Economic calendar: ECB policy review announcement and US jobless claims

• European markets seen opening mostly lower
• ECB is most likely to announce its new inflation target today
• US initial jobless claims

There are a few events of note scheduled for today. The European Central Bank has completed its 18-month strategy review and is set to announce the results today. Announcement is scheduled for 12:00 BST and is likely to include a shift in the inflation target to 2% from "below but close to 2%" currently - which would theoretically allow for inflation overshoots. European Central Bank President Lagarde will speak following at a 1:30 pm BST news conference. When it comes to the US trading hours, investors will be offered Initial jobless claims figures. Economists expect to see 350,000 first-time applicants for unemployment benefits for the week ended July 3. Oil traders should stay on guard in the afternoon as the DOE will release a report on oil inventories. German trade balance data was released at 7:00 am BST and it turned out to be a disappointment. The German trade surplus widened to € 12.3 billion in May of 2021 from € 7 billion a year earlier. However, today's figures came below analysts' expectations of € 15.4 billion.

12:00 pm BST – ECB policy review announcement

1:30 pm BST  - US Initial Jobless Claims. Expected: 350k. Previous: 364k

4:00 pm BST  - EIA Crude Oil Stocks Change. Expected: -4.033 M. Previous: -6.718 M

Central bankers’ speeches:

 1:30 pm BST – ECB President Lagarde