Economic calendar: GDP reports from Europe and US retail sales

• European futures point to a higher opening of cash session

• German GDP seen declining 2.2% QoQ in Q1 2020

• US retail sales seen plummeting for another month

European index futures pointed to a higher opening of the cash session after US and Asian equities moved higher. GDP report from European countries will be released throughout the morning with German reading being the most important one (9:00 am BST). During the US trading hours, attention will be paid to US retails sales data and Michigan consumer sentiment. When it comes to newsflow, traders should look out for hints on China-US relations.

8:00 am BST - Czech Republic, GDP for Q1 2020. Expected: -2.3% YoY. Previous: +2% YoY

9:00 am BST - Poland, GDP for Q1 2020. Expected: -1.2% QoQ. Previous: +0.3% QoQ

9:00 am BST - Germany, GDP for Q1 2020. Expected: -2.2% QoQ. Previous: 0% QoQ

1:30 pm BST - US, New York Empire index for May. Expected: -65 pts. Previous: -78.2 pts

1:30 pm BST - US, retail sales for April.

• Headline. Expected: -11.9% MoM. Previous: -8.4% MoM

• Ex-autos. Expected: -8.5% MoM. Previous: -4.2% MoM

2:15 pm BST - US, industrial production for April. Expected: -11.5% MoM. Previous: -5.4% MoM

3:00 pm BST - US, University of Michigan consumer sentiment for May. Expected: 68 pts. Previous: 71.8 pts

Noteworthy US earnings releases

• VF Corporation (VFC.US) - before market open

• JD.com (JD.US) - before market open