Economic calendar: DOE report in focus

• European stock market set for higher opening

• API report signals unexpected build in US inventories

• Second-tier data from Europe

Upbeat moods can be spotted on the European futures markets ahead of the cash session launch. Turnaround on Wall Street as well as a solid Asian session set the stage for the higher opening on the Old Continent today. Newsflow as well as the economic calendar during the Asian trading hours was light and, unfortunately, the economic calendar for the remainder of the day does not host many releases either. Traders will be offered a retail sales report from Italy and revision of euro area GDP data for Q1. US wholesale inventories data and DOE report make up the calendar for the US trading hours.

9:00 am BST - Italy, retail sales for April. Expected: 0.1% MoM. Previous: -0.5% MoM

10:00 am BST - Euro area, GDP report for Q1 (final). First release: 0.3% QoQ

3:00 pm BST - US, wholesales inventories for April. Expected: 2.1% MoM. Previous: 2.3% MoM

3:30 pm BST - DOE report on oil inventories.

• Oil inventories. Expected: -1.8 mb (API: +1.84 mb)

• Gasoline inventories. Expected: 0.3 mb (API: +1.82 mb)

• Distillate inventories. Expected: 0.6 mb (API: +3.37 mb)