Economic calendar: ECB decision and GDP reports

• European countries report Q1 GDP

• Initial jobless claims seen at 3.5 million

• ECB expected to leave rates unchanged

Risk-on moods prevail after reports surfaced saying that a drug developed by Gilead Science proved to be effective in fighting Covid-19. The US administration said it will work with the company to make treatment available as soon as possible, giving the whole story more creditworthiness. Investors will be served some key reports today, including GDP from European countries and US jobless claims. ECB will announce a rate decision at 12:45 pm BST but no change is expected. Focus will be on the press conference of President Lagarde at 1:30 pm BST.

8:00 am BST - Spain, GDP report for Q1 2020. Expected: -4.4% QoQ. Previous: +0.4% QoQ

10:00 am BST - Euro area, GDP report for Q1 2020. Expected: -3.5% QoQ. Previous: +0.1% QoQ

10:00 am BST - Euro area, CPI inflation for April (flash). Expected: 0.1% YoY. Previous: 0.7% YoY

11:00 am BST - Italy, GDP report for Q1 2020. Expected: -5% QoQ. Previous: -0.3% QoQ

12:45 pm BST - ECB rate decision (press conference starts at 1:30 pm BST).

1:30 pm BST - US, personal income & spending and PCE for March.

• Personal income. Expected: -1.5% MoM. Previous: +0.6% MoM

• Personal spending. Expected: -5% MoM. Previous: +0.2% MoM

• PCE core. Expected: 1.6% YoY. Previous: 1.8% YoY

1:30 pm BST - US, jobless claims. Expected: 3500k. Previous: 4427k

1:30 pm BST - Canada, monthly GDP report for February. Expected: 0.1% MoM. Previous: 0.1% MoM

Noteworthy earnings releases

• Apple (AAPL.US) - after market close

• Amazon (AMZN.US) - after market close

• ConocoPhillips (COP.US) - before market open

• Gilead Science (GILD.US) - after market close

• Kraft Heinz (KHC.US) - before market open

• McDonald's (MCD.US) - before market open

• Twitter (TWTR.US) - before market open

• Visa (V.US) - after market close