Economic calendar: ECB decision, US PPI and jobless claims in the market spotlight

• European markets headed for a slightly higher opening, after an upbeat session in Asia and an upbeat close in the US yesterday
• The European Central Bank is likely to cut rates again today by 25 bps
• US jobless claims data and November PPI producer price inflation in the Wall Street spotlight

During today's session, the focus of the markets will be on the ECB's decision, where Christine Lagarde is likely to strike 'dovish tones' again, and more data from the US, where the market will look for confirmation of the narrative of an 'almost certain' US rate cut, in December. The Australian dollar is gaining strongly, following a strong employment change reading and a surprise drop in the unemployment rate to 3.9% from 4.1% previously; 4.2% was expected. Swedish inflation in line with expectations. U.S. 10-year bond yields rise about 2 bps to near 4.29%, though the Eurodollar gains nearly 0.2%

8:30 AM GMT, Switzerland, SNB interest rate decision: expected 0.75% vs. 1% previously

1:30 PM GMT, Eurozone, ECB interest rate decision: expected 3% vs. 3.25% previously

1:30 PM GMT, U.S. benefit claims: expected 220k vs. 224k previously

1:30 PM GMT, US PPI inflation for November: expected 2.6% y/y vs. 2.4% previously (expected 0.2% m/m vs. 0.2% previously)

• Core PPI: expected 3.2% y/y vs. 3.1% previously (expected 0.2% m/m vs. 0.3% previously)

Central bankers' speeches

• 1:45 PM GMT - ECB, Christine Lagarde

Financial results after the US session

• Broadcom (AVGO.US), Costco (COST.US)