Economic calendar: FOMC minutes, US retail sales data

• European stock markets set for a lower opening

• FOMC minutes in the spotlight today

• Retail sales from the US  at 1:30 pm BST

Futures markets are pointing to a slightly lower opening of the European cash session, however volatility is rather low as traders wait for releases of retail sales data from the US at 1:30 pm BST and FOMC minutes at 7:00 pm BST. Minutes could offer fresh clues on the central bank's rate hike path. Investors now see a 41% chance of a third successive 75 bps rate hike at the Fed’s next meeting in September, up from 39% the previous day. In turn, the release of the US retail sales report may provide an update on the condition of the US economy and recession risks. A strong report will give Fed room for even quicker tightening. Apart from that, oil traders will be offered report on US inventories that may trigger some short-term volatility on the oil market.

9:00 am BST - Poland, GDP report for Q2 2022 (preliminary). Expected: 6.3% YoY. Previous: 8.5% YoY

10:00 am BST - Euro area, GDP report for Q2 2022 (revision). First release: 4.0% YoY

1:30 pm BST - US, retail sales for July.

• Headline. Expected: 0.1% MoM. Previous: 1.0% MoM

• Ex-auto. Expected: -0.1% MoM. Previous: 1.0% MoM

3:30 pm BST - DOE report on US oil inventories.

• Oil inventories. Expected: -0.275 mb (API: -0.45 mb)

• Gasoline inventories. Expected: -1.096 mb (API: -4.48 mb)

• Distillate inventories. Expected: +0.44 mb (API: -0.76 mb)

7:00 pm BST - FOMC minutes 

Central bankers' speeches

• 2:30 pm BST - Fed Bowman

• 7:20 pm BST - Fed Bowman

Wall Street earnings releases:

Lowe's Companies (LOW.US) - before market open

Cisco (CSCO.US) - after market close

Target Corporation (TGT.US) - before market open