Economic calendar: BoC decision and DOE report

• Stock markets in Europe expected to open flat

• Bank of Canada decision at 3:00 pm BST

• API report showed smaller-than-expected drop in oil stockpiles

European stock futures point to a more or less flat opening of today's cash session on the Old Continent. 

Rate decision from the Bank of Canada is a top macro event of the day. No change in the level of rates or asset purchases is expected. BoC is expected to stay on the sidelines and look at developments in the economy in order to decide whether time for tightening has come or not. No post-meeting press conference will be held therefore it looks more likely that BoC will refrain from taking any larger actions today.

Apart from that, investors will also be offered DOE report on oil inventories. API data released yesterday's hinted at a smaller-than-expected drop in crude stockpiles but it has not stopped oil from breaking above recent highs.

3:00 pm BST - Bank of Canada rate decision

3:00 pm BST - US, wholesale inventories for April. Expected: 0.8% MoM. Previous: 1.3% MoM

3:30 pm BST - DOE report on oil inventories.

• Oil inventories. Expected: -3.6mb

• Gasoline inventories. Expected: +0.9mb

• Distillate inventories. Expected: 1.6mb