Economic calendar: US CPI data in focus

• European indices set for lower opening
• US CPI expected to ease slightly
• DOE report on US oil inventories

Futures markets point to a lower opening of the European cash session today, extending downbeat moods seen on the stock exchanges in the Asia-Pacific region. Similar sentiment can be spotted on precious metals and cryptocurrencies markets while energy commodities pull back. 

Calendar for the day ahead includes some interesting releases. A top macro event of the day will be a release of the US CPI inflation report for July at 1:30 pm BST.  Price pressure is expected to decrease slightly, however, the core reading is estimated to have increased from 5.9% in June to 6.1% in July. Continued acceleration in price growth will give the Fed more courage to tighten policy quickly. Oil may see some moves following the release of the DOE report (3:30 pm BST).

9:00 am BST - Italy, CPI inflation for July (final). Expected: 7.9% YoY. Previous: 8.0% YoY

1:30 pm BST - US, CPI inflation for July.

• Headline. Expected: 8.7% YoY. Previous: 9.1% YoY

• Core. Expected: 6.1% YoY. Previous: 5.9% YoY

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

• Oil inventories. Expected: +0.073 mb (API: +2.15 mb)

• Gasoline inventories. Expected: -0.633 mb (API: -0.63 mb)

• Distillate inventories. Expected: +1.5 mb (API: -0.667 mb)

Wall Street earnings releases

• Disney (DIS.US) - after market close

• Bumble (BMBL.US)- after market close. 

• Wendy's (WEN.US) - before market open