Economic calendar: Earnings and GDP releases

• European stock market seen opening lower

• GDP releases from Europe and Canada

• Caterpillar and Chevron report earnings

European stock markets are expected to launch today's trading lower following a downbeat Asia session. Spain, Poland and Germany will release Q4 GDP data during the first half of today's European session and releases may be a source of the additional volatility on the market. However, yesterday's lacklustre US GDP reading did little to change market sentiment.

8:00 am GMT - Spain, GDP report for Q4 2020. Expected: -1.5% QoQ. Previous: +16.4% QoQ

8:55 am GMT - Germany, unemployment rate for January. Expected: 6.1%. Previous: 6.1%

9:00 am GMT - Poland, GDP report for Q4 2020. Expected: -2.8% YoY. Previous: +4.5% YoY

9:00 am GMT - Germany, GDP report for Q4 2020. Expected: 0% QoQ. Previous: 8.5% QoQ

1:30 pm GMT - Canada, monthly GDP report for November. Expected: 0.4% MoM. Previous: 0.4% MoM

1:30 pm GMT - US data pack for December.

• Personal Income. Expected: 0.1% MoM. Previous: -1.1% MoM

• Personal Spending. Expected: -0.4% MoM. Previous: -0.4% MoM

• Core PCE. Expected: 1.3% YoY. Previous: 1.4% YoY

2:45 pm GMT - US, Chicago PMI for January. Expected: 58.5. Previous: 58.7

3:00 pm GMT - US, pending home sales for December. Expected: -0.1% MoM. Previous: -2.6% MoM

3:00 pm GMT - US, University of Michigan consumer sentiment for January (final). First release: 79.2

US earnings releases

• Caterpillar (CAT.US) - before market open

• Chevron (CVX.US) - before market open

• Honeywell International (HON.US) - before market open

• Phillips 66 (PSX.US) - before market open