Economic calendar: Canadian retail sales, Lagarde speech

• European stock markets set to open lower

• Canadian retail sales data, Polish jobs report

• Lagarde to deliver speech on global economic outlook

European stock markets are set to open lower with futures on major indices from the Old Continent pointing to over-1% bearish price gaps at the launch of cash trading today. Moods are sour after another strong sell-off on Wall Street yesterday, that was accompanied by strong declines on the cryptocurrency market. Moreover, even oil moved lower on the back of risk-off moods even though it managed to hold firm in the previous days.

Week is slowly coming to a close and sentiment may remain a dominant factor in Friday's trading. Economic calendar is light with just some second-tier data scheduled for release, like Canadian retail sales of Polish jobs report. ECB President Lagarde will deliver a speech during a plenary session on the global economic outlook at online World Economic Forum. Fed members are barred from making speeches as the pre-meeting media blackout period has already begun (next Fed meeting - Wednesday, January 26, 2022).

9:00 am GMT - Poland, industrial production for December. Expected: 13.0% YoY. Previous: 15.2% YoY

9:00 am GMT - Poland, labour market report for December.

• Employment growth. Expected: 0.7% YoY. Previous: 0.7% YoY

• Wage growth. Expected: 9% YoY. Previous: 9.8% YoY

1:30 pm GMT - Canada, retail sales for November.

• Headline. Expected: 1.2% MoM. Previous: 1.6% MoM

• Ex-auto. Expected: 1.2% MoM. Previous: 1.3% MoM

Central bankers' speeches

• 12:30 pm GMT - ECB President Lagarde

Wall Street earnings reports

• IHS Market (INFO.US) - before market open

• Schlumberger (SLB.US) - before market open