Economic calendar: Powell testimony, Eurozone inflation

• European indices set to open lower on renewed virus fears

• Jerome Powell to testify in Congress at 3:00 pm GMT

• Euro area inflation data set to show acceleration

Futures markets point to a lower opening of today's cash session in Europe. Moods deteriorated during the Asian session causing major indices from the region to resume the Omicron-related slide. DAX futures currently trade near 15,080 pts - around 200 points below yesterday's cash close. Risk aversion increased after Moderna CEO said that current vaccines may be ineffective against new variant and after Fed Chair Powell said that Omicron poses downside risks to the labour market.

Speaking of Powell, the top US central banker will appear before the US Senate Committee on Banking, Housing and Urban Affairs at 3:00 pm GMT for the first day of post-nomination testimony. Powell will try to assure lawmakers that Biden was not mistaken by nominating him for the second term as Fed Chair. However, discussion is likely to be dominated by current issues. Apart from that, investors will be offered inflation readings from Europe as well as GDP report from Canada and US Conference Board consumer sentiment data.

9:00 am GMT - Poland, GDP growth for Q3 2021. Expected: 2.1% QoQ. Previous: 1.8% QoQ

9:00 am GMT - Poland, CPI inflation for November. Expected: 7.3% YoY. Previous: 6.8% YoY

9:00 am GMT - Italy, GDP growth for Q3 2021. Expected: 2.6% QoQ. Previous: 2.7% QoQ

10:00 am GMT - Italy, CPI inflation for November. Expected: 3.2% YoY. Previous: 3.0% YoY

10:00 am GMT - Euro area, HICP inflation for November. Expected: 4.4% YoY. Previous: 4.1% YoY

1:30 pm GMT - Canada, GDP growth for Q3 2021 (annualized). Expected: 3%. Previous: -1.1%

2:45 pm GMT - US, Chicago PMI for November. Expected: 68.2. Previous: 68.4

3:00 pm GMT - Fed Chair Powell testifies in Congress

3:00 pm GMT - US, Conference Board consumer confidence for November. Expected: 110.9. Previous: 113.8

9:40 pm GMT - API report on oil inventories. Expected: +1.5mb. Previous: 2.31 mb

Central bankers' speeches

• 3:30 pm GMT - Fed Williams

• 6:00 pm GMT - Fed Clarida

Wall Street earnings releases

• Salesforce.com (CRM.US) - after market close