Danske Bank analysts point out that in Europe, at 16:00 GMT the European Parliament will vote on Ursula von der Leyen's appointment as Commission President and will be a key event today.

“She is potentially facing a knife-edge vote after policymakers from the Greens and Left already ruled out their support and the centre-left Socialists remain divided. Should she fail to secure the 374 votes for a majority, it risks triggering an institutional crisis in the EU. Also on the agenda today in Europe is the ZEW business survey, which is one of the first sentiment indicators in July. While last week saw improved risk sentiment stemming from surprise candidates (e.g. French industrial production), we expect further downside in the expectations component or some stabilisation at best. Fed Chairman Jerome Powell will speak about 'Aspects of Monetary Policy in the Post-Crisis Era' at an event in Paris today. In the US, retail sales and industrial production numbers for June are due for release.”