Economic calendar: BoE and ECB rate decisions, US megatech earnings

• European indices set for higher opening

• Rate decisions from Bank of England and European Central Bank

• Earnings reports from US megatech stocks - Apple, Amazon and Alphabet

Futures markets point to a higher opening of the European cash session today. Markets are in a risk-on mode following yesterday's FOMC decision. While the US central bank hiked in-line with expectations by 25 basis points, Fed Chair noted that the disinflationary process has begun. Investors will get to hear from two more major central banks today - Bank of England (12:00 pm GMT) and ECB (1:15 pm GMT). Both banks are expected to deliver 50 basis point rate hikes today and investors are eager to see whether slowdown in tightening pace in North America (BoC and Fed) have impacted the attitudes of central bankers in Europe. Apart from BoE and ECB, traders should also keep in mind that Q4 earnings releases from US mega-tech companies (Apple, Amazon and Alphabet) may boost volatility on US indices after Wall Street cash session close.

12:00 pm GMT - Bank of England rate decision

1:15 pm GMT - European Central Bank rate decision

1:30 pm GMT - Canada, building permits for December. Expected: -4.5% MoM. Previous: +14.1% MoM

1:30 pm GMT - US, jobless claims. Expected: 200k. Previous: 186k

1:30 pm GMT - US, data pack for Q4 2022.

• Unit Labor Costs. Expected: 1.5% QoQ. Previous: 2.4% QoQ

• Non-farm productivity. Expected: 2.5% QoQ. Previous: 0.8% QoQ

3:00 pm GMT - US, factory orders for December. Expected: +2.3% MoM. Previous: -1.8% MoM

3:30 pm GMT - EIA natural gas storage. Expected: -142 bcf. Previous: -91 bcf

Central bankers' speeches

• 8:30 am GMT - SNB Maechler

• 12:30 pm GMT - BoE Governor Bailey (post-meeting press conference)

• 1:45 pm GMT - ECB President Lagarde (post-meeting press conference)

• 2:15 pm GMT - BoE Governor Bailey

• 3:15 pm GMT - ECB President Lagarde

• 5:30 pm GMT - SNB Governor Jordan

• 6:30 pm GMT - ECB President Lagarde

Top Wall Street earnings releases

• Bristol-Myers Squibb (BMY.US) - before market open

• Conocophillips (COP.US) - before market open

• Eli Lily (LLY.US) - before market open

• Harley-Davidson (HOG.US) - before market open

• Honeywell International (HON.US) - before market open

• Merck & Co (MRK.US) - before market open

• Alphabet (GOOGL.US) - after market close

• Amazon (AMZN.US) - after market close

• Apple (AAPL.US) - after market close

• Ford Motor (F.US) - after market close

• MicroStrategy (MSTR.US) - after market close

• Qualcomm (QCOM.US) - after market close

• Starbucks (SBUX.US) - after market close