Economic calendar: Central banks in the spotlight

• European markets set to open higher
• Final services PMIs for January from Europe 
• US ISM services and jobless claims
• Rate decision from BoE and ECB

Futures markets point to a higher opening of today's trading session on the Old Continent. There are plenty of releases scheduled for today's European morning. January’s services PMI for Italy and Spain and finalized services and composite PMIs for France, Germany, and the Eurozone will be in focus. Things will get even more interesting in the afternoon as BoE and ECB will announce rate decisions. Bank of England is expected to raise interest rates again and signal further unwinding of pandemic stimulus. In the case of ECB no major moves are expected, however markets will be looking for any shift in central bank stance on inflation and interest rates. When it comes to US market, ISM services PMI and weekly jobless claims may also trigger some volatility.

8:15 am GMT - Spain, services PMI for January. Expected: 51.5. Previous: 55.8

8:45 am GMT - Italy, services PMI for January. Expected: 50.0. Previous: 53.0

8:50 am GMT - France, services PMI for January (final). First release: 53.1

8:55 am GMT - Germany, services PMI for January (final). First release: 52.2

9:00 am GMT - Euro area, services PMI for January (final). First release: 51.2

9:30 am GMT - UK, services PMI for January (final). First release: 53.3

12:00 pm GMT - Bank of England rate decision

12:45 pm GMT - European Central Bank rate decision

1:30 pm GMT - US, jobless claims. Expected: 245k. Previous: 260k

2:45 pm GMT - US, services PMI for January (final). First release:50.9

3:00 pm GMT - US, factory orders for December. Expected: -0.2% MoM. Previous: 1.6% MoM

3:00 pm GMT - US, services ISM for January. Expected: 59.5. Previous: 62.0

Central bankers' speeches:

12:30 pm GMT - BOE Gov Bailey 

1:30 pm GMT - ECB President Lagarde

Top US earnings:

Amazon (AMZN.US) - after market close

Activision Blizzard (ATVI.US) - after market close

Biogen Inc. (BIIB.US) - before market open

ConocoPhillips (COP.US) - before market open

Eli Lilly (LLY.US) - before the market opens

Ford (F.US) - after market close

Merck (MRK.US) - before market open

Pinterest (PINS.US)- after market close

Snap (SNAP.US)- after market close