Economic calendar: German Ifo and US hard data in the spotlight

• Markets are in risk-off mode

• German Ifo to be released in the morning

• Big drop expected in US durable goods orders in March

Global markets are in risk-off moods following disastrous PMIs and leaks denying effectiveness of Gilead Science coronavirus drug. Some noteworthy data reports will be released today. German IFO will be the key release of the European session while US durable goods orders will be on watch during US trading hours. Apart from that, April's Michigan data is expected to be revised lower. Last but not least, EU Barnier is expected to issue a statement somewhere in the day on the state of EU-UK post-Brexit talks that were held this week. 

9:00 am BST - Germany, Ifo Institute index for April. Expected: 80. Previous: 86.1

9:00 am BST - Poland, unemployment rate for March. Expected: 5.6%. Previous: 5.5%

1:30 pm BST - US, durable goods orders for March. Expected: -11.9% MoM. Previous: +1.2% MoM

3:00 pm BST - US, University of Michigan consumer sentiment for April (final). Expected: 68 pts. Preliminary release: 71 pts

6:00 pm BST - US, Baker Hughes rig count. Last week: 438

Noteworthy earnings releases

• American Express (AXP.US) - before market open

• Verizon Communications (VZ.US) - before market open