Before the European markets open on Monday, producer inflation in Japan is forecast to have eased for the fourth straight month in April as utilities subsidies have capped energy costs and slowing global demand has cooled off commodities markets. The corporate goods price index is expected to show a 5.6 percent rise on the year in April, decelerating from increases of 7.2 percent in March, 8.3 percent in February, 9.5 percent in January and a 42-year high of 10.6 percent in December.

The Eurozone's industrial production in March is expected to fall 1.6 percent after rising 1.5 percent in February, which was well above expectations. Consensus for the year-over-year rate is growth of 1.3 percent, slowing from a 2.0 percent gain the previous month.

In the US, the Empire State index in May is expected to fall back to minus 2.0 after April's 35-point surge into positive ground at 10.8.

Canadian housing starts are forecast to rise to 228,000 annualized units in April from 213,865 in March, when winter storms led to an 11 percent drop in activity on the month. Last year's aggressive tightening by the Bank of Canada has pushed down starts from elevated levels.

Atlanta Federal Reserve Bank President Raphael Bostic will give welcome remarks before the Federal Reserve Bank of Atlanta 2023 Financial Markets Conference at 8:45 a.m. EDT (1245 GMT). At the conference, Richmond Federal Reserve Bank President Thomas Barkin will moderate a luncheon keynote at 12:45 p.m. EDT (1645 GMT).

Minneapolis Federal Reserve Bank President Neel Kashkari will participate in a fireside chat before the ACEC Minnesota Transportation Conference & Expo at 9:15 a.m. EDT (1315 GMT).

Among key Chinese data, growth in fixed asset investment is expected to slow to 2.7 percent in April. This would compare with 5.1 percent growth in March, which was lower than expected.

Year-over-year growth in industrial production is expected to accelerate sharply to 10.7 percent in April versus growth of 3.9 percent in March while retail sales are expected to surge 22.0 percent on the year after rising a surprisingly robust 10.6 percent in March.

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.