jobs report to give hints ahead of Friday's NFP

Futures markets point to a lower opening of the European cash session today. EuroStoxx futures are around 0.8% down at press time. This comes amid an increase in risk aversion, following Fitch downgrade of US credit rating. Fitch lowered US credit rating from AAA to AA+ after putting it on negative watch back in May. The story will likely continue to make headlines today.

Economic calendar for the day ahead is light. Traders will be offered ADP jobs report for July as well as EIA report on US inventories. Both will be watched closely - ADP data will be on watch as it will be the final hint ahead of Friday's NFP report while EIA report will be on watch following massive inventory slump signaled by API data yesterday.

1:15 pm BST -  US, ADP employment report for July. Expected: 190k. Previous: 497k

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

• Oil inventories. Expected: -0.9 mb (API: -15.4 mb)

• Gasoline inventories. Expected: -1.4 mb (API: -1.68 mb)

• Distillate inventories. Expected: +0.8 mb (API: -0.51 mb)

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