Economic calendar: Quiet end to a busy week

• European indices trade 0.3-0.5% lower ahead of the opening

• Speeches from Fed and ECB members

• Earnings from Deere & Co, AMC Networks

European indices trade lower on Friday, following a downbeat US and Asian sessions. Moods on the global markets deteriorated further yesterday as higher-than-expected PPI reading added to concerns over inflation and scale of still needed tightening. USD is the best performing G10 currency but has pared some gains ahead of the European cash session open. Commodities find themselves under pressure amid stronger USD with gold trading 0.6% lower and oil dropping 0.5%.

Economic calendar for today is very light. There are no macro releases scheduled for release that tend to move the markets. The UK retail sales report was released at 7:00 am GMT and showed an unexpected increase (+0.3% MoM vs -0.5% MoM expected). GBP has had a fairly muted reaction to the release. Speeches from Fed and ECB members may offer some FX volatility

1:30 pm GMT - US, export prices for January. Expected: -0.2% MoM. Previous: 0.4% MoM

Central bankers' speeches

• 11:30 am GMT - ECB Villeroy

• 1:30 pm GMT - Fed Barkin

• 1:45 pm GMT - Fed Bowman

Top US earnings

• Deere & Company (DE.US) - before market open

• AMC Networks (AMCX.US) - before market open

• AutoNation (AN.US) - before market open