Economic calendar: US PPI inflation, DOE report on oil inventories

• European markets set for lower opening

• US PPI data due at 1:30 pm BST

• Will DOE report confirm a massive inventory build signaled by API?

Futures markets point to a slightly lower opening of the European cash session, following yesterday's steep sell-off. Situation on the other markets also seems to have calmed with gold trading little change and no major moves across G10 currencies this morning. EURUSD continues to trade below parity following yesterday's post-CPI slump. Brent trades 0.5% lower at press time.

Calendar for the day ahead does not include such blockbuster data releases like US CPI yesterday but some of those scheduled are noteworthy. A key European report of the day - UK CPI inflation for August - was already released at 7:00 am BST and showed a headline deceleration from 10.1 to 9.9% YoY (exp. 10.0% YoY). Later today traders will be offered US PPI inflation reading for August at 1:30 pm BST and DOE report on oil inventories. API estimate released yesterday pointed to a big build in US oil inventories and traders will look for confirmation in today's official data.

10:00 am BST - Euro area, industrial production for July. Expected: -0.8% MoM. Previous: 0.7% MoM

1:30 pm BST - US, PPI inflation for August. 

• Headline. Expected: 8.9% YoY. Previous: 9.8% YoY

• Core. Expected: 7.1% YoY. Previous: 7.6% YoY

1:30 pm BST - Canada, manufacturing sales for July. Expected: -0.9% MoM. Previous: -0.8% MoM

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

• Oil inventories. Expected: +0.9 mb (API: +6.04 mb)

• Gasoline inventories. Expected: -0.7 mb (API: -3.23 mb)

• Distillate inventories. Expected: +0.6 mb (API: +1.75 mb)

Central bankers' speeches

• 3:30 pm BST - ECB Villeroy