Economic calendar: FOMC minutes in the spotlight

7:35 AM May 20, 2020
  • FOMC minutes to be released in the evening

  • DOE expected to show small build in oil inventories

  • More earnings from US retailers

Stock market futures point to a relatively flat open of the European session. CPI readings from the euro area and Canada will be released today but they may be overlooked by markets during pandemic. DOE report release will be interesting as API data hinted on an unexpected draw yesterday. FOMC minutes from April's meeting will be released in the evening

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

  • Employment. Expected: -0.5% YoY. Previous: +0.3% YoY

  • Wage growth. Expected: +4.5% YoY. Previous: +6.3% YoY

10:00 am BST - Euro area, CPI inflation for April. Expected: +0.4% YoY. Previous: +0.7% YoY

1:30 pm BST - Canada, CPI inflation for April. Expected: -0.1% YoY. Previous: 0.9% YoY

1:30 pm BST - Canada, wholesale sales for March. Expected: -3.8% MoM. Previous: +0.7% MoM

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

  • Crude oil. Expected: +1 mb. Previous: -0.745 mb

  • Distillates. Expected: +1.3 mb. Previous: +3.5 mb

  • Gasoline. Expected: -2 mb. Previous: -3.5 mb

7:00 pm BST - FOMC minutes. The Federal Reserve will release minutes from April's FOMC meeting today. Policy parameters were left unchanged during the meeting but minutes may show whether there was discussion about more action. However, one should keep in mind that in recent days Powell said that the US central bank is committed to do more if needed therefore today's FOMC minutes may not be as important.

Noteworthy earnings reports

  • Analog Devices (ADI.US) - before market open

  • Expedia Group (EXPE.US) - after market close

  • L Brands (LB.US) - after market close

  • McKesson (MCK.US) - before market open

  • Lowe's (LOW.US) - before market open

  • Target (TGT.US) - before market open

  • Take-Two Interactive Software (TTWO.US) - after market close


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