Economic calendar: US GDP revision, oil stockpiles report

• European markets to open flat

• Revised US GDP report, Conference Board for December

• API data points to large drop in crude inventories

Futures on major European stock market indices point to flat or slightly lower opening of today's cash session on the Old Continent. DAX futures trade flat week-to-date after erasing declines from the beginning of the week. Antipodean currencies are lagging while USD and CAD lead among G10 currencies. Situation on lira markets looks to have stabilized for now.

Economic calendar for the European session is empty but some interesting reports will be released in the afternoon. Traders will be offered revised US GDP data for Q3, Conference Board consumer confidence and DOE report. API data released yesterday in the evening pointed to a bigger than expected drop in crude inventories and bigger than expected build in gasoline stockpiles.

1:30 pm GMT - US, GDP report for Q3 (third release).

• GDP growth (annualized). Second release: 2.1%

• Core PCE. Second release: 4.5% QoQ

• Consumer spending (annualized). Second release: 1.7%

3:00 pm GMT - US, Conference Board consumer confidence for December. Expected: 110.5. Previous: 109.5

3:30 pm GMT - DOE report on oil inventories

• Oil inventories. Expected: -2.6 mb (API: -3.7 mb)

• Gasoline inventories. Expected: +1.1 mb (API: +3.7 mb)

• Distillate inventories. Expected: +0.2 mb (API: -0.8 mb)