Economic calendar: US PPI inflation in the spotlight

• European indices set for higher opening

• Focus on US PPI data for November

• WASDE report, Michigan consumer sentiment

European index futures point to a higher opening of the cash session on the Old Continent, following solid Wall Street session yesterday and upbeat trading in Asia today. DAX futures currently trade around 70 points above yesterday's cash close. Commodities catch a bid as USD weakens. 

US PPI inflation reading for November is a key macro release of the day. While usually considered a second-tier data, significance of this reading increases in months when it is released ahead of the US CPI report. This is such a case with US CPI data being scheduled for next Wednesday, 1:30 pm GMT. Having said that, investors will try to use it as a hint ahead of next week's CPI release.

8:00 am GMT - Spain, industrial production for October. Expected: 2.7% YoY. Previous: 3.6% YoY

1:00 pm GMT - National Bank of Poland minutes

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

• Headline. Expected: 7.2% YoY. Previous: 8.0% YoY

• Core. Expected: 5.9% YoY. Previous: 6.7% YoY

3:00 pm GMT - US, University of Michigan consumer sentiment for December. Expected: 56.9. Previous: 56.8

3:00 pm GMT - US, wholesale inventories for October. Expected: 0.8% MoM. Previous: 0.6% MoM

5:00 pm GMT - WASDE report