Economic calendar: US midterm elections in focus

• European indices set for flat opening

• US midterms elections to be held today

• European retail sales data, API report on oil

European index futures point to a more or less flat opening of the European cash session, following a mix trading in Asia-Pacific. Oil and industrial metals trade lower as a jump in new Covid cases in China puts under question outlook for economic reopening and lifting of coronavirus restrictions. Cryptocurrencies are trading lower as crash in FTX coin is driving the whole market lower with Bitcoin dropping below the $20,000 mark. USD leads among major currencies, putting pressure on precious metals.

Economic calendar for the day ahead is light. Traders will be offered European retail sales reading for September and API report on US oil inventories. However, there is a big event taking place today - US midterm elections. Polls suggest that Republicans will take control over the House of Representatives leading to a split in power. Voting will end late in the night (European time) but it should be noted that outcome may not be decided for weeks or months as there are expected to be some close calls that may see a need for run-off.

10:00 am GMT - Euro area, retail sales for September. Expected: -1.3% YoY. Previous: -2.0% YoY

9:40 pm GMT - API report on US oil inventories. Expected: -1.5 mb. Previous: -6.53 mb

Central bankers' speeches

• 8:00 am GMT - ECB Nagel

• 8:15 am GMT - SNB President Jordan

• 9:00 am GMT - BoE Pill

• 9:30 am GMT - RBA Governor Lowe

• 4:00 pm GMT - BoE Pill

Top US earnings reports

• Coty (COTY.US) - before market open

• Norwegian Cruise Line (NCLH.US) - before market open

• Playtika Holdings (PLTK.US) - before market open

• AMC Entertainment (AMC.US) - after market close

• Lucid Group (LCID.US) - after market close

• News Corporation (NWS.US) - after market close

• Novavax (NVAX.US) - after market close

• Occidental Petroleum (OXY.US) - after market close

• Plug Power (PLUG.US) - after market close

• Walt Disney (DIS.US) - after market close