Economic calendar: EU retail sales and Ivey PMI from Canada

• European indices are expected to open with little change
• Retail sales data in the EU
• Factory orders in Germany

European futures contracts for indices indicate a flat opening for today's cash session in Europe. The German DAX index is down 0.1% and is trading around 15,945 points, while the Euro Stoxx 50 Index is 0.06% below the line.

Today's macro calendar is relatively light for the US, where no publications are scheduled except for the weekly crude oil stocks (API) report. However, in Europe, investors will receive several interesting data. Particularly in focus are the factory orders data for Germany published at 7:00 AM BST. The German economy has been significantly slowing down in recent weeks and the orders indicate a continuation of contraction. Month-on-month orders have declined by 0.4%, compared to the forecasted growth of 3.0%. Then, at 11:00 AM BST, retail sales data for the Eurozone will be published.

Detailed schedule for the day:

5:30 AM BST, Australia - Interest Rate Decision

• 0.25% increase to 4.10%, Expected: 3.85%, Previous: 3.85%

7:00 AM BST, Germany - Factory Orders for April

• Actual: -0.4% MoM, Expected: 3.0% MoM, Previous: -10.9% MoM
• Actual: -9.9% YoY, Previous: -11.2% YoY

10:00 AM BST, EU - Retail Sales for April

• SA - Expected: 0.2%, Previous: -1.2%
• WDA - Expected: -3.0%, Previous: -3.8%

3:00 PM BST, Canada - Ivey PMI

• Expected: 57, Previous: 56.8

9:40 PM BST, USA - Crude Oil Inventories Report

• Expected: 0.5 mn, Previous: 5.2 mn