Economic calendar: DOE report, ECB speakers

• European indices open higher

• DOE report on watch after massive build signaled by API data

• Number of speeches from ECB members

In spite of a mixed trading in Asia, European indices are trading higher on Wednesday morning. Part of the overnight gains was trimmed just ahead of the European cash session open. Cryptocurrencies are trading mixed with Bitcoin and Ethereum holding flat. Oil trades little changed, precious metals gain while industrial metals trade mixed. EUR and AUD are G10 outperformers while JPY and NZD lag the most. 

Economic calendar for today is light and given that yesterday's Powell's speech was a non-event, markets may be in wait-and-see mode until US CPI print provides more hints tomorrow. Official US report on oil inventories scheduled for 3:30 pm GMT today will be watched closely after API data released yesterday showed a massive, unexpected build. Apart from DOE report, speeches by ECB members may trigger some volatility on EUR market.

9:00 am GMT - Italy, retail sales for November. Expected: 0.2% MoM. Previous: -0.4% MoM

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

• Oil inventories. Expected: -2.3 mb (API: +14.86 mb)

• Gasoline inventories. Expected: +1.5 mb (API: +1.8 mb)

• Distillate inventories. Expected: -0.1 mb (API: +1.1 mb)

Central bankers' speeches

• 8:35 am GMT - ECB Holzmann

• 9:40 am GMT - ECB Vujcic

• 10:00 am GMT - ECB Villeroy

• 2:00 pm GMT - ECB Rehn

• 7:15 pm GMT - ECB De Cos