Economic calendar: FOMC minutes and ADP in the spotlight

• European markets set to more or less flat

• FOMC minutes in the evening

• DOE report on oil stocks, ADP employment report

Futures markets point to a flat opening of the European cash session today. Optimism faded with yesterday's Wall Street session turning out mixed and a downbeat session in Asia today. Ranges on the FX market were narrow during the overnight trading. No major moves were spotted on commodities markets either.

While Asian session may not have been interesting, the day ahead certainly will be. Investors will be offered FOMC minutes in the evening. Attention will be focused on discussions around Fed's balance sheet and what is the future outlook for QE taper and potential winding down of balance sheet.

Apart from FOMC minutes, investors will also be offered ADP employment report for December. This will be the final hint ahead of NFP report scheduled for Friday so the release should be watched closely. Services PMI data scheduled for release today are mostly revisions of December's data from Europe and the United States.

8:15 am GMT - Spain, services PMI for December. Expected: 57.5. Previous: 59.8

8:45 am GMT - Italy, services PMI for December. Expected: 53.7. Previous: 55.9

8:50 am GMT - France, services PMI for December (final). First release: 57.1

8:55 am GMT - Germany, services PMI for December (final). First release: 48.4

9:00 am GMT - Euro area, services PMI for December (final). First release: 53.3

10:00 am GMT - Italy, CPI inflation for December. Expected: 3.9% YoY. Previous: 3.7% YoY

1:15 pm GMT - US, ADP report on employment for December. Expected: 400k. Previous: 534k

1:30 pm GMT - Canada, building permits for November. Expected: 2.3% MoM. Previous: 1.3% MoM

2:45 pm GMT - US, services PMI for December (final). First release: 57.5

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

• Oil inventories. Expected: -3.3 mb (API: -6.43 mb)

• Gasoline inventories. Expected: +3.0 mb (API: +7.06 mb)

• Distillate inventories. Expected: +2.7 mb (API: +4.38 mb)

7:00 pm GMT - FOMC minutes