Economic calendar: Second-tier data from US and Canada, API report

• European indices set for flat opening

• Trade balance data from US and Canada, API report on oil stockpiles

• German industrial orders snap a 2-month losing streak

Futures markets point to a more or less flat opening of the European cash session today. DAX futures trade less than 10 points below yesterday's cash close. This comes after a mixed trading during the Asian session where regional indices failed to find a common direction. Risk on flows can be spotted on the FX market with AUD and GBP being G10 top performers while safe havens, like CHF and JPY, lagged. Energy commodities trade mixed with oil gaining and natural gas dropping.

Economic calendar for the day ahead is light. Traders will be offered trade balance data from North America as well as API reports on US oil inventories. German industrial orders data for October was released today at 7:00 am GMT. Market expected a 0.2% MoM increase but actual data showed a 0.8% MoM jump. This comes after a 2.9% MoM drop in September (revised higher from -4.0% MoM) and a 2.0% drop in August. Having said that, an increase in orders is a welcome development but a single data point is not enough to jump to the conclusions that fortunes in the German economy are turning.

1:30 pm GMT - US, trade balance for October. Expected: -$80.0 billion. Previous: -$73.3 billion

1:30 pm GMT - Canada, trade balance for October. Expected: C$1.1 billion. Previous: C$1.14 billion

9:40 pm GMT - API report on US oil inventories. Expected: -0.5 mb. Previous: -7.85 mb

Central bankers' speeches

• 6:00 pm GMT - ECB Centeno