Economic calendar: German IFO index, UoM data

• European markets set to open higher

• German IFO index for June

• UoM Consumer Sentiment revision

Index futures from Europe and the United States trade higher ahead of the European cash session open. No major groundbreaking news surfaced during Asian session. The European economic calendar for today is light with the German Ifo index for May being the top reading scheduled. Nevertheless, survey data from Germany rarely has a big impact on market prices. During the US session revision of UoM data and US new home sales will be released. However, neither of those reports is expected to result in a volatility jump on the markets. Speech of RBA Governor Lowe may help move AUD in the afternoon.

9:00 am BST - Germany, IFO index for June. Expected: 92.9. Previous: 93.0

3:00 pm BST - US, new home sales for May. Expected: 590k. Previous: 591k

3:00 pm BST - US, University of Michigan consumer sentiment for June (final). First release: 50.2

Central bankers' speeches:

• 12:30 pm BST - RBA Governor Lowe
• 12:30 pm BST - FED Bullard

Wall Street earnings releases

• CarMax Inc (KMX.US) - before market open