Economic calendar: Powell in the spotlight

• UK economy contracts 2% QoQ in Q1 2020

• Powell to speak later today

Global stock indices slumped in late evening yesterday. An attempt to recover losses was made during the Asian session but DAX is still set to open around 1% lower. UK GDP report released at 7:00 am BST showed a 2% QoQ contraction (exp. -2.5% QoQ). However, one should keep in mind that the UK was slow to lock its economy and it operated as normal in Q1 2020. Looking ahead, a potentially market moving event today is Powell's webinar at 2:00 pm BST. Fed Chairman is expected to discuss his economic outlook and may also touch on the topic of monetary policy. Q&A session is scheduled to follow.

European & US session

8:30 am BST - Sweden, CPI inflation for April. Expected: 0.1% YoY. Previous: 0.6% YoY

10:00 am BST - Euro area, industrial production for March. Expected: -12.1% MoM. Previous: -0.1% MoM

1:30 pm BST - US, PPI inflation for April. Expected: -0.2% YoY. Previous: +0.7% YoY

3:30 pm BST - DOE report.

• Oil inventories. Expected: +4.3mb. Previous: +4.6 mb

• Distillate inventories. Expected: +3.15 mb. Previous: +9.52 mb

• Gasoline inventories. Expected: -2.3 mb. Previous: -3.16 mb

Asian session

• 2:30 am BST - New Zealand, labour market report for April

Central bankers speeches

• 2:00 pm BST - Fed Chairman Powell

Noteworthy earnings reports

• Cisco Systems (CSCO.US) - after market close