In Germany, no revisions are expected to the provisional CPI data for July, which showed a 0.3 percent rise on the month and a 6.2 percent gain on the year.

The French trade deficit is forecast at €8.0 billion in June, narrowing from €8.42 billion in May.

The US small business optimism index is expected to rise to 91.5 in July from 91.0 in June. It has been below the historical average of 98 for 18 months in a row.

Among other US data, a deficit of $65.4 billion is expected in June for total goods and services trade, which would compare with a $69.0 billion deficit in May. Advance data on the goods side of June's report showed a $4.0 billion narrowing in the deficit.

The second estimate for June wholesale inventories is down 0.3 percent, unchanged from the first estimate.

In China, consumer prices are expected to post a 0.5 percent drop on the year in July after being flat in June. The CPI annual rate has been easing steadily from January's 2.1 percent.

Producer prices in China, which have been in contraction the last nine reports, are forecast to fall 4.0 percent on the year in July, with the pace of decline decelerating from a 5.4 percent fall in June, which compared with expectations for a 5.0 percent drop.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.