Economic calendar: Second-tier data and index rebalancing

• German exports slump in May

• Euronext to announce index membership changes today

• API report expected to show decline today

European futures point to a higher opening of a cash session today. However, DAX futures erased part of gains after German trade data for April turned out to be a huge disappointment. Exports dropped 24% MoM (exp. -15.6% MoM) while imports saw 16.5% MoM contraction (exp. -15% MoM). Trade balance came in at €3.2 billion against expected €10 billion.

There are not any major economic readings scheduled for today. European GDP data and US wholesale inventories will be revisions therefore market impact is likely to be minor. API report is expected to show 1.4 million barrel decline.

Last but not least, Euronext is expected to announce changes to composition of some European indices after today's close. Among indices operated by Euronext one can find AEX (NED25) or CAC 40 (FRA40). Stocks that will gain or lose membership may be prone to more volatile moves tomorrow.

Readings scheduled for today:

10:00 am BST - Euro area, GDP report for Q1 2020 (revision). Previous release: -3.8% YoY

3:00 pm BST - US, wholesale inventories for April (final). Previous release: +0.4% MoM

9:40 pm BST - API report on oil inventories. Expected: -1.4 mb