Central banks will be in focus this week, with the Fed poised to start a two-day meeting Tuesday and the ECB due to meet on Thursday. Expectations are the Fed will hike interest rates one last time this year, while the ECB is seen as unlikely to alter its monetary policy. Europe’s central bank is also due to announce fresh economic forecasts for the region.
On the data front, the U.K. is set to release its inflation rate and retail price data at around 9:30 a.m. London time.
In commodity markets, oil prices were higher on Tuesday morning after the shutdown of the Forties North Sea pipeline caused a significant reduction of supply on the market. Brent was 1.4 percent higher, trading at $65.59 a barrel while WTI rose 0.71 percent, being sold at $58.39 at about 6:20 a.m. London time.
European markets set to open higher as investors look ahead to Fed, ECB meetings