Economic calendar: Trump targets social media companies

• Trump to sign executive order against social media companies

• China expected to pass Hong Kong security law

• Hard data from the United States, including Q1 GDP report

Global stock markets erased gains during yesterday's US cash session. However, losses were recouped by the time Wall Street closed and indices continued to move higher overnight. DAX futures trade near the 11,800 pts mark while S&P 500 tested 3,050 pts.

Some interesting readings, including US GDP, are scheduled for release today but markets are likely to be focused on other issues. Trump is expected to sign an executive order against social media companies while China is set to pass Hong Kong security law today. The United States is widely expected to retaliate against such move from China therefore both events have a high chance to move markets.

Macro reports scheduled for today

8:00 am BST - Spain, CPI inflation for May (flash). Expected: -0.9% YoY. Previous: -0.7% YoY

8:30 am BST - Sweden, retail sales for April. Expected: -2.1% MoM. Previous: -1.7% MoM

1:00 pm BST - Germany, CPI inflation for May (flash). Expected: 0.6% YoY. Previous: 0.9% YoY

1:30 pm BST - US, GDP report, durable goods orders and jobless claims.

• GDP for Q1 2020. First release: -4.8% QoQ

• Durable good orders for April. Expected: -19%. Previous: -15.3%

• Initial jobless claims. Expected: 2100k. Previous: 2438k

3:00 pm BST - US, pending home sales for April. Expected: -12% MoM. Previous: -20.8% MoM

3:00 pm BST - DOE report on oil inventories.

• Oil stockpiles. Expected: -2.5 mb

• Gasoline inventories. Expected: no change (0 mb)

• Distillate inventories. Expected: +1.3 mb

Noteworthy US earnings releases

• Costco Wholesale (COST.US) - after market close

• Dollar General (DG.US) - before market open

• Dollar Tree (DLTR.US) - before market open

• Salesforce.com (CRM.US) - after market close

• Ulta Beauty (ULTA.US) - after market close