Economic calendar: NATO meeting, US retail sales data

• European indices set to open more or less flat

• Emergency meeting of NATO ambassadors

• US retail sales data for October due at 1:30 pm GMT

Futures markets point to a flat opening of the European cash trading session. Geopolitics will be in the spotlight in the coming days after rockets landed in Poland, a NATO country. However, it is still unknown whether it was a strayed Russian missile that landed in Poland or a Ukrainian air defense missile that failed to intercept its target. Nevertheless, NATO ambassadors will hold an emergency meeting this morning (9:00 am GMT) and it is expected that Poland may ask to trigger Article 4, which launches joint consultations of NATO members on matters like security and external threats. While both NATO and Russia played down the incident, traders should pay attention to news headlines today as they may be a source of elevated volatility.

Apart from geopolitics, investors will be offered US retail sales reading for October today at 1:30 pm GMT. Data is expected to show a healthy month-over-month increase. Note that a weaker print may be actually seen as bullish by risk assets as it may further boost chances for a Fed pivot. CAD may see some volatility during release of CPI data for October while oil traders will look towards DOE report as a source of potential volatility. Nvidia can be found among today's earnings reporters.

9:00 am GMT - Meeting of NATO ambassadors

9:00 am GMT - Italy, CPI inflation for October. Expected: 11.9% YoY. Previous: 8.9% YoY

1:00 pm GMT - Poland, core CPI inflation for October. Expected: 11.0% YoY. Previous: 10.7% YoY

1:15 pm GMT - Canada, housing starts for October. Expected: 267k. Previous: 299.6k

1:30 pm GMT - US, retail sales for October.

• Headline. Expected: 0.9% MoM. Previous: 0.0% MoM

• Ex Autos. Expected: 0.5% MoM. Previous: 0.1% MoM

• Ex Gas and Autos. Expected: 0.2% MoM. Previous: 0.3% MoM

1:30 pm GMT - Canada, CPI inflation for October. Expected: 6.9% YoY. Previous: 6.9% YoY

2:15 pm GMT - US, industrial production for October. Expected: 0.2% MoM. Previous: 0.4% MoM

3:00 pm GMT - US, business inventories for September. Expected: 0.5% MoM. Previous: 0.8% MoM

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

• Oil inventories. Expected: -1.4 mb (API: -5.83 mb)

• Gasoline inventories. Expected: +0.3 mb (API: +1.69 mb)

• Distillate inventories. Expected: -0.5 mb (API: +0.85 mb)

Central bankers' speeches

• 2:50 pm GMT - Fed Williams

• 3:00 pm GMT - Fed Barr

• 3:00 pm GMT - ECB President Lagarde

• 7:35 pm GMT - Fed Waller

Top US earnings reports

• Grab Holdings (GRAB.US) - before market open

• Lowe's Corporation (LOW.US) - before market open

• Target Corporation (TGT.US) - before market open

• Best Inc (BEST.US) - after market close

• Cisco Systems (CSCO.US) - after market close

• Nvidia (NVDA.US) - after market close