Economic calendar: ISM data in the spotlight

• German court rules on legality of ECB stimulus

• ISM non-manufacturing seen falling to 36.8 pts in April

Moods have improved since yesterday with risk trades gaining on Tuesday. Equities are recovering with DAX expected to open with a bullish gap. Interesting event scheduled for the European session will be German court ruling on ECB programmes that may have some impact on the euro. When it comes to the US session, focus will be on April's non-manufacturing ISM.

European & US session

9:00 am BST - German court decision. The German court is expected to rule today on legality of ECB stimulus programme. It is expected that the court will agree that the programme is legal. However, in case it disagrees, some legal challenges may arise for Bundesbank to participate in ECB policies and euro could see some negative reaction.

9:30 am BST - UK, services PMI for April (final). First release: 12.3

10:00 am BST - Euro area, PPI inflation for March. Expected: -2.6% YoY. Previous: -1.3% YoY

1:30 pm BST - US, trade balance for March. Expected: -$44 billion

2:45 pm BST - US, services PMI for April (final). First release: 27  

3:00 pm BST - US, ISM non-manufacturing for April. Expected: 36.8 pts. Previous: 52.5 pts

9:40 pm BST - API report on oil inventories. Expected: +5.5 mb

Asian session

2:30 am BST - Australia, retail sales for March.

Noteworthy earnings releases

• Walt Disney (DIS.US) - after market close

• Regeneron Pharmaceuticals (REGN.US) - before market open

• Activision Blizzard (ATVI.US) - after market close

• Beyond Meat (BYND.US) - after market close

• Electronic Arts (EA.US) - after market close

• Marathon Petroleum (MPC.US) - before market open

• Occidental Petroleum (OXY.US) - after market close