Economic calendar: Inflation data from Europe, Fed speakers

• European markets set for higher opening

• Inflation data from Italy, Germany and France

European markets are set for a higher opening following an upbeat Asian session. Markets continue to recover from a steep sell-off earlier this week. When it comes to data releases, focus today will be on inflation reading from Europe. French, German and Italian reports are expected to show an acceleration in price growth. However, it should be noted that Spanish reading yesterday showed a massive beat and European inflation readings tend to follow the same direction. Apart from that, Czech National Bank is expected to hike interest rates by 50 basis points to 1.25% today. Last but not least, a number of Fed members are scheduled to speak in the evening.

7:45 am BST - France, CPI inflation for September. Expected: 2.2% YoY. Previous: 1.9% YoY

8:55 am BST - Germany, unemployment rate for September. Expected: 5.4%. Previous: 5.5%

10:00 am BST - Italy, CPI inflation for September. Expected: 2.4% YoY. Previous: 2.0% YoY

1:00 pm BST - Germany, CPI inflation for September. Expected: 4.2% YoY. Previous: 3.9% YoY

1:30 pm BST - US, GDP report for Q2 2021 (revision).

• GDP (annualized). Second release: 6.6%

• Core PCE. Second release: 6.1% QoQ

1:30 pm BST - US, jobless claims. Expected: 333k. Previous: 351k

1:30 pm BST - Czech National Bank rate decision

2:45 pm BST - US, Chicago PMI for September. Expected: 64.9. Previous: 66.8

Central bankers' speeches

• 8:00 am BST - BoJ Governor Kuroda

• 4:00 pm BST - Fed Bostic

• 4:30 pm BST - Fed Harker

• 5:30 pm BST - Fed Evans

• 6:05 pm BST - Fed Bullard