Economic calendar: US data in the spotlight

• European markets seen opening higher

• Retail sales and industrial production data from the United States

• API report expected to show draw in oil stocks

In spite of a mixed trading on Wall Street yesterday and in Asia today, futures markets point to a higher opening of today's cash session on the Old Continent. While the FOMC decision (Wednesday, 7:00 pm BST) is a key event of the week, investors should not forget about macro data releases. Data on the US retail sales and industrial production will be released today in the afternoon, and it will be watched closely. Retail sales are expected to decline on a month-over-month basis while industrial production is seen increasing. Apart from that, investors will be offered API report on oil stocks, CPI readings from Poland and Italy, as well as housing market data from Canada

9:00 am BST - Poland, CPI inflation for May. Expected: 4.8% YoY. Previous: 4.3% YoY

9:00 am BST - Italy, CPI inflation for May. Expected: 1.3% YoY. Previous: 1.1% YoY

1:15 pm BST - Canada, housing starts for May. Expected: 271k. Previous: 268.6k

1:30 pm BST - US, retail sales for May.

• Headline. Expected: -0.8% MoM. Previous: 0% MoM

• Ex-autos. Expected: +0.4% MoM. Previous: -0.8% MoM

1:30 pm BST - US, New York Empire State index for June. Expected: 22.2. Previous: 24.3

2:15 pm BST - US, industrial production for May. Expected: 0.6% MoM. Previous: 0.7% MoM

9:40 pm BST - API report on oil inventories. Expected: -1.5 mb. Previous: -2.11 mb