In Germany, the Gfk's consumer climate index, which has been modestly improving, is expected to rise to minus 24.3 in June's report versus minus 25.7 in May's reading, which was 2 points better than expected.

German GDP for the first quarter is expected to be unrevised at zero on quarter but there is some downside risk due to a surprisingly steep contraction in goods production in March.

France's INSEE business climate indicator is expected to be unchanged on the month at 101 in May.

In the US, the second estimate of first-quarter GDP, at 1.1 percent consensus growth, is expected to remain unchanged from the quarter's first estimate. Personal consumption expenditures, at 3.7 percent growth in the first estimate, is also expected to remain unrevised.

New jobless claims for the May 20 week are expected to rise 6,000 to 248,000 following a 22,000 swing lower to 242,000 in the prior week.

Pending home sales in April are expected to rise 1.1 percent on the month after falling 5.2 percent in March.

Richmond Federal Reserve Bank President Thomas Barkin will speak on the state of the region at the SWVA (Southwest Virginia) Economic Forum at 9:50 a.m. EDT (1350 GMT).

Boston Federal Reserve Bank President Susan Collins will share remarks and participate in a fireside chat Q&A with students and staff of the Community College of Rhode Island at 10:30 a.m. EDT (1430 GMT).

Consumer prices in Tokyo, the leading indicator of the national average, is expected to decelerate in May to a 3.3 percent rise on year from 3.5 percent in April in both the total CPI and the core measure (excluding fresh food) as gasoline and utilities subsides pushed down energy costs. By contrast, the year-over-year rise in the core-core CPI (excluding fresh food and energy) is seen accelerating to 4.0 percent from 3.8 percent, staying at a 41-year high. Prices for processed food and durable goods continue rising further.

Australian retail sales are expected to rise 0.4 percent on the month in April matching March's 0.4 percent rise.

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.