Economic calendar: US PPI inflation, API oil data

• Indices try to recover after yesterday's drop

• US PPI data, API oil inventories report

• Investors await central bank decisions later into the week

Stock market indices from Europe launched today's cash trading slightly higher or little changed. Equities and oil try to recover from yesterday's sell-off while cryptocurrencies remain under pressure. JPY and CHF lag other G10 currencies while CAD and NZD outperform. Economic calendar for today is quite empty with just a few releases scheduled. However, neither of those tends to produce large market moves. Industrial production data from Eurozone and US PPI inflation are likely to be overlooked by the markets. API report in the evening may however trigger some moves on the oil market.

Traders should keep in mind that markets seem to be in a waiting mode ahead of tomorrow's Fed meeting. Acceleration of QE tapering is expected, leading some investors to reduce risky trades. Note that while Fed meeting is the most important one, investors will also be offered rate decisions from CBRT, ECB, SNB, Norges Bank, Bank of England and Bank of Japan this week.

10:00 am GMT - Euro area, industrial production for October. Expected: Expected: 3.2% YoY. Previous: 5.2% YoY

1:30 pm GMT - US, PPI inflation for November.

• Headline. Expected: 0.5% MoM. Previous: 0.6% MoM

• Core. Expected: 0.4% MoM. Previous: 0.4% MoM

9:40 pm GMT - API report on oil inventories. Expected: -1.0 mb. Previous: -3.09 mb

Central bankers' speeches

• 7:00 pm GMT - RBNZ Governor Orr