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European stock futures surge ahead of cash session open
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Powell starts 2-day testimony on Capitol Hill
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US retail sales seen rebounding in May
European stock futures are trading higher on Tuesday morning, recovering from yesterday's sell-off. There are 2 big events today - US retail sales data for May and Powell's testimony. The former will show scale and pace of reopening while the latter will provide investors with an overall outlook on the US economy. Apart from that, US Secretary of State Mike Pompeo is rumoured to meet with China's top foreign policy official today but timing is uncertain.
10:00 am BST - Germany, ZEW index for June. Expected: 60. Previous: 51
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Open account Try demo Download mobile app Download mobile app1:00 pm BST - Poland, core CPI inflation for May. Expected: 3.7% YoY. Previous: 3.6% YoY
1:30 pm BST - US, retail sales for May.
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Headline. Expected: 8% MoM. Previous: -16.4% MoM
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Ex. autos. Expected: 5.1% MoM. Previous: -17.2% MoM
2:15 pm BST - US, industrial production for May. Expected: 3% MoM. Previous: -11.2% MoM
3:00 pm BST - Powell testifies before the Senate Banking Committee. Fed Chairman will hold 2-day testimonies on Capitol Hill this week. Event will be closely watched as the central banker is expected to outline a grim picture of the US economy. This could be a wake up call for markets but given rumours on a new $1 trillion stimulus, investors may not care that much.
9:40 pm BST - API report on oil inventories. Expected: -0.4 mb
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