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Analysts at Danske Bank suggest that the  UK  inflation report for July is the key release in Europe today, where they estimate CPI inflation fell to 2.3% y/y from 2.4% y/y in June.

Key Quotes

“In general, we believe the inflation prints will be interesting to follow in H2 18, as we believe the Bank of England is too optimistic on the inflation outlook.”

“In the  US,  retail sales for July are due out, which are likely to show that private consumption remains the main growth driver in the US. Manufacturing production and the Empire Manufacturing Index are also on the agenda.”