Economic calendar: UK Supreme Court ruling in the spotlight

• UK Supreme Court to rule on Parliament prorogation today

• German IFO indices to be released in the morning

• CB Consumer Confidence to be a key reading of the US session

9:00 am BST - Germany, IFO indices for August. German ZEW indices released last week came in better-than-expected but they still remain deep into negative territory. Headline IFO index has been free falling since the beginning of 2018 and reading for September 2019 is expected to show another deterioration. 

10:30 am BST - UK Supreme Court ruling on Parliament prorogation. The UK Supreme Court is expected to issue a ruling on whether PM Johnson had the right to prorogue Parliament or not. In case the Court rules prorogation unlawful, it is likely to order Parliament to resume the session. Moreover, such a ruling could see PM Boris Johnson resign.

1:00 pm BST - Hungary, Interest rate decision. The Hungarian central bank is expected to leave rates unchanged today with main rate staying at 0.9%.

3:00 pm BST - US, CB Consumer Confidence and Richmond Manufacturing indices for September. Preliminary Michigan data for September hinted at improvement in moods of consumers. However, CB data is expected to show a decline from 135.1 pts to 133.5 pts. Simultaneously, Richmond manufacturing index will be released and it is expected to tick higher from 1 to 2 pts.

9:40 pm BST - API report on crude inventories. Private report on the change in the US oil stockpiles is expected to show a decline of 0.7 mb after last week’s print showed a build of 0.6 mb. However, this data may be somewhat overlooked by the market as investors focus on the situation in the Middle East.