Economic calendar: WASDE report and API oil data

• European markets seen opening slightly lower

• WASDE report expected to show lower ending stocks of corn, soy and cotton

• US House may reschedule stimulus vote for tomorrow

European stock markets are seen opening a touch lower on Tuesday following mixed trading on Wall Street and in Asia. Rotation out of growth and into value stocks continued. While today's economic calendar is almost empty, there are some noteworthy readings scheduled for commodity traders. WASDE report at 5:00 pm GMT may be a big mover for grains and is expected to show lower ending stocks for corn, soybean and cotton. Oil traders will look for API inventories data for hints ahead of tomorrow's DOE release. A point to note is that API had a poor record of predicting DOE readings recently.

Last but not least, US House of Representatives was expected to hold a final vote on Biden's $1.9 trillion stimulus plan today. However, Speaker Pelosi said overnight that it isn't certain whether the House manages to vote today and if there is not enough time, the vote may be rescheduled for tomorrow.

9:00 am GMT - Italy, industrial production for January. Expected: 0.7% moM. Previous: -0.2% MoM

10:00 am GMT - Euro area, GDP report for Q4 (revision). First release: -0.7% QoQ

5:00 pm GMT - WASDE report

9:40 pm GMT - API report on oil inventories. Expected: -0.8 mb