Key Global Events
Reserve Bank of New Zealand raised interest rate to 5.50% raising 25 basis points as anticipated by analysts.
UK inflation reading not so rosy. Year-over-year inflation fell to 8.7 percent from a forecast of 8.3 percent.
Markets are likely to get nervous about the standoff over the debt ceiling. An agreement has not yet been found between the two leaders but they called their last meeting productive.
Investors await the FOMC minutes following hawkish tones held by some FED functions. The minutes will show in detail an account of the meetings that took place in the last three weeks of the committee.
Negative start for European stock markets. Milan's FTSE MIB -0.96%, Paris' CAC -1.17%, Madrid's IBEX -0.86%, London's FTSE -1.03%. Wall Street futures follow the European wake and trade lower. Dow Jones -0.14%, S&P500 -0.13% and the Nasdaq -0.08%.
Today the European Central Bank celebrates and 25th anniversary.

Forex & Commodities

The EURUSD cross trades +0.06% at 1.0776. Cable trades +0.19 at 1.2438. Oil prices gain nearly a percentage point as the European market opens. Oil trades around $73.61 per barrel today (+0.97%). Gold trades at 1974 dollars (-0.01%).

Index

Asia's markets traded lower. The benchmark index, Tokyo's Nikkei closes with a loss of 0.85 percent. China's Hang Seng index trades at 19,105 giving up 1.65 %.

Global Macroeconomic Data 

UK - At 11:30 a.m., UK central bank president Bailey will hold a press conference on monetary policy and recent inflation data. 
US - At 4:30 p.m. the crude oil stocks report released by the EIA will be released. Inventories are expected to decline to -0.920 million. At 8 p.m. FOMC meeting minutes on the country's monetary policy will be released.
EUR - At 7:45 p.m., a speech by Frankfurt central bank President Christine Lagarde is expected.