Economic calendar: Focus on redesigned ADP jobs report

• European indices set for slightly higher opening

• First ADP report with revised methodology

• Inflation data from Europe

European futures markets point to a slightly higher opening for major indices from the Old Continent. However, traders should keep in mind that European assets may be volatile today and in the remainder of the week as Nord Stream gas flows were halted completely for a 3-day maintenance.

When it comes to the economic calendar for today, traders will be offered August CPI figures from European countries with most of those expected to show a slight acceleration. However, a big release of the day is the ADP employment report for August. Not only will it be the final hint ahead of Friday's NFP data but it will also be the first ADP release after methodology was revamped and new methodology is said to better reflect changes on the US labor market.

8:00 am BST - Turkey, GDP report for Q2 2022. Expected: 7.5% YoY. Previous: 7.3% YoY

8:55 am BST - Germany, unemployment rate for August. Expected: 5.5%. Previous: 5.4%

9:00 am BST - Poland, GDP report for Q2 2022 (revision). First release: -2.3% QoQ

9:00 am BST - Poland, CPI inflation for August. Expected: 15.4% YoY. Previous: 15.6% YoY

10:00 am BST - Euro area, CPI inflation for August. Expected: 9.0% YoY. Previous: 8.9% YoY

10:00 am BST - Italy, CPI inflation for August. Expected: 8.1% YoY. Previous: 7.9% YoY

1:15 pm BST - US, ADP employment report for August. Expected: 290k. Previous: 128k

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

• Oil inventories. Expected: -0.7 mb (API: +0.59 mb)

• Gasoline inventories. Expected: -1.1 mb (API: -3.41 mb)

• Distillate inventories. Expected: -1.0 mb (API: -1.73 mb)

Central bankers' speeches

• 1:00 pm BST - Fed Mester

• 11:30 pm BST - Fed Bostic