Economic calendar: CPI inflation data from Spain and Germany

• European indices set for flat opening
• Flash CPI data for June from Germany and Spain
• Riskbank expected to deliver 25 bp rate hike

European index futures point to a flat or slightly higher opening for major blue chips indices from the Old Continent today. This comes after a mixed session in Asia-Pacific where major indices struggled to find a common direction. Economic calendar for the day ahead includes some interesting releases, especially from Europe. Traders will be offered flash CPI readings from Spain and Germany that will likely shape expectations ahead of reading for whole euro area tomorrow. Apart from that, investors will get another revision of US Q1 GDP data as well as weekly reports on jobless claims and natural gas storage. Riksbank is expected to deliver a 25 basis point rate hike today at 8:30 am BST.

Fed Chair Powell spoke at 7:30 am BST today - he repeated that the majority of Fed members expect 2 or more rate hikes by the end of year. He also said that recent bank failures underscore the need for stronger regulation and supervision.

8:00 am BST - Spain, CPI inflation for June. Expected: 1.7% YoY. Previous: 3.2% YoY

8:30 am BST - Riksbank rate decision

1:00 pm BST - Germany, CPI inflation for June. Expected: 6.3% YoY. Previous: 6.1% YoY

1:30 pm BST - US, GDP report for Q1 (third release). Second release: 1.3% annualized

1:30 pm BST - US, jobless claims. Expected: 265k. Previous: 264k

3:00 pm BST - US, pending home sales for May. Expected: +0.2% MoM. Previous: 0.0% MoM 

3:30 pm BST - EIA natural gas storage report. Expected: +83 bcf. Previous: +95 bcf

Central bankers' speeches

• 7:30 am BST - ECB De Cos
• 9:10 am BST - BoE Cleland
• 3:30 pm BST - ECB De Cos
• 5:00 pm BST - BoE Tenreyro
• 8:00 pm BST - Fed Bostic