Economic calendar: European energy woes and US holiday

• European markets set for lower opening after Gazprom announces complete halt to gas flows

• UK Conservative Party leadership race results expected at 12:30 pm BST

• Holidays in United States and Canada

Futures markets are pointing to massive bearish price gaps at the launch of today's cash session. Repricing was triggered on Friday by Gazprom, who announced that gas flows to Europe via Nord Stream I pipeline will be halted indefinitely. DAX is set for around 400 points drop at the start of cash session. Euro is also feeling the pain with EURUSD dropping below 0.99 for the first time in 20 years.

Energy woes are likely to remain a key driver in the markets today and in the days or weeks to come. However, there are also other events that traders should pay attention to. Results of UK Conservative Party leadership race will be announced today at 12:30 pm BST, and new Conservative leader will become the new UK Prime Minister. Apart from that, traders will be offered final services PMIs from Europe. While revisions rarely produce big moves, it should be noted that revisions to manufacturing indices for August were quite big. Last but not least, investors should expect somewhat thinner liquidity today, especially in the afternoon, as US and Canadian traders will be off to celebrate the Labour Day holiday.

8:15 am BST - Spain, services PMI for August. Expected: 52.9. Previous: 53.8

8:45 am BST - Italy, services PMI for August. Expected: 48.2. Previous: 48.4

8:50 am BST - France, services PMI for August (final). First release: 51.0

8:55 am BST - Germany, services PMI for August (final). First release: 48.2

9:00 am BST - Euro area, services PMI for August (final). First release: 50.2

9:30 am BST - Euro area, Sentix index for September. Expected: -27.2. Previous: -25.2

9:30 am BST - UK, services PMI for August (final). First release: 52.5

10:00 am BST - Euro area, retail sales for July. Expected: 0.4% MoM. Previous: -1.2% MoM

12:30 pm BST - UK Conservative Party leadership race results

Changes in trading hours due to US holiday

• CORN, SOYBEAN, WHEAT, COFFEE, SUGAR, COTTON, COCOA, SOYOIL, LEANHOGS, CATTLE - no trading today

• US30, US100, US500, US2000, TNOTE - trading until 6:00 pm BST

• GOLD, SILVER, PLATINUM, PALLADIUM, NATGAS, OIL.WTI, GASOLINE - trading until 7:30 pm BST

• VOLX - trading until 4:30 pm BST

• OIL - trading until 6:30 pm BST