Economic calendar: US GDP data and Amazon earnings

• European markets seen opening slightly higher

• US Q1 GDP data due at 1:30 pm BST

• Amazon and Twitter to report earnings after close

Stocks in Europe are seen opening slightly higher following an upbeat Asian session. Fed maintained its tone and repeated that it is still too early to discuss QE taper. Investors will be offered hints on the pace of the US economic recovery today in the afternoon when GDP data for Q1 will be released. Fed's favourite inflation measure - core PCE - will be released as well. Apart from that, traders will hear from a number of ECB members throughout the day. Last but not least, Amazon and Twitter can be found among today's top earnings reporters 

8:00 am BST - Spain, HICP inflation for April. Expected: 1.9% YoY. Previous: 1.2% YoY

8:55 am BST - Germany, unemployment rate for April. Expected: 6%. Previous: 6%

1:00 pm BST - Germany, CPI inflation for April. Expected: 1.8% YoY. Previous: 1.7% YoY

1:30 pm BST - US, jobless claims. Expected: 560k. Previous: 547k

1:30 pm BST - US, data pack for Q1.

• GDP annualized. Expected: 6.5%. Previous: 4.3%

• Core PCE. Expected: 2.4% QoQ. Previous: 1.3% QoQ

• Personal consumption. Expected: 10.5%. Previous: 2.3%

3:00 pm BST - US, pending home sales for March. Expected: 6% MoM. Previous: -10.6% MoM

Central bankers' speeches

• 8:30 am BST - ECB Guindos

• 10:00 am BST - ECB Elderson

• 12:30 pm BST - ECB Weidmann

• 2:00 pm BST - ECB Holzmann

• 4:00 pm BST - Fed Quarles

Top US earnings releases

• Amazon (AMZN.US) - after market close

• Bristol-Myers Squibb (BMY.US) - before market open

• Caterpillar (CAT.US) - before market open

• Gilead Science (GILD.US) - after market close

• Kraft-Heinz (KHC.US) - before market open

• Mastercard (MA.US) - before market open

• McDonald's (MCD.US) - before market open

• NIO (NIO.US) - after market close

• Twitter (TWTR.US) - after market close

• Merck (MRK.US) - before market open