Energy stocks rose in Asian markets on Tuesday after oil extended gains overnight on hints from a Russian official at a possible production freeze in cooperation with OPEC. Prices eased in Asian trade but held above $45 a barrel after rising in New York for the third straight day and helping push US stocks to fresh records. Tokyo was down 1% as the yen climbed against the dollar. A rally in the yen has hit Japanese exporters, making them less competitive overseas and denting profits.

The lackluster start also followed news Monday that growth in the Japanese economy was flat in the April-June period, weighing on sentiment. Shanghai trades 0.5% lower while Hong Kong adds small gains having both been lifted in the previous session after the China Securities Regulatory Commission said Friday that the Shenzhen-Hong Kong Stock Connect scheme would be launched this year.

In FX space the US dollar lost ground against its counterparts while the yen was the stand out mover and continues to strengthen and currently looks to break below the 100 handle against the dollar. Gold has also caught a bid tone hitting session highs of $1347.

So to the day ahead and it’s a busy day for economic data and we kick off with UK CPI (0930 BST). The first reading on UK inflation since Britain voted to leave the European Union will be released by the Office for National Statistics. Analysts have predicted consumer prices remained stable at 0.5% year-on-year growth in July.

The consumer price index is estimated to fall 0.1% on the month in July, compared to a 0.2% increase in June. The Bank of England expects inflation will rise over coming months as a weaker pound post Brexit lifts the prices of imports, which will be passed onto the consumer. The Bank is targeting 2% inflation.

German ZEW Economic Survey (1000 BST) The Eurozone’s sluggish growth rate appears to be slowing even further, based on Now-casting.com’s revised estimate for third-quarter GDP. The consultancy projects that economic activity will slow to 0.22% in Q3 from 0.3% in Q2 (quarter-over-quarter rate).

If the outlook is confirmed, the euro area’s macro trend will decelerate to the slowest pace in two years. t’s still early for deciding how Q3 will shape up, of course. As usual, a substantial slice of the trend will be linked to Germany’s performance. On that front, today’s ZEW survey data will offer an early look at the August profile for Europe’s biggest economy.

US CPI (1330 BST) US inflation data is also due. Economists have pencilled in an annualised 0.9% increase in July, down from 1.0% in June. On the month, consumer prices are expected to slow to 0.1% growth from 0.2% the previous month. Core inflation, which strips out energy and food prices, is expected to remain at 2.3% year-on-year and 0.2% month-on-month in July. The Federal Reserve’s inflation target is 2%.