Economic calendar: US PPI inflation data in the spotlight

• European indices set for more or less flat opening
• US PPI inflation data in the spotlight
• Earnings report from Home Depot

European index futures point to a flat or slightly lower opening of today's cash session for major stock market indices from the Old Continent. This comes after an uneventful Asia-Pacific session that saw regional indices struggling to find common direction. Markets seem to be in a 'wait-and-see' mode ahead of key data releases later this week as well as ahead of a feared Iranian attack on Israel, whenever it may occur.

The first piece of key US data will be released this afternoon - PPI inflation report for July. While PPI readings are seldom considered top-tier releases due to the fact they are usually released after the release of much more important CPI data, this week is different as PPI print will be released ahead of CPI data (tomorrow). Market is expecting deceleration in headline and core producers' price growth. Apart from PPI reading, traders will also be offered a German ZEW index for August, final Spanish CPI reading for July and private API report on US oil inventories.

Among today's earnings highlights one can find Home Depot, which will release its financial results before opening of the Wall Street session.

8:00 am BST - Spain, final CPI inflation data for July. First release: 2.8% YoY

10:00 am BST - Germany, ZEW index for August. Expected: 31.0. Previous: 41.8

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

• Headline (annual). Expected: 2.3% YoY. Previous: 2.6% YoY
• Headline (monthly). Expected: 0.2% MoM. Previous: 0.2% MoM
• Core (annual). Expected: 2.7% YoY. Previous: 3.0% YoY
• Core (monthly). Expected: 0.2% MoM. Previous: 0.4% MoM

9:40 pm BST - API report on US oil inventories

Central bankers' speeches

• 6:15 pm BST - Fed Bostic

Top Wall Street earnings reports

• Home Depot (HD.US) - before market open
• Sea Limited (SE1.US) - before market open
• Hut 8 Mining (HUT.US) - before market open
• Paysafe (PSFE.US) - before market open
• Nu Holdings (NU.US) - after market close