Economic calendar: FOMC minutes, services ISM

• European stock markets set for a higher opening

• FOMC minutes in the spotlight today

• Services ISM for June at 3:00 pm BST

Futures markets are pointing to a slightly higher opening of the European cash session. Situation on the oil market stabilized and crude is trading little changed this morning. Safe haven flows dominate on the FX market with CHF and JPY being top performers.

Calendar for the day ahead includes some interesting releases with FOMC minutes at 7:00 pm BST being a top one. Minutes may provide additional insight into reasoning behind 75 basis point rate hike and whether such big move is something to expect on the next meeting as well. Apart from FOMC minutes, traders will also be offered services ISM reading for June and weekly API report on US oil inventories.

8:00 am BST - Spain, industrial production for May.  Expected: 3.3% YoY. Previous: 2.4% YoY

10:00 am BST - Euro area, retail sales for May. Expected: -0.4% YoY. Previous: 3.9% YoY

2:45 pm BST - US, services PMI for June (final). First release: 51.6

3:00 pm BST - US, ISM non-manufacturing for June. Expected: 54.3. Previous: 55.9

7:00 pm BST - FOMC minutes

9:40 pm BST - API report on oil inventories. Expected: -1.1 mb. Previous: -3.8 mb

Central bankers' speeches

• 9:10 am BST - BoE Pill

• 1:30 pm BST - BoE Cunliffe

• 2:00 pm BST - Fed Williams