Economic calendar: Powell testifies, BoC and CBRT set rates

• European markets seen opening lower

• BoC and CBRT rate decision

• Powell's testimony, more US banking earnings

Futures markets point to a lower opening of today's European cash session. Today's economic calendar is dominated by central banks and central bankers. Central Bank of the Republic of Turkey is set to announce the rate decision at 12:00 pm BST. However, the market expects the main rate to be left unchanged at 19%. Bank of Canada is also expected to leave rates unchanged when it announces the decision at 3:00 pm BST. However, there is growing expectation that BoC may decide to send a hawkish message. On top of that, investors will be offered semiannual testimony from Fed Chairman Powell in Congress. Text of Powell's speech is likely to be released 1-2 hours before the testimony.

Apart from central banks and central bankers, investors will be served DOE report at 3:30 pm BST as well as earnings reports from US banks.

8:00 am BST - Spain, CPI inflation for June. Expected: 2.6% YoY. Previous: 2.7% YoY

10:00 am BST - Euro area, industrial production for May. Expected: 22.2% YoY. Previous: 39.3% YoY

12:00 pm BST - CBRT rate decision

1:30 pm BST - US, PPI inflation for June.

• Headline. Expected: 6.8% YoY. Previous: 6.6% YoY

• Core. Expected: 5.1% YoY. Previous: 4.8% YoY

3:00 pm BST - Bank of Canada rate decision

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

• Oil inventories. Expected: -4.2 mb

• Gasoline inventories. Expected: -1.7 mb

• Distillate inventories. Expected: +1.4 mb

5:00 pm BST - Fed Chairman Powell testifies in Congress

US earnings releases

• Bank of America (BAC.US) - before market open

• BlackRock (BLK.US) - before market open

• Citigroup (C.US) - before market open

• Delta Air Lines (DAL.US) - before market open

• Wells Fargo (WFC.US) - before market open