Economic calendar: Slow start to an interesting week

• European markets set for higher opening

• UK GDP growth reached 0.2% MoM in July (exp. 0.4% MoM)

• US CPI and retail sales data for August later this week

Futures markets point to a higher opening of the European cash session for major indices from the Old Continent. Similar risk-on moods cannot be spotted on the oil market with Brent and WTI trading around 0.5% lower at press time. Antipodean currencies (AUD and NZD) are leading on the FX market with safe haves like JPY or CHF lagging the most.

Economic calendar for today is almost empty. The only noteworthy reading - UK GDP report for July - was already released at 7:00 am BST. Report turned out to be a disappointment as it showed a growth of 0.2% MoM compared to 0.4% MoM expected. Nevertheless, it did not trigger any major move on GBP with GBPUSD experiencing just a brief 0.2% dip, which was erased minutes later.

Things get more interesting later into the week with the release of US CPI and retail sales data for August as well as a new set of monthly activity data from China.

Key events to watch in the remainder of the week

• Tuesday, 10:00 am BST - German ZEW index for September

• Tuesday, 1:30 pm BST - US CPI inflation report for August

• Wednesday, 3:30 pm BST - DOE report on oil inventories

• Thursday, 1:30 pm BST - US retail sales for August

• Thursday, 3:30 pm BST - EIA natural gas storage

• Thursday - Putin-Xi meeting in Kazakhstan

• Friday, 3:00 am BST - Chinese monthly activity data for August

• Friday, 3:00 pm BST - University of Michigan consumer sentiment for September

• Friday - NATO heads meeting in Estonia