Economic calendar: Waiting for Western response to Russian agression

• Russia invaded Ukraine, world awaits response from the West

• European indices set for massive plunge at session open

• Russian RTS index plunges over 35%

European stock market indices are set for a massive plunge at the start of today's cash session in Europe. A panic sell-off was launched overnight after Russia launched a military invasion on Ukraine. Explosions were reported in cities all across Ukraine and the Russian Defense Ministry claimed that all Ukrainian military air bases were neutralized. Shelling was reported as far west as in the Lviv region. All eyes are now on the response of the West to Russian actions. Western leaders vowed severe sanctions and the Russian stock market also seems to be expecting these with RTS index trading over 35% lower on the day already!

There are some economic releases from the United States scheduled for the later part of the day but traders should keep in mind that Russia-Ukraine situation will be the main driver of market moves today and most likely in the coming days as well.

1:30 pm GMT - US, GDP report for Q4 2021 (revision). First release: 6.9% QoQ

1:30 pm GMT - US, initial jobless claims. Expected: 235k. PRevious: 248k

3:00 pm GMT - US, new home sales for January. Expected: 806k. Previous: 811k

3:30 pm GMT - DOE report on oil inventories.

• Oil inventories. Expected: 0.8 mb

• Gasoline inventories. Expected: -1.2 mb

• Distillate inventories. Expected: -1.9 mb

Central bankers' speeches

• 12:45 pm GMT - ECB McCaul

• 1:15 pm GMT - BoE Governor Bailey

• 2:00 pm GMT - Fed Barkin

• 4:00 pm GMT - ECB Schnabel

• 4:00 pm GMT - Fed Daly

• 4:10 pm GMT - Fed Bostic

• 5:00 pm GMT - Fed Mester

• 5:00 pm GMT - Fed Barkin

• 6:00 pm GMT - BoE Pill

Wall Street earnings

• Alibaba Group (BABA.US) - before market open

• Moderna (MRNA.US) - before market open

• Nikola (NKLA.US) - before market open

• Beyond Meat (BYND.US) - after market close

• Coinbase (COIN.US) - after market close

• Dell Technologies (DELL.US) - after market close

• Discovery (DISCA.US) - before market open

• Etsy (ETSY.US) - after market close

• Monster Beverage (MNST.US) - after market close

• Occidental Petroleum (OXY.US) - after market close