Economic calendar: UK CBI retail sales, US new homes sales and EIA oil inventories report

• Futures point to higher opening of European stock markets
• Consumer data from key European economies (Germany, France) and retail sales (UK)
• Speeches by central bankers from the European Central Bank
• Change in oil inventories according to the EIA in the spotlight for commodity investors

Today's session will not bring significant macro readings; secondary data will be presented, with a virtually empty macro calendar from the United States. Volatility may be recorded in the oil market, from where data on the change in reserves according to the US Energy Information Administration (EIA) will arrive at 3:30 PM BST and markets expect further drop in inventories both oil and little lower for gasoline. In the foreign exchange market today we see a significant strengthening of the Australian dollar, which was supported by higher-than-forecast CPI inflation data, which unexpectedly rose to 4% increasing chances of an interest rate hike, at the upcoming meeting. The market had expected a smaller increase to 3.8% p.a., up from 3.6% previously.

Macro Calendar

7 AM BST, Germany, Gfk Consumer Sentiment Index. -21,9 Expectations: -19.5 Previously: -20,9

7:45 AM BST, France, Household sentiment. Expectations: 89 Previously: 90

9 AM BST, Switzerland, ZEW expectations. Previous: 18,2

11 AM BST, UK, retail sales (CBI). Expectations: 5 Previously:8

3 PM BST, US, new home sales. Expectations: 633 thousand Previously: 634 thousand.

3:30 PM BST, USA, change in oil inventories according to EIA. Expectations: -2.82 million barrels Previously: -2.54 million barrels

• Change in gasoline inventories. Expectations: -1.5 million barrels vs. -2.28 million barrels previously
• Change in distillate inventories. Expectations: -1.05 million barrels vs -1.72 million barrels previously

9:30 PM BST, USA Fed Bank Stress test results

Central bankers' speeches

• 10:30 AM BST- ECB Rehnn

• 11 AM BST - ECB Panetta

• 11:40 AM BST - ECB Lane

• 12:45 PM BST - ECB Kazaks