Neil Wilson, UK investor strategist at Saxo Markets, said Shell’s second-quarter update is expected to show how much profit has been generated thanks to the elevated oil price. "However investors are likely to be more focused on any guidance and outlook for the rest of the year as crude benchmarks retreat to pre-war levels," he said.
Across the pond, SpaceX will join the Nasdaq-100 index. Wilson said the move "could spur massive index buying of the stock, which it’s fair to say has had a turbulent start to life on the stock market".
Ipek Ozkardeskaya, senior analyst at Swissquote, said: "Remember, Nasdaq changed the inclusion rules to include SpaceX, which would normally not make its way so quickly into such a broadly watched and traded index, given its extremely low free float, its governance - Elon Musk has more than 80% of voting rights - and its fundamentals, as the company went public at a valuation of more than 100 times last year’s sales.
"Needless to say, SpaceX’s inclusion will increase the Nasdaq 100’s volatility, challenge its capacity to represent underlying economic and financial fundamentals, and potentially hurt its credibility."
Investors will also eye German industrial production figures for May.