Economic calendar: Q2 GDP report from US, Amazon earnings

• European markets seen opening flat

• US GDP report to be released at 1:30 pm BST

• Amazon to report earnings after session close

European index futures recovered from overnight losses and now point to a flat opening of the cash session. Fed did not surprise markets yesterday - rates and QE were kept unchanged, and there was no mention of tapering. The US central bank noted however that the US economy is moving closer towards goals. Investors will get a fresh hint on how US GDP grew in April-June period. Q2 GDP report from the United States will be released at 1:30 pm BST and is expected to show an annualized growth of 8.5%. German CPI report at 1:00 pm BST may move EUR a bit.

Among key US earnings reports today investors will find Amazon, Mastercard and Merck.

8:55 am BST - Germany, unemployment rate for July. Expected: 5.8%. Previous: 5.9%

1:00 pm BST - Germany, CPI inflation for July. Expected: 3.3% YoY. Previous: 2.3% YoY

1:30 pm BST - US, annualized GDP growth for Q2. Expected: 8.5%. Previous: 6.4%

1:30 pm BST - US, jobless claims. Expected: 380k. Previous: 419k

3:00 pm BST - US, pending home sales for June. Expected: 0.4% MoM. Previous: 8% MoM

Top US earnings reports

• Amazon (AMZN.US) - after market close

• Gilead Sciences (GILD.US) - after market close

• Mastercard (MA.US) - before market open

• Merck (MRK.US) - before market open

• Microstrategy (MSTR.US) - after market close

• Pinterest (PINS.US) -after market close