In focus todayToday's most important data release will be the US July CPI, where we forecast headline inflation at 0.2% m/m SA, 3.4% y/y (prior: -0.4% m/m, 3.5% y/y) and core inflation at 0.2% m/m SA, 2.5% y/y (prior: 0.0% m/m, 2.6% y/y). On the news, Brent crude fell back to around USD 87/bbl. Equities: Global risk sentiment was on a weak footing yesterday with the oil price and the SoH being the key market driver ahead of today's US CPI. Brent crude ended 2.6% higher and is trading at USD90/barrel this morning. News related to the Middle East and the oil market dominated with brief hints that a deal might draw closer.