Economic calendar: US GDP report, earnings from Apple and Amazon

• European indices are set for a slightly opening

• US GDP report expected to show expansion

• Apple and Amazon are highlights in today's earnings calendar

Moods ahead of the European cash session opening are positive with futures markets pointing to a slightly higher opening of the session for major blue chips indices from the Old Continent. Some dovish remarks were offered by Fed Chair Powell during a post-meeting press conference yesterday and it has led to improvement in moods. The US dollar is weakening and is the worst performing G10 currency today. USD weakness allows for small gains to be posted on the commodities markets.

While the Fed decision was a key event of the week, investors will be offered a key piece of US macro data today at 1:30 pm BST - GDP report for Q2 2022. Median estimate does not point to a contraction but numerous economists in the Bloomberg survey actually expects it, especially after the Atlanta Fed GDPnow indicator pointed to a drop in economic activity in Q2 2022. Apart from the US GDP report, earnings from Amazon and Apple may also have an impact on the market sentiment.

8:00 am BST - Spain, retail sales for June. Expected: 1.3% YoY. Previous: 1.4% YoY

1:00 pm BST - Germany, CPI inflation for July. Expected: 7.4% YoY. Previous: 7.6% YoY

1:30 pm BST - US, GDP report for Q2 2022.

• GDP growth (annualized). Expected: 0.5%. Previous: -1.6%

• PCE core. Expected: 4.5% QoQ. Previous: 5.2% QoQ

1:30 pm BST - US, jobless claims. Expected: 252k. Previous: 251k

3:30 pm BST - EIA natural gas storage. Expected: 19 bcf. Previous: 32 bcf

Top Wall Street earnings releases

• Altria Group (MO.US) - before market open

• Amazon (AMZN.US) - after market close

• Apple (AAPL.US) - after market close

• Comcast (CMCSA.US) - before market open

• Harley Davidson (HOG.US) - before market open

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

• Intel (INTC.US) - after market close

• Macerich (MAC.US) - before market open

• Mastercard (MA.US) - before market open

• Merck & Co (MRK.US) - before market open

• Microvision (MVIS.US) - after market close

• Northrop Grumman (NOC.US) - before market open

• Pfizer (PFE.US) - before market open

• Tilray (TLRY.US) - before market open