Economic calendar: Inflation data from Europe and the US

• European indices set for slightly lower opening

• Flash CPI data for July from Europe

• US core PCE inflation for June

European index futures point to a slightly lower or flat opening of today's cash trading session on the Old Continent. Eurostoxx futures trade around 0.1-0.2% lower ahead of the opening. This comes after a downbeat Wall Street trading yesterday as well as a mixed Asian session earlier today. Japanese yen is having a volatile session following a puzzling Bank of Japan decision. While BoJ left interest rates and yield curve control band unchanged, Bank said it will allow greater flexibility when it comes to target yield.

Economic calendar for the day ahead is packed with top-tier releases from Europe. Traders will be offered Q2 GDP and July CPI readings from Spain and Germany. French data that was already released and showed French GDP growth reaching 0.5% QoQ in Q2 2023 (exp. 0.1% QoQ) while CPI slowed from 4.5 to 4.3% YoY (exp. 4.3% YoY). Apart from European data, investors will also be offered US data pack for June, including core PCE inflation data as well as personal income and spending data.

8:00 am BST - Spain, GDP report for Q2 2023. Expected: 0.4% QoQ. Previous: 0.6% QoQ

8:00 am BST - Spain, CPI inflation for July. Expected: 1.6% YoY. Previous: 1.9% YoY

9:00 am BST - Germany, GDP report for Q2 2023. Expected: 0.1% QoQ. Previous: -0.3% QoQ

1:00 pm BST - Germany, CPI inflation for July. Expected: 6.2% YoY. Previous: 6.4% YoY

1:30 pm BST - US, data pack for June.

• Core PCE inflation. Expected: 4.2% YoY. Previous: 4.6% YoY

• Personal income. Expected: 0.5% MoM. Previous: 0.4% MoM

• Personal spending. Expected: 0.4% MoM. Previous: 0.1% MoM

1:30 pm BST - Canada, monthly GDP report for May. Expected: 0.4% MoM. Previous: 0.0% MoM

3:00 pm BST - University of Michigan consumer sentiment for July (final). First release: 72.6