Economic calendar: US data and FOMC minutes

• European stock markets seen opening flat

• US retail sales expected to increased 1.1% MoM in January

• FOMC minutes

In spite of a downbeat Asian session, European stock markets are seen opening either flat or slightly lower on Wednesday. FOMC minutes are the key release of the day. Fed sent a dovish message during the latest meeting and a document that will be released today is likely to stress that monetary policy will not be changed until the labour market recovers. Investors will look for hints of any discussion of QE taper. Apart from that, US retail sales data will be released in the early afternoon and it is expected to show an increase in month-over-month terms.

9:00 am GMT - Poland, labour market report for January.

• Employment change. Expected: -1.2% YoY. Previous: -1% YoY

• Wage growth. Expected: 5.1% YoY. Previous: 6.6% YoY

1:30 pm GMT - US, PPI inflation for January. Expected: 0.9% YoY. Previous: 0.8% YoY

1:30 pm GMT - US, retail sales for January.

• Headline. Expected: +1.1% MoM. Previous: -0.7% MoM

• Excluding autos. Expected: 1% MoM. Previous: -1.4% MoM

1:30 pm GMT - Canada, CPI inflation for January. Expected: 0.8% YoY. Previous: 0.7% MoM

2:15 pm GMT - US, industrial production for January. Expected: 0.5% MoM. Previous: 1.6% MoM

7:00 pm GMT - FOMC minutes

9:40 pm GMT - API report on oil inventories. Expected: -2.2 mb

Central bankers' speeches

• 8:15 am GMT - Norges Bank Bache

• 2:00 pm GMT - Fed Barkin

• 2:15 pm GMT - Fed Rosengren

• 4:00 pm GMT - BoE Ramsden

Noteworthy US earnings

• Baidu (BIDU.US) - after market close

• Hilton Worldwide (HLT.US) - before market open

• Marathon Oil (MRO.US) - after market close

• Shopify (SHOP.US) - before market open

• Tilray (TLRY.US) - after market close