Economic calendar: API report on oil stocks, second-tier data from the US

• European markets set to open slightly higher

• API report on oil inventories

• Richmond manufacturing index and US pending home sales

DAX futures trimmed part of the losses made yesterday in the afternoon and now point to a slightly higher opening of the European cash session despite weak global sentiment, which was seen during the Asian session. The dollar index remains above 104.00, attempting to rise from recent lows, underpinned by surging Treasury yields. The benchmark 10-year US yield jumped to a six-week high of 3.85%, extending an uptrend that started in mid-December.

There are no major releases scheduled for the European trading hours but traders will get some second-tier data from the United States in the afternoon, including Richmond manufacturing index for December and pending home sales for November. API report on oil inventories will also be released today and it may have some small impact on oil prices. Oil pulled back yesterday and continued to move lower on Wednesday despite easing Covid-19 restrictions in China and Russian ban on oil exports to countries that imposed price caps.

3:00 pm GMT - US, pending home sales for November. Expected: -0.8% MoM. Previous: -4.6% MoM

3:00 pm GMT - US, Richmond manufacturing index for December. Expected: -10. Previous: -9.0

3:30 pm GMT - US, Dallas manufacturing index for December. Previous: -11.0 pts

9:30 pm GMT - API report on oil inventories. Previous: -3.069 mb