Economic calendar: German CPI inflation in the spotlight

• European markets trading little changed

• German inflation data in the spotlight (1:00 pm GMT)

• Final PMIs from UK and US

European stock markets futures are pointing to a slightly lower or flat opening of the cash session for major benchmarks from the Old Continent today. Equities traded mixed during the Asian session with liquidity being thinner due to the absence of traders from Japan and New Zealand. Ranges on the FX market have been narrow as well. However, USD regained some ground ahead of the European session open with precious metals trimming some gains in response.

There is a number of releases scheduled for the day ahead. However, German CPI reading for December at 1:00 pm GMT is the only noteworthy one. Report is expected to show a major deceleration and state-level data released so far seem to confirm it. Apart from German inflation, traders will also be offered final manufacturing PMIs from United Kingdom and United States as well as US construction spending reading.

8:30 am GMT - Switzerland, manufacturing PMI for December. Expected: 53.2. Previous: 53.9

8:55 am GMT - Germany, unemployment rate for December. Expected: 5.6%. Previous: 5.6%

9:30 am GMT - UK, manufacturing PMI for December (final). First release: 44.7

1:00 pm GMT - Germany, CPI inflation for December. Expected: 9.1% YoY. Previous: 10.0% YoY

2:45 pm GMT - US, manufacturing PMI for December (final). First release: 46.2

3:00 pm GMT - US, construction spending for November. Expected: -0.4% MoM. Previous: -0.3% MoM