Before the European markets open, Singapore's industrial production is expected to post a 3.9 percent drop on the year in April after slipping 4.2 percent in March.

UK retail sales in April are expected to rise 0.4 percent on the month following a 0.9 percent fall in March.

Italy's consumer confidence is expected unchanged in May at 105.5 while its manufacturing counterpart is seen slipping 0.5 point to 102.5.

Among US data, durable goods orders are forecast to fall 1.1 percent on the month in April following March's 3.2 percent rise. Excluding transportation, orders are seen down 0.1 percent after a 0.3 percent gain.

The US goods deficit (Census basis) is expected to widen marginally to $85.6 billion in May after narrowing by $6.5 billion in April to $85.5 billion.

Personal income is expected to rise 0.4 percent in April, with consumption expenditures also seen up 0.4 percent. These would compare with March's 0.3 percent for income and no change for consumption. Inflation readings for April are expected at monthly increases of 0.3 percent overall and 0.3 percent for the core (versus respective increases of 0.1 and 0.3 percent). Annual rates are seen at 4.3 and 4.6 percent (versus March's 4.2 and 4.6 percent).

The University of Michigan's consumer sentiment index is expected to end May at 58.0, nearly 6 points below April but 3 tenths up from May's mid-month 57.7 flash.

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.