Economic calendar: Survey data from US and Germany, Microsoft earnings

• European indices set to open slightly higher

• Germany IFO index and US Conference Board index

• General Electric, Johnson & Johnson and Microsoft to report earnings today

European blue chips indices are set for a higher opening of today's cash session following a stunning reversal on Wall Street yesterday. However, main reasons behind the recent sell-off - Fed tightening and Russia-Ukraine tensions - are still present so traders should keep on guard, at least until the FOMC decision announcement tomorrow at 7:00 pm GMT.

Economic calendar for today is light. Traders will be offered German IFO index in morning and US Conference Board reading in the afternoon. Oil traders will focus on API data in the evening. While there are not too many economic releases scheduled for today, the earnings calendar is flooded with reports from top US companies. Investors will be offered financials from 3M, General Electric, Johnson&Johnson, Microsoft and Verizon Communications, among others.

9:00 am GMT - Germany, IFO business climate for January. Expected: 94.7. Previous: 94.7

3:00 pm GMT - US, Conference Board Consumer Confidence for January. Expected: 111.5. Previous: 115.8

3:00 pm GMT - US, Richmond manufacturing index for January. Expected: 14.0. Previous: 16.0

9:40 pm GMT - US, API report on oil inventories. Expected: +0.5 mb. Previous: +1.4 mb

Top Wall Street earnings releases

• 3M (MMM.US) - before market open

• American Express (AXP.US) - before market open

• Archer Daniels Midland (ADM.US) - before market open

• General Electric (GE.US) - before market open

• Johnson&Johnson (JNJ.US) - before market open

• Lockheed Martin (LMT.US) - before market open

• Microsoft (MSFT.US) - after market close

• Verizon Communications (VZ.US) - before market open