Economic calendar: Final services PMIs, non-manufacturing ISM

• European indices set for flat opening

• Final services PMIs for May, non-manufacturing ISM

• Inflation data from Switzerland, Turkey and euro are

European index futures point to a flat opening of the European cash session today. This comes after an upbeat trading in Asia earlier today and a solid Wall Street session on Friday. Story of the day is oil with OPEC+ agreeing to extend output cuts through 2024 over the weekend. On top of that, Saudi Arabia announced a 1 million bpd voluntarily cut for July. Oil launched new week's trading with an over-1.5% bullish price gap but majority of those gains have been erased already.

Economic calendar for today is packed with data releases but most of those can be considered second-tier and may not have much impact on the markets. CPI data from Swiss and Turkey will be released this morning, followed by euro area PPI data. Also, final services PMIs for May from European countries will be released throughout the morning. Attention in the afternoon will be on non-manufacturing ISM for May and US factory orders for April. 

7:30 am BST - Swiss, CPI inflation for May. Expected: 2.2% YoY. PRevious: 2.6% YoY

8:00 am BST - Turkey, CPI inflation for May. Expected: 39.2% YoY. Previous: 43.7% YoY

8:15 am BST - Spain, services PMI for May. Expected: 56.8. Previous: 57.9

8:45 am BST - Italy, services PMI for May. Expected: 57.0. Previous: 57.6

8:50 am BST - France, services PMI for May (final). First release: 52.8

8:55 am BST - Germany, services PMI for May (final). First release: 57.8

9:00 am BST - Euro area, services PMI for May (final). First release: 55.9

9:30 am BST - UK, services PMI for May (final). First release: 55.1

9:30 am BST - Euro area, Sentix index for June. Expected: -15.1. Previous: -13.1

10:00 am BST - Euro area, PPI inflation for April. Expected: 1.5% YoY. Previous: 5.9% YoY

2:45 pm BST - US, services PMI for May (final). First release: 55.1

3:00 pm BST - US, factory orders for April. Expected: 0.8% MoM. Previous: 0.4% MoM

3:00 pm BST - US, non-manufacturing ISM for May. Expected: 52.3. Previous: 51.9

Central bankers' speeches

2:00 pm BST - ECB President Lagarde

3:00 pm BST - ECB Nagel

4:15 pm BST - ECB Wunsch

6:30 pm BST - Fed Mester