Economic calendar: US data and Brexit in the spotlight

• Polish data expected to show acceleration in wage growth

• EU summit starts today, UK retail sales to be published in the morning

• Oil awaits DOE report on inventories

9:00 am BST - Poland, employment report for September. The Polish CPI data released earlier this week showed a deceleration in the core price growth measure and smaller than expected trade balance deficit. Today’s jobs report is expected to show a wage growth accelerating to 7.1% YoY while employment growth should remain unchanged at 2.6% YoY.

9:30 am BST - UK, retail sales for September. Yesterday’s UK inflation report showed a deceleration in consumer as well as producer price growth. Retail sales data for September is expected to show a 3.2% YoY increase against 2.7% YoY earlier. However, keep in mind that the EU summit starts today therefore GBP trading is likely to be dominated by politics. Apart from that, the situation in Syria will be also discussed.

1:30 pm BST - US, jobless claims, housing market data for September and Philly Fed index for October. A pack of semi important data from the United States will be released in the early afternoon. Jobless claims are forecasted at 215k, Philly Fed index is expected to decline from 12 pts to 8 pts while housing market data should show, both housing starts and building permits decreasing against prior month.

2:15 pm BST - US, industrial production for September. Traders should watch industrial production data closely as concerns over global slowdown mount. The US data for September is expected to show a 0.1% MoM decrease.

4:00 pm BST - DoE report on oil inventories. API report released yesterday showed a major 10.45 million barrel build in oil inventories. Crude trades under pressure due to uncertain demand outlook and confirmation of API estimates by DOE report today could encourage sellers even more.

Central bankers’ speeches

• 7:00 pm BST - Fed’s Evans

• 7:00 pm BST - ECB’s Visco

• 7:00 pm BST - Fed’s Bowman

• 9:00 pm BST - RBA Governor Lowe

• 9:20 pm BST - Fed’s Williams

• 9:30 pm BST - ECB’s Knot

• 10:00 pm BST - ECB’s de Cos

Major companies reporting earnings today

• Union Pacific (UNP.US) - before session opens

• Philip Morris International (PM.US) - before session opens

• Morgan Stanley (MS.US) - before session opens