Economic calendar: US Senate votes on infrastructure bill

• European markets set to open flat

• US Senate votes on over $1 trillion infrastructure bill

• Coinbase earnings

According to futures markets, the majority of European indices are set to open flat or slightly lower. There are not too many things on the calendar that may contribute to a jump in volatility. Among the noteworthy ones we can find German ZEW that is set to show improvement in current conditions but a deterioration in expectations. US productivity and labor costs data is usually ignored by the markets. API report on oil stocks may trigger some volatility in the afternoon.

One thing of note is vote in the US Senate on an infrastructure bill worth over $1 trillion. Bill is expected to be passed and then the Senate will immediately start debates on a broader and more far-reaching  $3.5 trillion proposal. Once Senate passes the $1 trillion bill it will go to House of Representatives.

10:00 am BST - Germany, ZEW index for August. 

• Current Conditions. Expected 30.0. Previous: 21.9

• Expectations. Expected: 56.7. Previous: 63.3

1:30 pm BST - US, data for Q2 2021.

• Nonfarm productivity. Expected: 3.5% QoQ. Previous: 5.4% QoQ

• Unit Labor Costs. Expected: 1% QoQ. Previous: 1.7% QoQ

4:00 pm BST - US Senate votes on $1 trillion infrastructure bill

9:40 pm BST - API report on oil inventories. Expected: -2.4 mb. Previous: -0.89 mb

Central bankers' speeches

• 7:30 pm BST - Fed Evas

US earnings reports

• Coinbase (COIN.US) - after market close

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