Market themes of the Day: Putin the only one protected by the umbrella in World cup final rain heading to the meeting with Trump

What you need to know before markets open
In Europe

• The European Union's top officials travel to China to meet the officials of both China and Japan this week to boost ties in the face of fears that US President Donald Trump will spark a global trade war.
• The Eurozone trade balance is scheduled for the morning.
• The high profile Trump-Putin summit in Helsinki is planned for today.

In the UK

• The Bank of England Deputy Governor Jon Cunliffe said there remains a case for a little ‘stodginess’ in setting interest rates.
• According to Rightmove, the number of sellers who are reducing their asking price is the highest at this time of year since 201 as the property market in the UK hits the limits amid ongoing Brexit uncertainty.
• The UK Prime Minister Theresa May faces another tough Brexit vote in parliament on Monday.

In the US

• University of Michigan consumer sentiment dipped to 97.1 in July’s preliminary print, down from 98.3 expected.
• The semi-annual Monetary Policy Report to Congress yielded few surprises. The FOMC “expects that further gradual increases in the target range for the federal funds rate will be consistent with a sustained expansion of economic activity, strong labor market conditions, and inflation near the committee’s symmetric 2% objective over the medium term.”
• US President Trump told CBS News that European countries were taking advantage of the US and they are not paying their NATO bills.
• The US retail sales are expected to increase 0.6% m/m in June with core retail sales seen rising 0.4% m/m in June. 

In China

• China’s GDP rose 6.7% over the year in the second quarter of 2018, meeting the market expectations.
• China’s June industrial output increased 6% over the year in June, falling short of market estimates of 6.5% and the previous month’s 6.8% y/y increase.
• China’s retail sales increased 9% meeting the market estimates and accelerating from 8.5% y/y rise in May.