10 things you need to know before European markets open

Good morning! Here's what you need to know.

UK inflation is coming. The first reading of inflation in July is out at 9:30 a.m. London time (4:30 a.m. ET), and analysts expect the figure to be flat, with consumer prices up 0% from the same month last year. They also expect core consumer prices, which strip out volatile prices like food and energy, to have risen 0.8% over the 12 month period.

Thailand's currency hit a six year low after a bombing in Bangkok. Thailand's baht currency slumped to a more than six-year low on Tuesday and shares fell in Bangkok over concerns an unprecedented attack in the capital could hit the vital tourism sector.

The US just gave Shell the final OK to drill in the Arctic. The Obama administration granted Royal Dutch Shell final clearance on Monday to resume drilling for oil and gas in the environmentally fragile Arctic Ocean for the first time since 2012, a move green groups vowed to fight.

Asian markets are sinking. The Shanghai Composite is leading the drop, down 3.22%, followed down by Hong Kong's Hang Seng, which is 0.66% lower. Japan's Nikkei is also off by 0.16%.

US corruption probes may cost Brazil's Petrobras a record amount. Brazil's Petrobras may need to pay record penalties of $1.6 billion (£1.03 billion) or more to settle U.S. criminal and civil probes into its role in a corruption scandal, a person recently briefed by the company's legal advisers told Reuters.

Citigroup settled a hedge fund case. US securities regulators ordered two Citigroup affiliates Monday to pay $180 million (£115.5 million) to settle charges that they defrauded investors by falsely claiming a pair of hedge funds were low-risk.

German Chancellor Angela Merkel is battling to ensure IMF involvement in Greece's bailout. German Chancellor Angela Merkel insists the International Monetary Fund must participate in Greece's new bailout, but doubts about IMF involvement are complicating her bid to sell MPs the deal ahead of Wednesday's key parliamentary vote. Monday's front page of mass-circulation daily Bild accused Merkel of breaking her promise that the IMF would be party to the new 86 billion euro ($95 billion) Greek bailout approved by eurozone finance ministers Friday.

The White House and Cuba are looking to begin scheduled flights between the US and Cuba again. The White House is seeking an agreement with Cuba to begin scheduled commercial flights between the two countries as soon as December, the Wall Street Journal reported on Monday, citing officials.

US regulators are investigating another Takata airbag issue. US safety regulators on Monday said they have directed the U.S. units of Volkswagen AG and air bag maker Takata Corp to provide information on the June rupture of a side air bag in a 2015 model VW Tiguan.

XYZ has had buyout offers since Google parent company Alphabet's domain name was announced. XYZ.com's founder and CEO Negari says he was literally shaking with excitement when he read Google's announcement that .xyz would host the website of the tech giant's new company, Alphabet Inc. The young CEO, who paid the Internet Corporation for Assigned Names and Numbers (ICANN) $185,000 to apply for .xyz, told Reuters that while an initial public offering could not be ruled out, the company did not have any immediate plans for it.