Economic calendar: US retail sales and bank earnings in the spotlight

• European markets set for higher opening
• US retails sales for September in the spotlight
• Earnings reports from major US banks

European stock market futures point to a higher opening of today's cash session. The major averages staged a dramatic reversal rally during Thursday’s session, despite higher-than-expected US inflation numbers for September.  Elsewhere, energy commodities and precious metals rose amid USD weakness. Cryptocurrencies also benefit from Improved market sentiment.

A key data release of the day will come at 1:30 pm BST - US retail sales report for September. Market expected headline to decline slightly. Lack of growth is a hint that the US consumer is weakening what should be a strong hint for the Fed. Also the University of Michigan report for October will be released today and inflation expectations survey will be on watch as Fed acknowledged it pays attention to survey data. Apart from macro data, traders will also be offered Q3 earnings reports from major US banks - Citigroup, JPMorgan, Morgan Stanley, US Bancorp, which should provide more insights on the state of the economy.

9:00 am BST - Poland, CPI inflation for September (final). First release: 17.2% YoY

10:00 am BST - Euro area, trade balance for August. Previous: -€34.0 billion

1:30 pm BST - US, retail sales for September

• Headline. Expected: 0.2% MoM. Previous: 0.3% MoM

• Ex-autos. Expected: -0.1% MoM. Previous: -0.3% MoM

3:00 pm BST - US, University of Michigan consumer sentiment for October (preliminary). Expected: 59.0. Previous: 58.6

Central bankers' speeches

• 3:00 pm BST - FED George 

• 3:30 pm BST - FED Cook

• 5:15 pm BST - FED Waller

Wall Street earnings releases

• Citigroup (C.US)- before market open
• JPMorgan (JPM.US)- before market open
• Morgan Stanley (MS.US) - before market open 
• US Bancorp (USB.US)- before market open
• Wells Fargo (WFC.US) - before market open