Economic calendar: Richmond Fed index, API oil report

• European indices set to open higher
• Richmond Fed index, API oil report
• Oil trades higher amid Middle East tensions

European index futures point to a higher opening of today's cash session. This will be the first post-Christmas cash trading session for the majority of European indices. However, end of the year lull on the markets can be spotted with trading ranges on the FX market being rather narrow. Oil is trading slightly higher as the situation in the Middle East and in the Red Sea remains tense.

Economic calendar for the day ahead is light and such a situation is expected to last for the remainder of the week. Traders will be offered US Richmond Fed index for December as well as API report on US oil inventories. JPY may see some move overnight when industrial production and retail sales data from Japan is released.

3:00 pm GMT - US, Richmond Fed index for December. Expected: -7.0. Previous: -5.0

9:40 pm GMT - API report on US oil inventories. Expected: -2.5 mb. Previous: +0.94 mb

Asia-Pacific session ahead

11:50 pm GMT - Japan, industrial production and retail sales for November