• European indices set for higher opening
• UK retail sales with unexpected monthly increase in April
• Industrial production and jobs data from Poland

Futures markets point to a higher opening of the European cash session. Downward move on Wall Street slowed yesterday while Asian indices gained during a session today, setting stage for a higher opening of the cash session on the Old Continent.

Economic calendar for the day ahead is almost empty. Two noteworthy readings – German PPI inflation and UK retail sales – were already released at 7:00 am BST. German reading showed an acceleration in producer’s price growth from 30.9 to 33.5% YoY in April (exp. 31.5% YoY). Report from the United Kingdom was a positive surprise as it showed a 4.9% YoY drop in retail sales in April while the market expected a 7.1% YoY plunge. On a monthly basis UK retail sales increased 1.4% MoM (exp. -0.2% MoM).

What’s left on the agenda today? Industrial production and employment data from Poland but its impact will be limited to PLN. Investors will also be offered earnings reports from Foot Locker and Deere & Company.

9:00 am BST – Poland, industrial production for April. Expected: 16.1% YoY. Previous: 17.3% YoY

9:00 am BST – Poland, labor market report for April.

• Employment change. Expected: 2.7% YoY. Previous: 2.4% YoY
• Wage growth. Expected: 12.6% YoY. Previous: 12.4% YoY

Wall Street earnings

• Deere & Company (DE.US) – before market open
• Foot Locker (FL.US) – before market open