Economic calendar: Inflation data from US and Europe

• European index futures point to slightly lower open
• CPI data from Europe, PCE report from US
• Canadian Q1 GDP growth expected to accelerate

European index futures point to a flat or slightly lower opening of the cash session on the Old Continent. This comes after a downbeat session on Wall Street yesterday and after an upbeat Asia-Pacific session earlier today. Energy commodities, precious metals and major cryptocurrencies drop. NZD, AUD and CAD are the best performing major currencies, whiel EUR and CHF lag the most.

Economic calendar for the day ahead is packed with inflation reports from both sides of the Atlantic. Traders will be offered CPI reading from France and Italy, as well as whole euro area. US PCE report in the afternoon is a key macro release of the day, as it is Fed's preferred inflation measure.

7:45 am BST - France. GDP for Q1 2024 (second release). First release: 0.2% QoQ

7:45 am BST - France, CPI inflation for May. Expected: 2.4% YoY. Previous: 2.2% YoY

9:00 am BST - Italy, GDP for Q1 2024 (second release). First release: 0.3% QoQ

10:00 am BST - Euro area, HICP inflation for May.

• Headline. Expected: 2.5% YoY. Previous: 2.4% YoY
• Core. Expected: 2.7% YoY. Previous: 2.7% YoY

10:00 am BST - Italy, CPI inflation for May. Expected: 0.8% YoY. Previous: 0.8% YoY

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

• Headline PCE (annual). Expected: 2.7% YoY. Previous: 2.7% YoY
• Headline PCE (monthly). Expected: 0.3% MoM. Previous: 0.3% MoM
• Core PCE (annual). Expected: 2.8% YoY. Previous: 2.8% YoY
• Core PCE (monthly). Expected: 0.3% MoM. Previous: 0.3% MoM
• Personal income. Expected: 0.3% MoM. Previous: 0.5% MoM
• Personal spending. Expected: 0.3% MoM. Previous: 0.8% MoM 

1:30 pm BST - Canada, annualized GDP growth for Q1 2024. Expected: 2.2%. Previous: 1.0%

2:45 pm BST - US, Chicago PMI for May. Expected: 40.9. Previous: 37.9

Central bankers' speakers

• 8:30 am BST - ECB Vujcic
• 5:05 pm BST - Fed Williams
• 7:50 pm BST - BoE Governor Bailey
• 10:00 pm BST - RBNZ Governor Orr
• 11:15 pm BST - Fed Bostic