Economic calendar: Powell and GDP report from Canada

• Powell to testify before House Committee

• Canad to release April GDP report

• European inflation seen staying intact in June

Markets played down coronavirus fears yesterday and major indices from Europe and the United States booked decent gains. Today investors will be offered final GDP reading from Spain as well as flash CPI figures from Europe. In the afternoon, focus will be on Powell as the Fed Chair is expected to testify before the Committee on Financial Services on coronavirus aid (text of the speech was already released so it may not be a major market moving event). It is also worth tracking the monthly GDP release from Canada as it will be a hint from the major economy on how bad the start of Q2 was.

8:00 am BST - Spain, GDP report for Q1 2020 (final). Previous release: -5.2% QoQ

10:00 am BST - Euro area, CPI for June (flash). Expected: 0.1% YoY. Previous: 0.1% YoY

1:30 pm BST - Canada, GDP report for April. Expected: -13% MoM. Previous: -7.2% MoM

2:45 pm BST - US, Chicago PMI for June. Expected: 45. Previous: 32.3

3:00 pm BST - US, Conference Board consumer confidence for June. Expected: 91.8. Previous: 86.6

5:30 pm BST - Fed Chair Powell testifies before Committee on Financial Services.

9:40 pm BST - API report on oil inventories. Expected: -0.95 mb. Previous: +1.75 mb