The European session saw mixed trading, with benchmark indices like the DAX finding some support from local corporate news and ZEW sentiment data. However, the broader sentiment remains cautious as markets brace for key US inflation data tomorrow and the release of FOMC minutes later today. Commodities are providing a mixed bag, with oil prices retreating on demand concerns (ahead of EIA inventories) while industrial metals like copper show strength, possibly signaling underlying economic resilience. Gold and silver are seeing divergent movements, with silver outperforming. Forex major pairs are largely range-bound, reflecting an underlying 'wait and see' attitude ahead of the US open and upcoming economic releases. US equity futures are indicating a slightly soft start for the S&P 500 and Dow, but the Nasdaq 100 is showing resilience, hinting at selective strength in mega-cap tech stocks, particularly with Nvidia's highly anticipated earnings report due after the close.

The immediate risk for the US session is the impact of corporate earnings, especially Nvidia, which could set the tone for the tech sector. Energy markets will react sharply to the EIA Crude Oil Inventories report. Investors will also be keen on any hawkish or dovish signals from FOMC Member Barr's speech and later, the complete FOMC Meeting Minutes, which could clarify the Fed's stance on future rate hikes amid persistent inflation. Any surprises in these data points or commentary could trigger significant volatility across asset classes.