Economic calendar: EU Council meeting and Canadian retail sales

• European futures post small gains

• EU Council unlikely to agree on anything major today

• Powell to attend panel discussion in the evening

European index futures are trading slightly above yesterday's closing prices. However, scale of moves is quite minor and momentum is not too significant either. There are not many market moving releases scheduled for today as EU Council meeting is likely to be non-event. Powell will attend panel discussion in the evening but it is not directly related to monetary policy.

European Council meeting

European Council will meet today in the afternoon to discuss the EU recovery fund. However, German officials already hinted that the meeting will focus on laying ground for further talks rather than on finding an agreement. German Chancellor Angela Merkel said that she expects a decision on the recovery fund to be made in July. Having said that, today's event may be of little importance to markets.

Readings scheduled for today

9:00 am BST - Poland, industrial production for May. Expected: -16.8% YoY. Previous: -24.6% YoY

1:30 pm BST - Canada, retail sales for April.

• Headline. Expected: -15.1% MoM. Previous: -10% MoM

• Ex-autos. Expected: -13.5% MoM. Previous: -0.4% MoM

6:00 pm BST - US, active oil rigs. Previous: 199

Central bankers' speeches

• 5:00 pm BST - Fed's Quarles

• 6:00 pm BST - Fed Chair Powell