Economic calendar: Nickel surge, API report

• European markets set to open lower

• Nickel is surging, energy commodities pause rally

• US API report, revision of European GDP data

European futures point to a lower opening of the cash stock trading session on the Old Continent today. Spike in energy prices yesterday led to a plunge on Wall Street that has set the tone for today's trading in Asia and in Europe. While prices of oil and natural gas pulled back slightly, other commodities continue to rally. Nickel is trading 60% higher today and over 200% higher over the course of the past week. Russia is one of the world's top nickel producers.

When it comes to macro releases scheduled for today, the economic calendar is rather light today. GDP release from the euro area will be a revision and therefore is unlikely to trigger any bigger moves on the market. API report in the evening may result in some short-term volatility on the oil market.

8:00 am GMT - Spain, industrial production for January. Expected: 2.2% YoY. Previous: 1.3% YoY

9:00 am GMT - Italy, retail sales for January. Expected: 1.1% MoM. Previous: 0.9% MoM

10:00 am GMT - Euro area, GDP report for Q4 2021 (final, third release). Second release: 0.3% QoQ

1:30 pm GMT - US, trade balance for January. Expected: -$87.1 billion. Previous: -$80.7 billion

3:00 pm GMT - US, wholesale inventories for January. Expected: 0.8% MoM. Previous: 2.2% MoM

9:40 pm GMT - API report on oil inventories. Expected: -0.8 mb. Previous: -6.1 mb