Economic calendar: German survey data and oil inventories

• German ZEW seen little changed in July

• API data points to another inventory draw

• RBNZ to announce rate decision at night

European stock market futures point to a big bullish gap at the start of the session on the Old Continent. S&P 500 futures trade around 40 points below all-time high from February 2020. Most of the data releases scheduled for today are of second importance and may have minor impact on the markets. Earnings season slowed down as well. Having said that, focusing on geopolitical issues and news headlines seems to be the way to go today. The Reserve Bank of New Zealand will announce a monetary policy decision at night but no change is expected.

European & US sessions

10:00 am BST - Germany, ZEW index for August. Expected: 60. Previous: 59.3

1:15 pm BST - Canada, housing starts for July. Expected: 210k. Previous: 211.7k

1:30 pm BST - US, PPI inflation for July. Expected: -0.7% YoY. Previous: -0.8% YoY

9:40 pm BST - API report on oil inventories. Expected: -3.1 mb. Previous: -8.6 mb

Asian session ahead

3:00 am BST - RBNZ rate decision

Noteworthy earnings report

• NIO (NIO.US) - before market open

• Sysco Corporation (SYY.US) - before market open