In the UK, CPI inflation fell more than expected to a 1.7% yearly rate in September from 2.2% in August. Forecasters expect a rebound to 2.2% in October with a 0.5% jump on the month. A big rise in household energy bills is expected to push headline inflation higher in October. Core inflation is expected to be better behaved and unchanged on the year at 3.2%.

German producer prices are forecast to show deflation at business levels marked a 16th straight year-on-year drop, down 1.1%, but the pace of decrease likely eased from 1.4% in September. On the month, PPI is seen down just 0.1% following a 0.5% decline.

In the UK PPI data, output prices are seen falling a further 0.1% on the month in October after a 0.5% drop in September. Input costs are expected to rise 0.5%, reversing half of the previous period's slide.

Federal Reserve Vice Chair for Supervision Michael Barr will testify on oversight of prudential regulators before the House Financial Services Committee at 10 a.m. EST (1500 GMT).

Federal Reserve Board Governor Lisa Cook will speak on the economic outlook and monetary policy before the University of Virginia"UVA Economics Presents" event at 11 a.m. EST (1600 GMT).

Boston Federal Reserve Bank President Susan Collins will give remarks and participate in a conversation about monetary policy, the breadth of the Federal Reserve's work and her career path at an event hosted by the University of Michigan Gerald R. Ford School of Public Policy at 4 p.m. EST (2100 GMT).

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.