Economic calendar: API report, rate decision in Hungary

• European markets set for higher opening

• API report on oil inventories

Futures markets point to a higher opening of the European cash session today. Asian equities booked strong gains for the second day in a row and indices from the Old Continent seem to follow into their footsteps… at least for now.

Economic calendar today lacks any major data releases. HUF may become a bit more volatile in the early afternoon as a rate decision from Hungarian National Bank will be announced. Apart from that, oil may move a bit on API report release in the evening.

US President Joe Biden is expected to deliver a speech on the withdrawal of US troops from Afghanistan at 5:00 pm BST. A virtual G7 meeting is scheduled earlier at 2:30 pm BST. However, these events should not have a major impact on the markets.

9:00 am BST - Poland, unemployment rate for July. Expected: 5.8%. Previous: 5.9%

1:00 pm BST - Hungarian National Bank rate decision

3:00 pm BST - US, new home sales for July. Expected: 698k. Previous: 676k

3:00 pm BST - US, Richmond Fed index for August. Expected: 26. Previous: 27

9:40 pm BST - API report on oil inventories. Expected: -2.4 mb. Previous: -1.16 mb

US earnings reports

• Best Buy (BBY.US) - before market open

• Bank of Montreal (BMO.US) - before market open

• Nordstrom (JWN.US) - after market close