The focus on this week's data is the US consumer price index for April due on Wednesday. The CPI is likely to show inflation is easing only gradually amid tight labor market conditions and wage pressures, with the CPI annual rate seen staying at 5.0 percent.

German industrial production in March is expected to fall 1.0 percent on the month following a 2.0 percent monthly jump in February that was, for a second straight month, 2 full percentage points above the consensus. The year-over-year comparison is seen improving to 1.3 percent growth versus growth of 0.7 percent.

In the US, the second estimate for March wholesale inventories is a 0.1 percent build, unchanged from the first estimate.

Japan's real household spending is expected to post a second straight year-over-year rise in March, up 0.3 percent, on pent-up demand for traveling and eating out, but the pace of increase is seen decelerating from a solid 1.6 percent gain as costs for food and durable goods remain elevated and people continued switching to discount mobile phone plans. Expenditures are expected to mark a 1.6 percent rebound on the month after a 2.4-percent slump in February.

China's trade surplus for April is expected to narrow to US$71.1 billion from $88.19 billion in March, which was more than double the consensus. Chinese exports are forecast to show an 8.0 percent rise on the year in April, slowing from a 14.8 percent gain in March while imports are seen nearly flat, down 0.2 percent, after dropping 1.4 percent.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.