Futures Rise Ahead of Inflation Data as Energy Prices Continue to Weigh

US stock futures have risen ahead of the release of July inflation data, which will provide insight into the pace at which inflation may slow after the conflict in the Middle East ends and energy prices ease.

Economists expect the US consumer price index to have risen by 0.1% in July, following a 0.4% decline in June. On an annual basis, inflation is forecast to have slowed to 3.4% from 3.5% a month earlier.

However, Ipek Ozkardeskaya, senior analyst at Swissquote, notes that today's US CPI reading will not tell us what the Federal Reserve should do next, as next month's figures will again be distorted by the rebound in energy prices.