Economic calendar: EU leaders discuss recovery fund

• EU leaders meet to discuss post-Covid recovery fund

• Small improvement seen in Michigan consumer sentiment

• BlackRock and StateStreet among earnings reporters

European and US futures are trading slightly higher on the final trading day of the week. A number of releases can be found in today's calendar but attention is likely to be focused on the European Summit.

The EU summit is a major event to look at today. Heads of European countries will discuss a €750 billion recovery fund as well as €1.07 trillion budget for the next 7 years. Discussions are expected to extend onto Saturday. Talks are likely to be tough as lining up the interests of a dozen or so countries is a challenging task. Not to mention that EU leaders may decide to tie funds to non-coronavirus related matters and it would further complicate reaching an agreement.

9:00 am BST - Poland, labour market report for June.

• Employment change. Expected: -3.9% YoY. Previous: -3.2% YoY

• Wage growth. Expected: 1.5% YoY. Previous: 1.2% YoY

10:00 am BST - Euro area, CPI inflation for June (final). Expected: 0.3% YoY

1:30 pm BST - US, housing market data for June. 

• Building permits. Expected: 1280k. Previous: 1216k

• Housing starts. Expected: 1165k. Previous: 974k

1:30 pm BST - Canada, wholesale sales for May. Expected: +8.2% MoM. Previous: -21.6% MoM

3:00 pm BST - US, University of Michigan index for July. Expected: 79. Previous: 78.1

6:00 pm BST - US oil rig count. Previous: 181

Noteworthy US earnings releases

• BlackRock (BLK.US) - before market open

• State Street Corporation (STT.US) - before market open