Economic calendar: Flash CPI data from Germany, ECB event

• European indices set for lower opening

• Flash CPI data from Germany and Spain

• Powell, Lagarde and Bailey to speak at ECB event

Weaker moods can be spotted on the European futures markets ahead of the cash session open today. Major indices from the Old Continent are set to launch today's trading lower, following a downbeat trading on Wall Street yesterday and in Asia today. DAX futures currently trade around 100 points below yesterday's cash close.

Investors can find flash CPI data from Spain and Germany for June in today's economic calendar. However, apart from those, there aren't any other noteworthy releases scheduled. US GDP release will be another revision of Q1 data and shouldn't have much of an impact on prices. 

The most likely source of volatility today are central bankers. The ECB event in Portugal will host speeches from numerous central bankers. A top event today is a panel discussion with heads of Fed, ECB and BoE at 2:00 pm BST. General Manager of BiS Carstens will also take part in a panel discussion. 

8:00 am BST - Spain, CPI inflation for June. Expected: 9.0% YoY. Previous: 8.7% YoY

1:00 pm BST - Germany, CPI inflation for June. Expected: 8.0% YoY. Previous: 7.9% YoY

1:30 pm BST - US, annualized GDP growth for Q1 (third release). Second release: -1.5%

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

• Oil inventories. Expected: -0.2 mb (API: -3.80 mb)

• Gasoline inventories. Expected: -0.7 mb (API: +2.85 mb)

• Distillate inventories. Expected: -0.5 mb (API: +2.61 mb)

Central bankers' speakers

• 9:00 am BST - ECB Guindos

• 11:00 am BST - ECB Schnabel

• 11:30 am BST - Fed Mester

• 1:30 pm BST - BoE Governor Bailey

• 2:00 pm BST - Fed Chair Powell, ECB President Lagarde, BoE Governor Bailey

• 4:00 pm BST - ECB President Lagarde

• 4:30 pm BST - Fed Mester

• 6:05 pm BST - Fed Bullard