European stock markets are expected to open marginally lower, lacking real direction at the start of a new week which includes key U.S. inflation data, an abundance of central bank speakers and the first reading of U.K. third-quarter GDP.

At 3:05 AM ET (0705 GMT), the DAX Futures contract in Germany traded 0.1% lower, CAC 40 Futures in France dropped 0.1% and the FTSE 100 Futures contract in the U.K. fell 0.1%.

The European equity markets received a lacklustre handover from Asia Monday, after data released over the weekend showed China’s exports delivered a record trade surplus in October, but disappointing import results added to evidence of a slowing in domestic demand.

There are a number of central bankers due to speak this week, with Federal Reserve Chairman Jerome Powell of particular interest at 10:30 AM ET (1530 GMT), given the U.S. central bank’s move to start tapering bond purchases at its meeting last week.

The Fed stuck to the view that high inflation would prove “transitory” at last week’s meeting, and the market’s belief of this could be tested this week with October CPI numbers expected to hit fresh multi-year highs.

Back in Europe, European Central Bank chief economist Philip Lane started the ball rolling by stating, in an interview with a Spanish newspaper published Monday, that Eurozone inflation will ease next year, repeating the bank’s well established message that high price growth is temporary.

The first look at economic growth in the U.K. for the third quarter is due for release on Thursday. This is expected to show GDP growth slowing to 1.5% from the previous quarter, a week after the Bank of England surprised the markets by keeping interest rates on hold.

Earnings from the likes of Henkel  and Covestro  have been published Monday, but a lot of today’s focus could be on the airlines and travel sector, with the U.S. set to lift pandemic travel restrictions that have barred many international visitors since early last year. That comes after Pfizer ‘s trial results for its antiviral Covid pill gave travel stocks a fresh boost on Friday.

Crude prices rose Monday after Saudi Aramco  late Friday raised the official selling price for its crude, indicating that continues to see strong demand despite elevated price levels.

The FTSE MIB climbed up by 1.00% to 27,795.20. In the cash markets, the DAX  Germany was trading  up by 0.15%  to 16,054.65. CAC 40  in France  rose by 0.76% to 7,040.37 while the FTSE 100  in the U.K. was  up by 0.03% to 7,303.35. ,at the time of writing.