Economic calendar: Inflation data from Europe, BoE speakers

• European index futures erase premarket gains

• German inflation data for September in focus

• BoE speakers likely to face QE questions

Futures markets point to a slightly lower opening of the European cash session, after erasing most of overnight gains over the past hour. DAX futures trades around 20 points below yesterday's cash close at press time. The US dollar is regaining some ground after yesterday's pullback, putting pressure on commodity prices. Cryptocurrencies are also trading lower.

There are some interesting events scheduled for today. Flash CPI readings for September from Spain and Germany will be released. While Spanish reading is expected to show deceleration in price growth, German reading is expected to show a significant pick-up. Inflation data from North Rhine Westphalia state was already released and show massive acceleration from 8.1 to 10.1% YoY. Apart from European inflation data, focus will also be on speeches from BoE members as they may shed some more light on the decision to delay QT and launch QE instead. Revision of US Q2 GDP data is unlikely to have much of an impact on the market.

8:00 am BST - Spain, CPI inflation for September. Expected: 10.1% YoY. Previous: 10.5% YoY

8:30 am BST - Riksbank minutes

1:00 pm BST - Germany, CPI inflation for September. Expected: 9.4% YoY. Previous: 7.9% YoY

1:30 pm BST - US, GDP report for Q2 2022 (annualized, third release). Second release: -0.6%

1:30 pm BST - Canada, monthly GDP report for July. Expected: -0.1% MoM. Previous: 0.1% MoM

1:30 pm BST - US, jobless claims. Expected: 215k. Previous: 213k

3:30 pm BST - EIA natural gas inventories. Expected: +95 bcf. Previous: +103 bcf

Central bankers' speeches

• 8:00 am BST - Riksbank Ohlsson

• 8:00 am BST - ECB Panetta

• 8:45 am BST - ECB Centeno

• 9:00 am BST - ECB Villeroy, Knot & Elderson

• 9:00 am BST - ECB Guindos

• 9:30 am BST - Riksbank Governor Ingves

• 10:30 am BST - ECB Guindos

• 12:30 pm BST - BoE Ramsden

• 2:30 pm BST - Fed's Bullard

• 4:00 pm BST - BoE Tenreyro

• 4:00 pm BST - BoE Pill

• 6:00 pm BST - Fed Mester & ECB Lane

• 9:45 pm BST - Fed Daly