• European markets set to open higher
• Oil gains after Saudi Aramco price hike
• RBA and ECB rate decision later in the week

Asian indices managed to book gains during the first trading session of a new week. Strong gains were spotted in China as Beijing continues to lift pandemic restrictions. Elsewhere, oil gained after Saudi Aramco increased prices for deliveries to Asia by more than expected (+$2.10 vs +$1.50 expected). Futures markets point to a slightly higher opening of today’s European cash session.

Trading in Europe may be somewhat muted today as traders from Norway, Sweden, Switzerland and Hungary are off for holidays. Moreover, the economic calendar for today is also almost empty with the European Sentix index being the sole reading scheduled.

Nevertheless, things are getting more interesting later into the week with rate decisions from the Reserve Bank of Australia and European Central Bank, as well as the US CPI report for May.

9:30 am BST – Euro area, Sentix index for June. Expected: -20.5. Previous: -22.6

Wall Street earnings releases

• GitLab (GTLB.US) – after market close

Key macro reports and events in the later part of the week

• Tuesday, 5:30 am BST – RBA rate decision
• Thursday, 12:45 pm BST – ECB rate decision
• Friday, 1:30 pm BST – US CPI inflation for May
• Friday, 1:30 pm BST – Canadian jobs report for May