Economic calendar: US PPI inflation, German ZEW index

• European indices set for flat opening
• US PPI inflation for April, German ZEW index for May
• Fed Chair Powell to take part in discussion with ECB Knot
• Earnings reports from Home Depot and Alibaba

European index futures point to a more or less flat opening of today's cash session on the Old Continent. This comes after an uneventful Asia-Pacific session, during which regional indices traded without much volatility. Markets seem to be in wait-and-see mode ahead of the upcoming US inflation data. While key CPI report will be released tomorrow, traders will be offered PPI inflation print today, which may serve as a hint. Apart from that, Fed Chair Powell will take part ina moderate discussion with ECB Knot today at 3:00 pm BST, so comments on monetary policy cannot be ruled out. When it comes to upcoming earnings reports, traders will be offered earnings from Home Depot (HD.US) and Alibaba Group (BABA.US) today.

8:00 am BST - Spain, final CPI inflation report for April. First release: 3.3% YoY

10:00 am BST - Germany, ZEW index for May. Expected: 46.2. Previous: 42.9

1:30 pm BST - US, PPI inflation for April.

• Headline. Expected: 2.2% YoY. Previous: 2.1% YoY
• Core. Expected: 2.4% YoY. Previous: 2.4% YoY

1:30 pm BST - Canada, wholesale sales for March. Expected: -1.1% MoM. Previous: 0.0% MoM

9:40 pm BST - API report on US oil inventories. Expected: -1.2 mb. Previous: +0.51 mb

Central bankers' speeches

• 8:30 am BST - BoE Pill
• 1:45 pm BST - ECB Schnabel
• 2:10 pm BST - Fed Cook
• 3:00 pm BST - Fed Chair Powell & ECB Knot

Top Wall Street earnings reports

• Home Depot (HD.US) - before market open
• Alibaba Group (BABA.US) - before market open
• Sony (SONY.US) - before market open
• Sea Ltd (SE1.US) - before market open
• Nu Holdings (NU.US) - after market close
• Nextracker (NXT.US) - after market close