Economic calendar: German GDP report, earnings from US oil majors

• European indices set for higher opening

• GDP report from euro area, US PCE inflation for June

• Earnings reports from Chevron and ExxonMobil

European futures markets point to a higher opening of the cash session on the Old Continent today. Sentiment on the global markets improved following solid earnings releases from Apple and Amazon. However, somewhat risk-off moods can be seen on the FX market with CHF and JPY leading among G10 currencies.

Week is slowly coming to a close but it does not mean that there are no interesting macro releases left. Today is all about data from Europe, especially Q2 2022 GDP reports. French report released at 6:30 am BST surprised to the upside with growth coming in at 0.5% QoQ (exp. 0.2% QoQ). Now attention shifts to reports from Spain (8:00 am BST), Germany and Italy (9:00 am BST). The US dollar may experience some short-term volatility spike in the afternoon when the data pack for June is released. Reports from US oil companies - Chevron, ExxonMobil and Phillips66 - are highlights in today's earnings calendar.

8:00 am BST - Spain, CPI inflation for July. Expected: 10.6% YoY. Previous: 10.2% Yoy

8:00 am BST - Spain, GDP report for Q2 2022. Expected: 0.4% QoQ. Previous: 0.2% QoQ

8:55 am BST - Germany, unemployment rate for July. Expected: 5.4%. Previous: 5.3%

9:00 am BST - Italy, GDP report for Q2 2022. Expected: 0.3% QoQ. Previous: 0.1% QoQ

9:00 am BST - Germany, GDP report for Q2 2022. Expected: 0.1% QoQ. Previous: 0.2% QoQ

10:00 am BST - Euro area, CPI inflation for July. Expected: 8.6% YoY. Previous: 8.6% YoY

10:00 am BST - Euro area, GDP report for Q2 2022. Expected: 0.2% QoQ. Previous: 0.6% QoQ

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

• PCE core. Expected: 4.7% YoY. Previous: 4.7% YoY

• Personal spending. Expected: 0.9% MoM. Previous: 0.2% MoM

• Personal income. Expected: 0.5% MoM. Previous: 0.5% MoM

1:30 pm BST - Canada, GDP report for May. Expected: -0.2% MoM. Previous: 0.3% MoM

3:00 pm BST - US, University of Michigan consumer sentiment for July (final). First release: 51.1

Top Wall Street earnings reports

• AbbVie (ABBV.US) - before market open

• Chevron Corporation (CVX.US) before market open

• Colgate-Palmolive (CL.US) - before market open

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

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

• Procter & Gamble (PG.US) - before market open