Economic calendar: GDP data from Europe and US PCE inflation

• European stock markets expected to open flat or slightly higher

• GDP reports from Spain, Germany and Canada

• US PCE data for March due at 1:30 pm BST

European stock markets are seen opening flat or slightly higher on the final trading day of the week. US futures are trading lower after moods deteriorated during the Asian trading hours.

There are quite a few interesting readings scheduled for release today. Spain and Germany will release Q1 GDP reports while Canada will release a monthly GDP report for February. However, the most important reading of the afternoon will be US data pack for March that will include Fed's favourite inflation gauge - core PCE.

7:45 am BST - France, CPI inflation for April. Expected: 1.2% YoY. Previous: 1.1% YoY

8:00 am BST - Spain, GDP report for Q1 2021. Expected: -0.4% QoQ

9:00 am BST - Germany, GDP report for Q1 2021. Expected: -1.5% QoQ. Previous: +0.3% QoQ

9:00 am BST - Poland, CPI inflation for April. Expected: 4% YoY. Previous: 3.2% YoY

10:00 am BST - Euro area, CPI inflation for April. Expected: 1.6% YoY. Previous: 1.3% YoY

10:00 am BST - Euro area, GDP report for Q1 2021. Expected: -0.8% QoQ. Previous: -0.7% QoQ

1:30 pm BST - US, data pack for March.

• Core PCE inflation. Expected: 1.8% YoY. Previous: 1.4% YoY

• Personal spending. Expected: 4.2% MoM. Previous: -1% MoM

• Personal income. Expected: 20% MoM. Previous: 7.1% MoM

1:30 pm BST - Canada, monthly GDP for February. Expected: 0.5% MoM. Previous: 0.7% MoM

3:00 pm BST - US, University of Michigan consumer sentiment for April (final). First release: 86.5

Top US earnings

• Chevron (CVX.US) - before market open

• Exxon Mobil (XOM.US) - before market open

• Phillips 66 (PSX.US) - before market open

• Clorox Company (CLX.US) - before market open