Economic calendar: CBRT rate decision in the spotlight

• European markets seen opening lower

• CBRT expected to deliver big rate hike

• Lagarde to deliver 3 speeches today

Futures markets point to a lower opening of the European cash session. There are some interesting macro readings scheduled for today, including Polish labour market report and US jobless claims data. Moreover, the Central Bank of the Republic of Turkey will announce rate decision. Markets expect a big rate hike but Erdogan said yesterday that higher interest rates will have a negative impact on the economy and it has sparked some confusion over what CBRT will do today. Last but not least, ECB President Lagarde will deliver 3 speeches today

9:00 am GMT - Poland, labour market data for October.

• Employment. Expected: -1.1% YoY. Previous: -1.2% YoY

• Wage growth. Expected: +4.6% YoY. Previous: +5.6% YoY

11:00 am GMT - CBRT rate decision. Expected: 15%. Previous: 10.25%

1:30 pm GMT - US, Philly Fed for November. Expected: 22. Previous: 32.3

1:30 pm GMT - US, jobless claims. Expected: 725k. Previous: 709k

3:00 pm GMT - US, existing home sales. Expected: 6450k. Previous: 6540k

Central bankers' speeches

• 8:00 am GMT - ECB President Lagarde

• 10:00 am GMT - ECB President Lagarde

• 1:30 pm GMT - Fed Mester

• 3:15 pm GMT - ECB President Lagarde

• 4:00 pm GMT - ECB Schnabel

• 5:35 pm GMT - Fed Mester

Noteworthy US earnings

• Macy's (M.US) - before market open

• NetEase (NTES.US) - before market open

• Ross Stores (ROST.US) - after market close