Economic calendar: Services ISM, second day of Powell testimony

• European indices set to open lower

• Services ISM, second day of Powell testimony

• Services PMI data revisions

European futures markets point to a slightly lower opening of the cash session on the Old Continent today. Futures traded higher throughout the Asian session but started to erase gains shortly before the launch of the European session. Another round of talks between Russian and Ukrainian officials is expected to be held today and it is one of potential market-moving events to watch. Apart from that, traders will be offered some data from Europe and the United States. Majority of releases from Europe, however, will be revisions to services PMI data for February and therefore should not have much of an impact on prices. US services ISM release at 3:00 pm GMT may trigger some short-term volatility. Last but not least, Powell will appear in Congress today for the second day of semi-annual testimonies. Text of the speech will be the same as yesterday therefore the event is unlikely to have a major impact on the market.

8:15 am GMT - Spain, services PMI for February. Expected: 51.5. Previous: 46.6

8:45 am GMT - Italy, services PMI for February. Expected: 52.5. Previous: 48.5

8:50 am GMT - France, services PMI for February (final). First release: 57.9

8:55 am GMT - Germany, services PMI for February (final). First release: 56.6

9:00 am GMT - Euro area, services PMI for February (final). First release: 55.8

9:30 am GMT - UK, services PMI for February (final). First release: 60.8. Previous: 54.1

10:00 am GMT - Euro area, PPI inflation for January. Expected: 27.0% YoY. Previous: 26.2% YoY

1:30 pm GMT - US, jobless claims. Expected: 225k. Previous: 232k

2:45 pm GMT - US, services PMI for February (final). First release: 56.7

3:00 pm GMT - US, ISM non-manufacturing index for February. Expected: 61.0. Previous: 59.9

3:00 pm GMT - US, factory orders for January. Expected: 0.5% MoM. Previous: -0.4% MoM

Central bankers' speeches

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

• 4:30 pm GMT - BoC Governor Macklem

Wall Street earnings

• Best Buy (BBY.US) - before market open

• Big Lots (BIG.US) - before market open

• Broadcom (AVGO.US) - after market close

• Costco Wholesale (COST.US) - after market close