Economic calendar: Focus on FOMC minutes and US retail sales

• European markets set to open slightly higher

• FOMC minutes, US retail sales data for January

• Earnings from Nvidia, Shopify and Kraft-Heinz

Futures markets point to a slightly higher opening of the European cash session today. Moods started to improve yesterday after Russia announced that it is withdrawing some of its troops from the Russia-Ukraine border. However, United States says that they are yet to see any evidence of an actual withdrawal. Nevertheless, markets are taking the news as positive for now.

Today is the most interesting day of the week in terms of macro releases. Investors will be offered US retail sales reports for January at 1:30 pm GMT. Reading is expected to show an increase following December's drop. However, even more important reading will be released in the evening - FOMC minutes. Investors will look for clues on potential scope of policy tightening during a meeting next month. When it comes to earnings, investors will be served financials from Nvidia, Shopify, Kraft-Heinz and DoorDash among others.

10:00 am GMT - Euro area, industrial production for December. Expected: 0.3% MoM. Previous: 2.3% MoM

1:30 pm GMT - Canada, CPI inflation for January. Expected: 4.8% YoY. Previous: 4.8% YoY

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

• Headline. Expected: 1.9% MoM. Previous: -1.9% MoM

• Ex-autos. Expected: 0.8% MoM. Previous: -2.3% MoM

2:15 pm GMT - US, industrial production for January. Expected: 0.4% MoM. Previous: -0.1% MoM

3:00 pm GMT - US, business inventories for December. Expected: 2.1% MoM. Previous: 1.3% MoM

3:30 pm GMT - DOE report on oil inventories.

• Oil inventories. Expected: -1.8 mb (API: -1.08 mb)

• Gasoline inventories. Expected: +0.6 mb (API: -0.55 mb)

• Distillate inventories. Expected: -1.2 mb (API: -2.38 mb)

7:00 pm GMT - FOMC minutes

Central bankers' speeches

• 4:00 pm GMT - Fed Kashkari

Wall Street earnings

• AMC Networks (AMCX.US) - before market open

• Applied Materials (AMAT.US) - after market close

• Barrick Gold (GOLD.US) - before market open

• Cisco Systems (CSCO.US) - after market close

• DoorDash (DASH.US) - after market close

• Marathon Oil (MRO.US) - after market close

• Nvidia (NVDA.US) - after market close

• Shopify (SHOP.US) - before market open

• Kraft-Heinz (KHC.US) - before market open

• TripAdvisor (TRIP.US) - after market close