Economic calendar: US Q1 GDP, CBRT rate decision

• European indices set to open slightly lower

• US Q1 GDP data and CBRT decision on watch

• Amazon to report earnings after Wall Street session close

Futures markets point to a slightly lower opening of the European cash session today. US index futures are trading above yesterday's cash close after Meta released a better-than-expected Q1 earnings report and rallied over-11% in the after-hours trading. Slight risk-on moods can be spotted on the FX market with Antipodean currencies leading gains while safe haven currencies like JPY, USD and CHF are pulling back.

Economic calendar for the day ahead includes a flash Q1 GDP release from the United States (1:30 pm BST). Report is expected to show deceleration in annualized GDP growth from Q4 2022 and acceleration in core PCE. Data will be watched closely as the Fed is set to meet and decide on rates next week on Wednesday, May 3. Apart from US GDP data, traders will also be offered rate decision from CBRT (no change expected) as well as Amazon earnings after Wall Street session close.

8:00 am BST - Spain, retail sales for March. Expected: 3.5% YoY. Previous: 4.0% YoY

12:00 pm BST - Central Bank of Republic of Turkey rate decision

1:30 pm BST - US, US GDP report for Q1.

• GDP growth (annualized). Expected: 2.0%. Previous: 2.6%

• PCE core. Expected: 4.7% QoQ. Previous: 4.4% QoQ

1:30 pm BST - US, initial jobless claims. Expected: 249k. Previous: 245k

3:00 pm BST - US, pending home sales for March. Expected: 0.5% MoM. Previous: 0.8% MoM

3:30 pm BST - EIA report on US natural gas inventories. Expected: +75 bcf. Previous: +75 bcf

4:00 pm BST - US, Kansas Fed manufacturing index for April. Expected: 3.0. Previous: 3.0

Central bankers' speeches

• 2:20 pm BST - BoE Breeden

• 5:15 pm BST - ECB Panetta

Top Wall Street earnings

• Amazon (AMZN.US) - after market close

• Amgen (AMGN.US) - after market close

• Caterpillar (CAT.US) - before market open

• Honeywell International (HON.US) - before market open

• Intel (INTC.US) - after market close

• Mastercard (MA.US) - before market open

• Merck & Co (MRK.US) - before market open