Economic calendar: ECB decision and Fed speakers

• European stocks set to open lower

• ECB to announce policy decision at 12:45 pm BST

• 6 Fed members set to deliver speeches

Futures markets point to a lower opening of today's European cash session. DAX futures trade around 80 points below yesterday's cash close and situation on other major indices from the region does not look much better either. Risk-off moods can be spotted on the FX market as well with safe haven currencies like CHF and JPY leading gains.

Monetary policy decision from the European Central Bank at 12:45 pm BST is a key event of the day. While ECB decisions are often overlooked by the market, there are some expectations that ECB may decide to scale down its PEPP programme at today's meeting. ECB President Lagarde will hold a press conference to explain the decision at 1:30 pm BST.

Apart from that, a number of Fed members will deliver speeches in the evening. Those will be closely watched by USD and equity traders given that more and more members of Fed start to picture themselves as proponents of launching QE taper.

12:45 pm BST - ECB rate decision

1:30 pm BST - US, jobless claims. Expected: 335k. Previous: 340k

4:00 pm BST - DOE report on oil inventories.

• Oil inventories. Expected: -3.8 mb

• Gasoline inventories. Expected: -3.6 mb

• Distillate inventories. Expected: -3.0 mb

Central bankers' speeches

• 1:30 pm BST - ECB President Lagarde (Post-meeting conference)

• 4:05 pm BST - Fed Evans

• 4:05 pm BST - Fed Daly

• 5:00 pm BST - Bank of Canada Chairman Macklem

• 7:00 pm BST - Fed Williams

• 7:00 pm BST - Fed Kaplan

• 7:00 pm BST - Fed Rosengren

• 7:00 pm BST - Fed Kashkari