The annual inflation rate in the UK is expected to ease to 8.3 percent in April from 10.1 percent in March. The CPI is seen up 0.8 percent on the month after rising at the same rate the previous month.

UK producer inflation data is forecast to show that output dipped 0.1 percent on the month in April after rising 0.1 percent March while input costs gained 0.1 percent after a 0.2 percent increase.

In the Confederation of British Industry (CBI) survey, the headline orders balance is expected to improve slightly from minus 20 percent in April to minus 17 percent in May.

In Germany, the Ifo business climate index is expected to ease slightly to 93.1 in May from 93.6 in April, failing to extend its long run of improvement.

In the US, Federal Reserve Board Governor Christopher Waller will speak on economic outlook before the University of California Santa Barbara conference: 2023 Santa Barbara County Economic Summit at 12:10 p.m. EDT (1610 GMT).

The Bank of Korea is expected to maintain the Base Rate at 3.50 percent after standing pat at its previous meetings in April and February and raising the policy interest rate by 25 basis points to the current level in January. Inflation is expected to continue easing but remain above the 2 percent target throughout the year, the bank said in April, adding that it will judge whether it needs to raise rates further while maintaining the restrictive policy stance for a considerable time.

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.