Economic calendar: FOMC decision, Biden-Putin meeting

• European markets expected to open flat

• FOMC to announce policy decision at 7:00 pm BST, Powell to hold press conference at 7:30 pm BST

• Joe Biden meets Vladimir Putin in Geneva

Wednesday is a key day of this week, both in terms of macroeconomics and geopolitics. FOMC will announce a monetary policy decision at 7:00 pm BST and Chairman Powell will hold a press conference half an hour later. Note that this is a quarterly meeting therefore a new set of economic forecasts will be released along with the decision. When it comes to geopolitics, US President Joe Biden is scheduled to meet his Russian counterpart Vladimir Putin in Geneva. Meeting begins is set to begin at 1:55 pm BST and a press conference is expected afterwards.

Apart from that, investors will be offered monthly data from China, DOE report on oil inventories as well as inflation readings from Poland and Canada.

8:00 am BST - China, monthly data for May.

• Industrial production. Expected: 8.9% YoY. Previous: 9.8% YoY

• Retail sales. Expected: 14% YoY. Previous: 17.7% YoY

• Urban investments. Expected: 16.5% YoY. Previous: 19.9% YoY

1:00 pm BST - Poland, core CPI inflation for May. Expected: 4% YoY. Previous: 3.9% YoY

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

• Housing starts. Expected: 1630k. Previous: 1569k

• Building permits. Expected: 1740k. Previous: 1733k

1:30 pm BST - Canada, CPI inflation for May. Expected: 3.5% YoY. Previous: 3.4% YoY

1:55 pm BST - Biden-Putin meeting in Geneva

3:30 pm BST - DOE report on oil inventories.

• Oil inventories. Expected: -2.9 mb

• Gasoline inventories. Expected: -0.8 mb

• Distillate inventories. Expected: 0.5 mb

7:00 pm BST - FOMC monetary policy decision