Economic calendar: US core PCE inflation in the spotlight

• European markets set to open mixed
• US core PCE inflation for April to be released in early afternoon

Futures markets point to a mixed opening of the European cash session, following the stellar Wall Street session yesterday and upbeat trading in Asia today. DAX futures trade slightly below yesterday's cash close at the moment, while most of the other major indices move higher.

Trading is expected to be rather calm throughout the European morning as the economic calendar is empty. However, things get more interesting in the afternoon and especially USD traders should brace for a possibility of an increase in volatility on the greenback market in the early afternoon as a data pack for April, including core PCE inflation, will be released (1:30 pm BST).

9:00 am BST - Euro area, M3 Money Supply for April. Expected: 6.3% YoY. Previous: 6.3% YoY

1:30 pm BST - US, data pack for April.

• Personal spending. Expected: 0.7% MoM. Previous: 1.1% MoM
• Personal income. Expected: 0.5% MoM. Previous: 0.5% MoM
• PCE core inflation. Expected: 4.9% YoY. Previous: 5.2% YoY

3:00 pm BST - US, University of Michigan consumer sentiment for May (final). First release: 59.1

Central bankers speeches

• 12:35 pm BST ECB's Lane
• 12:35 pm BST - FED Bullard 

Top Wall Street earnings

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