Economic calendar: Oil data and Q&A with ECB President

• US and European markets at 2-month highs

• ECB President to hold online Q&A session in the morning

• API report expected to show small build

US and European stock markets are trading at the highest levels since early-March. Investors continue to play down risk of China-US escalation and focus on reopening efforts. No major data releases are scheduled for today. However, ECB President Lagarde will hold an online Q&A session in the morning and it may have some impact on the euro.

There is also a chance that new actions when it comes to China-US will be taken. However, as Trump said he will unveil more details on sanctions by the end of the week, this risk has been put on the sidelines for a few days.

8:30 am BST - ECB President participates in an online Q&A session. Christine Lagarde will take part in #askECB webinar today. ECB President will be explaining how the ECB is responding to the coronavirus crisis. However, Lagarde has been very cautious during public appearances and, in turn, today's event may be overlooked by markets in case she sticks to her old playbook. Similar events are also being held by the Fed members during Covid-19 pandemic.

3:00 pm BST - Richmond Fed manufacturing index for May. Expected: -40 pts. Previous: -53 pts

9:40 pm BST - API report on oil inventories. Expected: +0.7 mb. Previous: -4.8 mb

Central bankers' speeches

• 9:30 am BST - ECB's de Guindos

• 12:00 pm BST - ECB's Enria

• 5:30 pm BST - Fed's Bullard

Noteworthy US earnings releases

• Hewlett-Packard (HPQ.US) - after market close