Deutsche Bank's analysts note that today is going to be a very quiet day for data or scheduled events with only the July monthly budget statement due in the US.

• “Tuesday: The data highlight is the July CPI report in the US. Other data includes the July NFIB small business optimism reading, while in Europe the August ZEW survey and final July CPI revisions are due in Germany and July employment data in the UK. Away from that, the NY Fed will also release its Q2 household debt and credit report.
• Wednesday: The overnight focus will be on the July activity indicators out of China. Not long after we get a first look at Q2 GDP in Germany while a second revision is due for the Euro Area. July CPI data is also expected in the UK and France while June industrial production is also due for the Euro Area. In the US the July import and export price index readings are due. Away from that, the EIA crude oil inventory report is due.
• Thursday: Overnight, June industrial production in Japan and July new home prices data is due in China. In the UK we’re due to get the July retail sales report while in the US the July retail sales report will also be a focus. The August empire manufacturing, August Philly Fed business outlook, Q2 nonfarm productivity and unit labour costs, July industrial production, weekly jobless claims, August NAHB housing market index and June business inventories data are all due also. Elsewhere, monetary policy meetings are due in Mexico and Norway.
• Friday: The main data highlights are in the US with the July housing starts and building permits data, and preliminary August University of Michigan consumer sentiment survey due. In Europe, the June trade balance for the Euro Area is expected. Elsewhere, OPEC will release its monthly oil market report.”