Economic calendar: API report on oil stocks, UK holiday

• European markets set to open flat

• API report on oil inventories

• Bank holidays in Australia, UK and Canada

DAX futures trimmed part of the gains made yesterday in the afternoon and now point to a flat opening of the European cash session. As United Kingdom is observing a bank holiday, UK stock markets and industrial metals markets will stay offline today. Risk-on moods can be spotted on stock markets in the final week of the year with Asian equities moving higher today and US indices reaching new record highs yesterday. Ranges on the major FX pairs are narrow. Turkish lira drops almost 4% against USD with USDTRY trading slightly below 12.00.

The calendar for today lacks major releases. Traders will be served survey data from the US that is unlikely to have an impact on the market. However, API report on oil inventories will also be released today and it may have some small impact on oil prices. Oil rallied yesterday along with equities and has been trading sideways during the Asian session.

3:00 pm GMT - US, RIchmond manufacturing index for December. Expected: 11. Previous: 11

9:40 pm GMT - API report on oil inventories. Expected: -1.5 mb

Holiday changes

• No trading: AUS200, UK100, NICKEL, ALUMINIUM, COPPER, ZINC