Economic calendar: Markets wait for Trump

• Markets in wait-and-see mode

• Trump to hold press conference on China

• GDP reports from Italy, Poland and Canada

Global markets seem to be in wait-and-see mode following yesterday's Trump announcement. US President said that he will hold a press conference on China today but the timing of the event is uncertain. Nevertheless, this will likely be a key event of the day as it may set expectations for the markets.

When it comes to data scheduled for release, investors will be served GDP reports from Italy, Poland and Canada. However, readings from Italy and Poland will be revisions while data from Canada will be released for the first time.

Data scheduled for release today:

9:00 am BST - Italy, GDP report for Q1 2020 (final). First release: -4.7% QoQ

9:00 am BST - Poland, GDP report for Q1 2020 (final). First release: -0.5% QoQ

10:00 am BST - Euro area, CPI inflation for May. Expected: 0.1% YoY. Previous: 0.3% YoY

1:30 pm BST - US, core PCE inflation for April. Expected: 1.1% YoY. Previous: 1.7% YoY

1:30 pm BST - Canada, GDP report for Q1 2020. Expected: -10% QoQ. Previous: +0.3% QoQ

3:00 pm BST - US, University of Michigan consumer sentiment for May (final). First release: 73.7 pts

Central bankers' speeches

• 4:00 pm BST - Fed Chair Powell

Noteworthy earnings releases

• Canopy Growth (CGC.US) - before market open

• Big Lots (BIG.US) - before market open