In view of analysts at TD Securities, today's German ZEW report will give us some of the first survey data for the month of June, and a better idea of how much global trade tensions are weighing on investor sentiment.

“With the détente in the US-EU auto tariff spat having been announced shortly after the last ZEW report was published, that should help to ease local worries to some extent. Markets are looking for the expectations component to worsen from -2.1 to -5.8 in June, but we see upside risks and look for a smaller fall to -3.0 instead. For the current assessment, we look for a decline from 8.2 to 7.0 (mkt: 6.1). The first full day of the ECB's Sintra conference also takes place, with President Draghi due to speak at 8am, Vice President de Guindos at 8:30, Chief Economist Lane at 10:30am, and a discussion panel featuring Draghi, Carney, and Yellen at 2pm.”