Economic calendar: ADP jobs data, inflation from Germany and Spain

• European futures point to a lower opening of today's session

• ADP report on employment change in March

• Flash CPI readings for March from Spain and Germany

Futures markets point to a slightly lower opening of the European cash session today. DAX futures lost some ground after Germany said it will activate an emergency plan to secure natural gas supplies. There were reports overnight that gas flows via the Yamal-Europe pipeline dropped to 0, signaling that Russia may indeed be moving to cut Europe off its gas supply. This would be a breach of trading contracts and may spark retaliation by European countries. This is one of the themes to watch in the second half of this week.

When it comes to today's economic calendar, there are some interesting readings scheduled. Traders will be offered flash CPI readings for March from Spain and Germany. On top of that, ADP will release an employment report as a final hint ahead of Friday's NFP. Last but not least, OPEC JTT will meet today at 12:00 pm BST in Vienna, Austria to prepare recommendations for the ministerial meeting tomorrow. However, no change to output policy is expected.

8:00 am BST - Spain, CPI inflation for March. Expected: 8.1% YoY. Previous: 7.6% YoY

12:00 pm BST - OPEC Joint Technical Committee

1:00 pm BST - Germany, CPI inflation for March. Expected: 6.3% YoY. Previous: 5.1% YoY

1:15 pm BST - US, ADP report on employment for March. Expected: 440k. Previous: 475k

1:30 pm BST - US, annualized GDP growth for Q4 2021 (third release). Second release: 7.0%

3:30 pm BST - DOE report on oil inventories.

• Oil inventories. Expected: -1.5 mb (API: -3.0 mb)

• Gasoline inventories. Expected: -1.9 mb (API: -1.36 mb)

• Distillate inventories. Expected: -1.7 mb (API: -1.06 mb)

Central bankers' speeches

• 9:00 am BST - ECB President Lagarde

• 9:10 am BST - BoE Broadbent

• 2:15 pm BST - Fed Barking

• 6:00 pm BST - Fed George