Economic calendar: EU Council meeting and Canadian retail sales

European futures post small gains
EU Council unlikely to agree on anything major today
Powell to attend panel discussion in the evening

European index futures are trading slightly above yesterday's closing prices. However, scale of moves is quite minor and momentum is not too significant either. There are not many market moving releases scheduled for today as EU Council meeting is likely to be non-event. Powell will attend panel discussion in the evening but it is not directly related to monetary policy.

European Council meeting

European Council will meet today in the afternoon to discuss the EU recovery fund. However, German officials already hinted that the meeting will focus on laying ground for further talks rather than on finding an agreement. German Chancellor Angela Merkel said that she expects a decision on the recovery fund to be made in July. Having said that, today's event may be of little importance to markets.

Readings scheduled for today

9:00 am BST - Poland, industrial production for May. Expected: -16.8% YoY. Previous: -24.6% YoY

1:30 pm BST - Canada, retail sales for April.

Headline. Expected: -15.1% MoM. Previous: -10% MoM
Ex-autos. Expected: -13.5% MoM. Previous: -0.4% MoM

6:00 pm BST - US, active oil rigs. Previous: 199

Central bankers' speeches

5:00 pm BST - Fed's Quarles
6:00 pm BST - Fed Chair Powell

22 May 2026, 5:15 PM

🔴A New Era at the Fed: Kevin Warsh Takes the Helm. US30 above 50k

22 May 2026, 4:12 PM

Is Waller echoing Warsh's stance? Keeping rates steady but pressing ahead with balance sheet reduction?

22 May 2026, 3:49 PM

📆Three Markets to Watch Next Week (22.05.2026)

22 May 2026, 9:40 AM

Economic calendar (22.05.2026) US UoM final data in focus, German Ifo beats expectations

Economic reports

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