Economic calendar: FOMC minutes, ISM manufacturing

• European indices set for higher opening

• FOMC minutes at 7:00 pm GMT

• ISM manufacturing expected to remain in contraction zone

European stock market futures point to a higher opening of the cash session on the Old Continent. DAX futures trade around 150 points above yesterday's cash close. Overall, risk-on moods can be spotted on global markets today. AUD is the best performing G10 currencies, supported by media reports on China planning to lift a ban on Australian coal imports. On the other hand, USD is top laggard with EURUSD testing 1.06 area. Oil trades lower after Reuters reported Saudi Arabia planning to lower crude prices for deliveries to Asia.

Economic calendar for the day ahead includes some interesting data releases. Traders will be offered services PMIs for December from European countries throughout the morning but most of those will be revisions so no major market moves are expected. ISM manufacturing index for December will be released at 3:00 pm GMT and is expected to remain in the contraction zone (<50). Last but not least, FOMC minutes from the December meeting will be published at 7:00 pm GMT. However, it should be said that minutes from quarterly meetings seldom offer new information as quarterly meetings provide deep insight themselves.

8:15 am GMT - Spain, services PMI for December. Expected: 50.9. Previous: 51.2

8:45 am GMT - Italy, services PMI for December. Expected: 49.5. Previous: 49.5

8:50 am GMT - France, services PMI for December (final). First release: 48.1

8:55 am GMT - Germany, services PMI for December (final). First release: 49.0

9:00 am GMT - Euro area, services PMI for December (final). First release: 49.1

3:00 pm GMT - US, ISM manufacturing for December. Expected: 48.5. Previous: 49.0

7:00 pm GMT - FOMC minutes

9:40 pm GMT - API report on oil inventories. Expected: +2.2 mb. Previous: -1.3 mb