Economic calendar: FOMC minutes in the spotlight

• European indices set for flat opening

• FOMC minutes to be released at 7:00 pm BST

• US PPI inflation data for September, Fed speakers

European index futures point to a more or less flat opening of the cash session on the Old Continent today. This comes after a mixed Asia session that saw Australian and South Korean indices gain as well as Japanese and Chinese equities dropping. Oil is trading higher after Polish authorities said they discovered a leak in Druzba oil pipeline. JPY is the worst performing G10 currency after the biggest drop in machinery orders in 6 months.

Economic calendar for the day ahead includes some interesting releases but today is all about FOMC minutes (7:00 pm BST). While minutes are significant and should always be followed closely, impact of the release may be somewhat limited. The latest Fed meeting came before release of solid data from the US jobs market that likely ensured Fed that it can continue to tighten policy. Having said that, any dovish remarks in the document may be outdated already while hawkish remarks should not provide the market with knowledge it does not have already. Apart from FOMC minutes, US PPI print and speeches from Fed members may also provide some USD volatility in the afternoon.

10:00 am BST - Euro area, industrial production for August. Expected: 0.7% MoM. Previous: -2.3% MoM

1:30 pm BST - US, PPI inflation for September.

• Headline. Expected: 8.4% YoY. Previous: 8.7% YoY

• Core. Expected: 7.3% YoY. Previous: 7.3% YoY

7:00 pm BST - FOMC minutes

9:40 pm BST - API report on oil inventories. Expected: -1.2 mb. Previous: -1.77 mb

Central bankers' speeches

• 9:00 am BST - BoE Haskel

• 12:35 pm BST - BoE Chief Economist Pill

• 2:30 pm BST - ECB President Lagarde

• 3:00 pm BST - Fed Kashkari

• 6:00 pm BST - BoE Mann

• 6:45 pm BST - Fed Barr

• 11:30 pm BST - Fed Bowman