Economic calendar: US CPI report in the spotlight

• Futures point to higher opening of cash session in Europe 
• The key reading of the day will be the US CPI report for April
• Data release at 1:30 pm BST

Futures based on European indices point to a better opening of today's cash session on the Old Continent. Companies in the APAC region posted mostly gains, following the momentum from the US, where the Nasdaq recorded a new ATH close on the cash market. 

The key reading of the day will be the US CPI report for April and retail sales data. With the release of these macro data, investors can expect a spike in market volatility. Several Fed bankers will speak on monetary policy today. These will include Barr, Kashkari and Bowman, among others. Below is a detailed calendar of macro data:

09:00 am BST - Poland, Q1 GDP report. Expectations: 1.8% y/y. Previously: 1.0% y/y. 

09:00 am BST - Poland, CPI inflation for April. Expectations: 2.4% y/y. Previously: 2.0% y/y.

10:00 am BST - Eurozone, GDP report for Q1. Expectations; 0.4% y/y. Previously: 0.1% y/y.

01:30 pm BST - US, CPI report for April. 

• Headline reading (y/y). Expectations: 3.4% y/y. Previously: 3.5% y/y.
• Headline reading (m/m). Expectations: 0.4% m/m. Previously: 0.4% m/m.
• Core reading (y/y). Expectations: 3.6% y/y. Previously: 3.8% y/y. 
• Core reading (m/m). Expectations: 0.3% m/m. Previously: 0.4% m/m.

01:30 pm BST - USA, NY Empire index reading for May. Expectations: -10.5; Previously: -14,3.

01:30 pm BST - US, retail sales report for April. Expectations: 0.4% m/m. Previously: 0.7% m/m. 

03:30 pm BST - US, EIA report on crude oil inventories. Expectations: -1.2 million barrels. Previously: -1.36 million barrels (API data yesterday indicated a larger-than-expected decline in crude inventories).