Economic calendar: German CPI data, US Q4 GDP revision

• European indices set to open higher

• CPI readings for March from Spain and Germany

• US Q4 GDP revision, jobless claims

Futures markets point to a higher opening of the European cash session today. This comes after an upbeat trading on Wall Street yesterday and in Asia today. DAX and Euro Stoxx futures trade around 0.5% higher at press time. AUD and JPY are G10 top performers while EUR and USD lag the most. Precious metals benefit from weaker USD and climb. Oil is trading 0.3% higher with WTI testing $73 per barrel mark.

Economic calendar for the day ahead includes some noteworthy readings. EUR traders will focus on flash CPI data from Spain and Germany for March. In both cases a significant slowdown is expected mostly due to base effects, especially in energy. Apart from CPI data, traders will also be offered US GDP reports for Q4 but as it will be the second revision, market impact is expected to be minimal if any. Natural gas may see some move around 3:30 pm BST when EIA releases a report on storage.

8:00 am BST - Spain, flash CPI report for March. Expected: 3.8% YoY. Previous: 6.0% YoY

9:00 am BST - Italy, unemployment rate for February. Expected: 8.0%. Previous: 7.9%

1:00 pm BST - Germany, flash CPI report for March. Expected: 7.3% YoY. Previous: 8.7% YoY

1:30 pm BST - US, GDP report for Q4 (second revision).

• GDP (annualized). First revision: 2.7%

• Consumer spending. First release: 1.4%

• Core PCE. First revision: 4.3% QoQ

1:30 pm BST - US, jobless claims. Expected: 195k. Previous: 191k

3:30 pm BST - US, EIA natural gas storage. Expected: -55 bcf. Previous: -72 bcf

Central bankers' speeches

• 5:00 pm BST - SNB Maechler

• 5:45 pm BST - Fed Collins

• 5:45 pm BST - Fed Barkin

• 6:00 pm BST - Fed Kashkari