Economic calendar: ECB minutes, Philip Morris and AT&T reports

• Futures point to slightly lower opening of European cash session

• Philip Morris International, AT&T and Blackstone Inc earnings reports

• ECB minutes in focus

The futures market is pointing to a slightly lower opening of the European cash session. Investor sentiment continues to be influenced primarily by concerns over a firmer continuation of the central banks' interest rate hike cycle. Wick of the ECB and Williams of the Fed stated today that inflation in Europe and the US is too high and the Central Banks will have to cut rates. However, these comments are somehow trying to cool down the lower PPI inflation reading in Germany, which surprised investors this morning.

During the day, investors will receive several economic reports. Investors will pay particular attention to the ECB Minutes in particular, which may indicate the sentiment of ECB bankers towards future interest rate hike decisions. Moreover, investors will learn a range of data from the US economy, including: real estate market data, unemployment claims or gas inventories according to the EIA. The calendar will be topped off with Wall Street earnings releases scheduled for today.

12:30 am BST - Eurozone, ECB Minutes 

01:30 pm BST - USA, Philly FED index for April. 

01:30 pm BST - USA, jobless claims.

03:00 pm BST - USA, Conference Board index of indicators. Forecast: -0.7%. Previously: -0.3%.

03:00 pm BST - USA, secondary market home sales. Forecast: 4.5 mn. Previously: 4.58 mn.

03:30 pm BST - US, gas inventories according to EIA. Forecast: 69 bn. Previously: 25 bn.

Speeches by central bankers

• Lagarde, ECB - 01:00 pm BST

• Macklem, BoC - 04:30 pm BST

• Waller, FED - 05:00 om BST

• Mester, FED - 05:20 pm BST

• Bowman, FED - 08:00 pm BST

• Logan, FED - 08:00 pm BST

• Bostic, FED - 10:00 pm BST

Key earnings reports on Wall Street 

• Philip Morris International, Inc. (PM.US) - before the market opens

• Union Pacific Corp. (UNP.US) - before the market opens

• Blackstone Inc (BX.US) - before the market opens

• Alaska Air Group, Inc (ALK.US) - before the market opens

• American Express Company (AXP.US) - before the market opens

• AT&T Corp (T.US) - before the market opens