Economic calendar: Q1 GDP reports from Europe

• European markets set to open higher

• Q1 GDP data from Europe

• US core PCE inflation for March to be released in early afternoon

Futures markets point to a higher opening of the European cash session, following the stellar Wall Street session yesterday and upbeat trading in Asia today. DAX futures trade around 150 points above yesterday's cash close at the moment. 

The US GDP report released yesterday showed a surprising contraction but resulting weakness in the markets was short-lived. Investors will be offered Q1 GDP reports from European countries today. French data was already released and disappointed by showing no growth during the quarter. German data at 9:00 am BST is a key point in the European economic calendar today. 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 March, including core PCE inflation, will be released (1:30 pm BST).

8:00 am BST - Spain, GDP report for Q1 2022. Expected: 0.5% QoQ. Previous: 2.2% QoQ

9:00 am BST - Italy, GDP report for Q1 2022. Expected: -0.2% QoQ. Previous: 0.6% QoQ

9:00 am BST - Germany, GDP report for Q1 2022. Expected: 0.1% QoQ. Previous: -0.3% QoQ

9:00 am BST - Poland, CPI inflation for April. Expected: 11.5% YoY. Previous: 11.0% YoY

10:00 am BST - Euro area, GDP report for Q1 2022. Expected: 0.3% QoQ. Previous: 0.3% QoQ

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

• Personal spending. Expected: 0.6% MoM. Previous: 0.2% MoM

• Personal income. Expected: 0.4% MoM. Previous: 0.5% MoM

• PCE core inflation. Expected: 5.3% YoY. Previous: 5.4% YoY

3:00 pm BST - US, University of Michigan consumer sentiment for April (final). First release: 65.7

Top Wall Street earnings

• Bristol-Myers Squibb (BMY.US) - before market open

• Chevron (CVX.US) - before market open

• Exxon Mobil (XOM.US) - before market open

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

• Phillips 66 (PSX.US) - before market open