Economic calendar: Services ISM and API report in focus

• European markets seen opening flat

• Services ISM scheduled for release at 3:00 pm BST

• API report expected to show a drop in oil inventories

After a strong sell-off on Wall Street yesterday and in Asia today, major stock indices from Europe are set to open little changed today. Oil gave back part of post-OPEC gains but continues to trade at elevated levels. US dollar is the best performing major currency ahead of the European session opening and puts pressure on precious metals.

Economic calendar for the day ahead is dominated by revisions to September's services PMI data from Europe and the United States. Those rarely trigger big moves but there are also some readings scheduled for release that may boost volatility on the markets. Services ISM at 3:00 pm BST is one of those and is expected to drop slightly. Apart from that, oil traders will be offered API oil inventories estimates in the evening.

8:15 am BST - Spain, services PMI for September. Expected: 58.1. Previous: 60.1

8:45 am BST - Italy, services PMI for September. Expected: 56.5. Previous: 58.0

8:50 am BST - France, services PMI for September (final). First release: 56.0

8:55 am BST - Germany, services PMI for September (final). First release: 56.0

9:00 am BST - Euro area, services PMI for September (final). First release: 56.3

9:30 am BST - UK, services PMI for September (final). First release: 54.6

10:00 am BST - Euro area, PPI inflation for August. Expected: 13.6% YoY. Previous: 12.1% YoY

1:30 pm BST - US, trade balance for August. Expected: -$69.5 billion. Previous: -$70.1 billion

2:45 pm BST - US, services PMI for September (final). First release: 54.4

3:00 pm BST - US, services ISM for September. Expected: 61.3. Previous: 61.7

9:40 pm BST - API report on oil inventories. Expected: -1.2 mb. Previous: +4.13 mb

Central bankers' speeches

• 4:00 pm BST - ECB President Lagarde

• 6:15 pm BST - Fed Quarles