Economic calendar: Biden's speech and ADP data

• European stock markets seen opening lower

• Biden to announce details of infrastructure deal

• ADP report expected to show 550k increase in employment

European stock markets are expected to open lower following lacklustre trading on Wall Street yesterday and in Asia today. Two main events of the day are ADP employment report release and Biden's address. ADP data is expected to show a 550k increase in US employment in March and will be a final hint ahead of Friday's NFP release. President Biden will deliver an address in which he will outline some details of his infrastructure plan. Reuters reported that plan will include around $2 trillion in infrastructure spending over 8 years.

Apart from those two events, DOE report may provide some short-term volatility on the oil market, especially after yesterday's API data showed a bigger-than-expected inventory build.

8:55 am BST - Germany, unemployment rate for March. Expected: 6%. Previous: 6%

9:00 am BST - Poland, CPI inflation for March. Expected: 2.9% YoY. Previous: 2.4% YoY

10:00 am BST - Euro area, HICP inflation for March (flash). Expected: 1.3% YoY. Previous: 0.9% YoY

1:15 pm BST - US, ADP employment report for March. Expected: +550k

2:45 pm BST - US, Chicago PMI for March. Expected: 60.7. Previous: 59.5

3:30 pm BST - DOE report on oil inventories

• Oil inventories. Expected: +0.5 mb

• Gasoline inventories. Expected: +0.2 mb

• Distillate inventories. Expected: 0.0 mb

9:20 pm BST - Biden delivers address on infrastructure spending

Central bankers' speeches

• 3:45 pm BST - Fed Bostic