Economic calendar: Avalanche of US data ahead of Thanksgiving

• European indices set to open higher

• US data dump ahead of Thanksgiving

• FOMC minutes in the evening

Futures markets point to a slightly higher opening of today's cash session for major European stock market indices. The day ahead will be dominated by data from the United States. Large volume of US data scheduled for release today is a result of the Thanksgiving holiday in the remaining part of the week. However, most of the data scheduled has a rather minor impact on the markets, like Q3 GDP report revision or personal spending and income data. An event that is definitely worth paying attention to will come in the evening - release of the FOMC minutes. When it comes to minutes, attention will be on what execatly are criteria for accelerating QE taper.

9:00 am GMT - Germany, IFO index for November. Expected: 96.5. Previous: 97.7

1:30 pm GMT - US, GDP report for Q3 (revision).

• GDP growth (annualized). First release: 2.0% QoQ

• GDP price index (annualized). First release: 5.7% QoQ

1:30 pm GMT - US, durable goods orders for October

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

• Ex-transport. Expected: 0.5% MoM. Previous: 0.5% MoM

3:00 pm GMT - US, new home sales for October. Expected: 802k. Previous: 800k

3:00 pm GMT - US, data pack for October. 

• Core PCE inflation. Expected 4.1% YoY. Previous: 3.6% YoY

• Personal spending. Expected: 1.0% MoM. Previous: 0.6% MoM

• Personal income. Expected: 0.2% MoM. Previous: -1.0% MoM

3:00 pm GMT - US, University of Michigan consumer sentiment for November (final). First release: 66.8

3:30 pm GMT - DOE report on oil inventories

• Oil inventories. Expected: -1.0 mb

• Gasoline inventories. Expected: -0.2 mb

• Distillate inventories. Expected: -0.8 mb

7:00 pm GMT - FOMC minutes

Central bankers' speeches

• 10:10 am GMT - ECB Panetta

• 2:30 pm GMT - BoE Tenreyro

• 4:00 pm GMT - ECB Schnabel