Economic calendar: Canadian retail sales, earnings from American Express and Verizon

• European indices launch session lower

• EU summit begins, members to discuss details of natural gas price cap

• Retail sales data from Canada and Poland

European stock markets launched today's trading lower following a disappointing US and Asian trading session. The US dollar is the best performing major currency this morning, exerting pressure on commodity prices. GBP and NZD are top G10 laggards.

Economic calendar for the day ahead is light. Traders will be offered retail sales data from Poland and Canada but impact of those is likely to be limited to PLN and CAD markets. When it comes to earnings, reports from American Express and Verizon Communications are on the agenda today.

The EU summit also begins today during which a number of measures will be discussed, including price caps on natural gas and electricity. Germany dropped its opposition to the natural gas price cap but details are yet to be worked out. 

9:00 am BST - Poland, retail sales for September. Expected: 21.5% YoY. Previous: 21.5% YoY

1:30 pm BST - Canada, retail sales for August.

• Headline. Expected: 0.2% MoM. Previous: -2.5% MoM

• Ex-auto. Expected: 0.3% MoM. Previous: -3.1% MoM

Central bankers' speeches

• 2:10 pm BST - Fed Williams

Top Wall Street earnings releases

• American Express (AXP.US) - before market open

• Schlumberger (SLB.US) - before market open

• Verizon Communications (VZ.US) - before market open