Economic calendar: Bank of Canada decision, Meta earnings

• European indices set for flat opening

• Bank of Canada expected to deliver 75 bp rate hike

• Meta Platforms, Boeing and Kraft-Heinz among today's earnings reporters

Futures markets point to a more or less flat opening on the cash session on the Old Continent. European index futures recovered from an overnight drop triggered by disappointing earnings reports from Alphabet and Microsoft. However, US index futures held onto the drop and continue to trade below yesterday's cash close.

Economic calendar for the European morning session today is empty but things get more interesting in the afternoon. Investors will be offered new home sales data, trade balance and oil inventories data from the United States. However, the most important macro event of the day will be the rate decision from the Bank of Canada. BoC usually follows into Fed's footsteps and mimics its actions, and a similar situation is expected today with money markets and economists expecting a 75 bp rate move.

Investors will also be offered another report from a US mega-tech company today as Meta Platforms will report results after the close of the Wall Street session. Reports from Boeing, Kraft-Heinz and Bristol-Myers Squibb will be released ahead of the US session open.

1:30 pm BST - US trade balance for September. Expected: -$87.4 billion. Previous: -$87.3 billion

3:00 pm BST - US, new home sales for September. Expected: 590k. Previous: 685k

3:00 pm BST - Bank of Canada rate decision

3:30 pm BST - DOE report on oil inventories.

• Oil inventories. Expected: +0.2 mb (API: +4.52 mb)

• Gasoline inventories. Expected: -1.2 mb (API: -2.28 mb)

• Distillate inventories. Expected: -1.1 mb (API: +0.64 mb)

Top US earnings reports

• Boeing (BA.US) - before market open

• Bristol-Myers Squibb (BMY.US - before market open

• Harley-Davidson (HOG.US) - before market open

• Hilton Worldwide Holdings (HLT.US) - before market open

• Kraft-Heinz (KHC.US) - before market open

• General Dynamics (GD.US) - before market open

• Meta Platforms (META.US) - after market close