Economic calendar: US CPI inflation, jobs report from Canada

• European markets set for a lower opening

• US CPI inflation expected to stay unchanged in May

• Canadian jobs report for May at 1:30 pm BST

Futures markets point to a lower opening of the European cash session today. Pandemic situation in China is yet again denting moods on the markets. Wall Street as well as most stock markets in Asia-Pacific booked big losses today and looks like European session will also start in poor moods.

Calendar for the day ahead includes some interesting releases. A top macro event of the day will be a release of US CPI inflation report for May at 1:30 pm BST. Market consensus points to headline price growth staying unchanged, but media reports indicate that White House expects an elevated reading amid passthrough costs of oil price increase. Simultaneously to the US CPI report, jobs report from Canada will be released so USDCAD traders should keep on guard.

8:00 am BST - Spain, CPI inflation for May. Expected: 8.7% YoY. Previous: 8.3% YoY

9:00 am BST - Italy, industrial production for April. Expected: -1.5% MoM. Previous: 0.0% MoM

1:30 pm BST - US, CPI inflation for May.

• Headline. Expected: 8.3% YoY. Previous: 8.3% YoY

• Core. Expected: 5.9% YoY. Previous: 6.2% YoY

1:30 pm BST - Canada, jobs report for May.

• Employment change. Expected: 29.5k. Previous: 15.3k

• Unemployment rate. Expected: 5.2%. Previous: 5.2%

3:00 pm BST - US, University of Michigan consumer sentiment for June. Expected: 58.1. Previous: 58.4

Central bankers' speeches

• 2:45 pm BST - ECB President Lagarde