• European markets set to open flat.
• Canadian inflation expected to stay unchanged in April.
• Earnings from Cisco Systems, Lowe’s and Target.

Futures markets point to a flat opening of the European cash session today. Asian markets failed to catch a bid following a solid Wall Street session, leading to a mixed session in Asia-Pacific. Similar moods are expected at the start of European trading today.

Economic calendar for today includes some interesting releases but neither of them is a top-tier one. Inflation data from Canada will be closely watched by CAD traders with headline inflation expected to remain unchanged in April. Housing data from the United States rarely triggers market moves but is worth following for research purposes. Oil will get a chance to move during today’s DOE release after API data showed an unexpected drop in inventories yesterday. 

10:00 am BST – Euro area, CPI inflation for April (final). First release: 7.5% YoY.

1:30 pm BST – US, housing market data for April.

• Building permits. Expected: 1815k. Previous: 1870k.
• Housing starts. Expected: 1765k. Previous: 1793k.

1:30 pm BST – Canada, CPI inflation for April.

• Headline. Expected: 6.7% YoY. Previous: 6.7% YoY.
• Core. Expected: 5.4% YoY. Previous: 5.5% YoY.

3:30 pm BST – DOE report on oil inventories.

• Oil inventories. Expected: +1.5 mb (API: -2.44 mb).
• Gasoline inventories. Expected: -1.3 mb (API: -5.10 mb).
• Distillate inventories. Expected: -0.8 mb (API: +1.07 mb).

Central bankers’ speeches.

• 9:00 pm BST – Fed Harker.

Wall Street earnings releases.

• Cisco Systems (CSCO.US) – after market close.
• Lowe’s Companies (LOW.US) – before market open.
• Target Corporation (TGT.US) – before market open.