Among key UK data, industrial production is expected to edge 0.1 percent higher in March following a 0.2 percent dip in February. Manufacturing output in March is expected to fall 0.1 percent after being flat.

The merchandise trade deficit is seen narrowing to £17.0 billion in March versus a £17.53 billion deficit in February.

The UK GDP in the month of March is expected to rise 0.1 percent versus no change in February, which compared with expectations for a 0.2 percent increase. The three-month rate is seen unchanged at plus 0.1 percent.

In the US, import prices are expected to rise 0.3 percent on the month in April, which would end nine straight declines including March's 0.6 percent drop. Export prices are expected to rise 0.2 percent after a 0.3 percent dip.

The University of Michigan consumer sentiment index in the first indication for May is expected to fall another half point to 63.0 after slipping 1.5 points to 63.5 in April.

St. Louis Federal Reserve Bank President James Bullard will speak on Toward a Monetary Policy Strategy in a panel discussion at the Hoover Monetary Policy Conference: How to Get Back on Track hosted by the Stanford University Hoover Institution at 7:45 p.m. EDT (2345 GMT).

In India, consumer prices are expected to ease slightly to 5.50 percent on the year in April versus 5.66 percent in March, which compared with expectations for 5.80 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.