Economic calendar: Powell's confirmation hearing in Senate

• European markets set to open higher

• Powell to appear in Senate for confirmation hearings

European stock market futures trade higher ahead of the cash session open on the Old Continent today. Moods during the Asian session were downbeat, in spite of a major reversal on the US indices at the end of the Wall Street session yesterday.

Calendar for the day ahead is light but there are some noteworthy events scheduled for today. Fed Chair Powell will appear in the US Senate for confirmation hearings. Aim of the hearings is for the US Senate to officially approve the nomination of Powell for the second term at the helm of Fed. According to the release text of Powell's speech, Fed Chair will stress that the economy is performing. Apart from that, the ECB President is also scheduled to speak today. Lagarde will participate in a virtual event marking change in the leadership of the Bundesbank.

9:00 am GMT - Italy, retail sales for November. Expected: 0.3% MoM. Previous: 0.1% MoM

3:00 pm GMT - Powell confirmation hearings in US Senate

9:40 pm GMT - API report on oil inventories. Expected: -2.0 mb. Previous: -6.43 mb

Central bankers' speeches

• 10:20 am GMT - ECB President Lagarde

• 2:30 pm GMT - Fed George