Economic calendar: Focus on banking earnings and US retail sales

• European market set to open lower

• German 2021 GDP, US retail sales

• Wall Street banks report Q4 2021 earnings

Futures markets point to a lower opening of today's European session, following a downbeat session in the United States yesterday and in Wall Street today. Moods in the market turned sour after another Fed members delivered hawkish comments.

Economic calendar for today looks interesting. Investors will be offered German 2021 GDP reading in the morning (9:00 am GMT) and US retail sales data in the early afternoon (1:30 pm GMT). Apart from that, major Wall Street banks and financial institutions launch the Q4 2021 earnings season today with JPMorgan, Citigroup and BlackRock reporting results ahead of today's US session open. Last but not least, traders will be offered speeches from ECB President Lagarde and 2 Fed members.

8:00 am GMT - Spain, CPI inflation for December. Expected: 6.7% YoY. Previous: 5.5% YoY

9:00 am GMT - Germany, 2021 GDP report. Expected: 2.7% YoY. Previous: -5.0% YoY

9:00 am GMT - Poland, CPI inflation for December (final). First release: 8.6% YoY

1:30 pm GMT - US, retail sales for December.

• Headline. Expected: 0.0% MoM. Previous: 0.3% MoM

• Ex-autos. Expected: 0.2% MoM. Previous: 0.3% MoM

2:15 pm GMT - US, industrial production for December. Expected: 0.3% MoM. Previous: 0.5% MoM

3:00 pm GMT - US, University of Michigan consumer sentiment for January. Expected: 70.1. Previous: 70.6

3:00 pm GMT - US, business inventories for November. Expected: 1.3% MoM. Previous: 1.2% MoM

Central bankers' speeches

• 1:15 pm GMT - ECB President Lagarde

• 3:00 pm GMT - Fed Harker

• 4:00 pm GMT - Fed Williams

Wall Street earnings

• BlackRock (BLK.US) - before market open

• Citigroup (C.US) - before market open

• JPMorgan (JPM.US) - before market open

• Wells Fargo (WFC.US) - before market open