Economic calendar: Speeches from Fed members, Disney earnings

• European indices set to open higher

• Speeches from Fed members 

• EIA report on oil inventories

• Disney to report Q1 earnings after market close

European index futures point to a higher opening of the European cash session. Asian equity markets were mixed on Wednesday as investors assessed Fed Chair Jerome Powell’s latest remarks where he said more rate hikes will likely be needed if the jobs market remains strong, but maintained that disinflation has begun. Looking at the economic calendar for the day ahead we can see that there are barely any releases scheduled and those that are rarely trigger major market moves. Speeches from central bankers look like the most likely source of volatility today. Most awaited speeches will come from Fed Williams (2:15 pm GMT) and Fed Waller (6:45 pm GMT). Energy traders will focus on the EIA report on 3:30 pm GMT as it may trigger some more volatility on the oil market. Last but not the least, a number of US companies are set to report earnings today with Disney and Uber being the highlights.

9:00 am GMT - Italy, retail sales for December. Expected: 0.8% MoM. Previous: 0.8% MoM

3:00 pm GMT - US, wholesale inventories for December. Expected: 0.1% MoM. Previous: 0.9% MoM

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

• Oil inventories. Expected: +2.457 mb (API: -2.184 mb)

• Gasoline inventories. Expected: +1.271 mb (API: +5.261 mb

• Distillate inventories. Expected: +0.097 mb (API: +1.109 mb)

5:00 pm GMT - WASDE report

Central bankers' speeches

• 2:15 pm GMT - Fed Williams

• 3:00 pm GMT - ECB Knot

• 3:00 pm GMT - Fed Barr

• 6:45 pm GMT - Fed Waller

Top Wall Street earnings 

• CVS Health (CVS.US) - before market open

• Fox Corporation (FOX.US) - before market open

• Uber (UBER.US) - before market open

• Yum (YUM.US) - before market open

• Robinhood Markets (HOOD.US) - after market close

• Walt Disney (DIS.US) - after market close