• European markets set for lower opening
• EU agrees on Russian oil embargo
• CPI readings from Europe
• Earnings from HP and Salesforce

European index futures point to a slightly lower opening of the cash session on the Old Continent today. A big story in the morning is the EU embargo on Russian oil that has been agreed on overnight. While there are some exemptions, like pipeline oil, EU executives say that embargo will cut European imports of Russian crude by 90% by the end of this year. Oil is trading higher on this news today.

When it comes to economic releases, today’s calendar is flooded with CPI prints from Europe. Investors will be offered inflation readings from France, Poland, Italy and the whole Eurozone. Apart from that, Q1 GDP report from Turkey, Switzerland and Canada will also be released. Two potential big earnings reports – HP and Salesforce – will be released after close of the Wall Street session.

Last but not least, today is the final day of the month therefore traders should be wary of potential month-end rebalancing flows.

7:45 am BST – France, CPI inflation for May. Expected: 5.0% YoY. Previous: 4.8% YoY

8:00 am BST – Turkey, GDP growth for Q1 2022. Expected: 7.1% YoY. Previous: 9.1% YoY

8:00 am BST – Switzerland, GDP growth for Q1 2022. Expected: 4.3% YoY. Previous: 3.7% YoY

8:55 am BST – Germany, unemployment rate for May. Expected: 5.0%. Previous: 5.0%

9:00 am BST – Poland, CPI inflation for May. Expected: 13.8% YoY. Previous: 12.4% YoY

10:00 am BST – Italy, CPI inflation for May. Expected: 6.2% YoY. Previous: 6.0% YoY

10:00 am BST – Euro area, CPI inflation for May. Expected: 7.7% YoY. Previous: 7.4% YoY

1:30 pm BST – Canada, GDP growth for Q1 2022 (annualized). Expected: 5.4%. Previous: 6.7%

3:00 pm BST – US, Conference Board Consumer Confidence index for May. Expected: 104.0. Previous: 107.3

Wall Street earnings releases

• HP (HPQ.US) – after market close
• Salesforce (CRM.US) – after market close