Economic calendar: Earnings from major US banks

• Stock market turn lower as California halts reopening

• US headline CPI seen accelerating in June

• Major US banks to report earnings

European stock markets are seen opening lower following a major turnaround on Wall Street yesterday. There are a few interesting releases scheduled for today, including German ZEW and US CPI inflation. However, earnings from big US banks are likely to take the spotlight today as they will show how US lenders performed in a low interest rate environment and whether they continue to set aside big provisions for loan losses.

UK GDP report for May was released at 7:00 am BST. The report showed a 1.8% MoM increase in UK GDP against and expected 5.5% MoM increase. Previous reading was revised higher from -20.4% to -20.3% MoM. Nevertheless, GBPUSD trades little changed on the day. 

Reading scheduled for today:

10:00 am BST - Euro area, industrial production for May. Expected: +14.5% MoM. Previous: -17.1% MoM

10:00 am BST - Germany, ZEW indices for July. 

• Economic Sentiment. Expected: 60. Previous: 63.4

• Current Conditions. Expected: -65. Previous: -83.1

1:30 pm BST - US, CPI inflation for June.

• Headline. Expected: 0.6% YoY. Previous: 0.1% YoY

• Core. Expected: 1.1% YoY. Previous: 1.2% YoY

9:40 pm BST - API report on oil inventories. Expected: +1 mb. Previous: +2 mb

Noteworthy earnings releases:

• Citigroup (C.US) - before market open

• Delta Air Lines (DAL.US) - before market open

• JPMorgan (JPM.US) - before market open

• Wells Fargo (WFC.US) - before market open