Highlights
German retail sales are expected to rise 1.2 percent on the month in April after coming in very weak in March, falling 2.4 percent.
In Switzerland, the SVME purchasing managers' index (PMI) is seen falling from April's lowly 45.3 to an even weaker 44.5 in May.
The final reading of the French manufacturing PMI for May is expected to show no revision to the 46.1 flash print.
Elsewhere, no revisions are expected to the manufacturing PMIs at 42.9 in Germany, 44.6 for the Eurozone and 46.9 in the UK, all for May.
In the Eurozone, inflationary pressures easing only gradually. Consensus for the May harmonised index of consumer prices (HICP) is 6.4 percent and 5.5 percent for the narrow core. These would compare respectively with April's 7.0 percent, which edged higher in the month, and 5.6 percent, which edged lower.
The region's unemployment rate is seen unchanged at 6.5 percent in April after falling to the record-low level in March from 6.6 percent in February.
At 7:30 a.m. EDT (1130 GMT/1330 CET), the European Central Bank will release the minutes of its May 4 meeting at which the Governing Council decided to raise the three key ECB interest rates by another 25 basis points, noting that the inflation outlook continues to be too high for too long. The ECB will stop reinvesting in bonds under the Asset Purchase Programme in July.
In the US, forecaster see ADP's May employment number at 160,000. This would compare with April growth in private payrolls reported by the Bureau of Labor Statistics of 230,000. ADP's number for April was 296,000.
New jobless claims for the May 27 week are expected to come in at 235,000 versus 229,000 in the May 20 week, which was lower than expected but followed 248,000 in the prior week.
The second-estimate for first-quarter nonfarm productivity is expected to remain unchanged from the first estimate, at minus 2.7 percent. Unit labor costs are also expected to remain unchanged, at a 6.3 percent spike.
The ISM manufacturing index has been in contraction the last six months. May's consensus is 47.0, little changed from April, when the index rose 0.8 percentage point to 47.1 after falling 1.4 points to 46.3 in March. In April, new orders remained subdued amid uncertainty over the timing of recovery in demand later this year.
Construction spending for April is expected to edge 0.2 percent higher following March's 0.3 percent rise. Flat headlines have masked 10 months of consecutive contraction in residential spending and, in sharp contrast, gains in nine of the last 10 reports for nonresidential spending.
Philadelphia Federal Reserve Bank President Patrick Harker will speak on the economic outlook before the virtual NABE Monetary Policy and Outlook Webinar at 1 p.m. EDT (1700 GMT).
In South Korea, first-quarter GDP is expected to rise a quarterly 0.3 percent and rise 0.8 percent on the year. These would both match the growth rates of the fourth quarter.
In Switzerland, the SVME purchasing managers' index (PMI) is seen falling from April's lowly 45.3 to an even weaker 44.5 in May.
The final reading of the French manufacturing PMI for May is expected to show no revision to the 46.1 flash print.
Elsewhere, no revisions are expected to the manufacturing PMIs at 42.9 in Germany, 44.6 for the Eurozone and 46.9 in the UK, all for May.
In the Eurozone, inflationary pressures easing only gradually. Consensus for the May harmonised index of consumer prices (HICP) is 6.4 percent and 5.5 percent for the narrow core. These would compare respectively with April's 7.0 percent, which edged higher in the month, and 5.6 percent, which edged lower.
The region's unemployment rate is seen unchanged at 6.5 percent in April after falling to the record-low level in March from 6.6 percent in February.
At 7:30 a.m. EDT (1130 GMT/1330 CET), the European Central Bank will release the minutes of its May 4 meeting at which the Governing Council decided to raise the three key ECB interest rates by another 25 basis points, noting that the inflation outlook continues to be too high for too long. The ECB will stop reinvesting in bonds under the Asset Purchase Programme in July.
In the US, forecaster see ADP's May employment number at 160,000. This would compare with April growth in private payrolls reported by the Bureau of Labor Statistics of 230,000. ADP's number for April was 296,000.
New jobless claims for the May 27 week are expected to come in at 235,000 versus 229,000 in the May 20 week, which was lower than expected but followed 248,000 in the prior week.
The second-estimate for first-quarter nonfarm productivity is expected to remain unchanged from the first estimate, at minus 2.7 percent. Unit labor costs are also expected to remain unchanged, at a 6.3 percent spike.
The ISM manufacturing index has been in contraction the last six months. May's consensus is 47.0, little changed from April, when the index rose 0.8 percentage point to 47.1 after falling 1.4 points to 46.3 in March. In April, new orders remained subdued amid uncertainty over the timing of recovery in demand later this year.
Construction spending for April is expected to edge 0.2 percent higher following March's 0.3 percent rise. Flat headlines have masked 10 months of consecutive contraction in residential spending and, in sharp contrast, gains in nine of the last 10 reports for nonresidential spending.
Philadelphia Federal Reserve Bank President Patrick Harker will speak on the economic outlook before the virtual NABE Monetary Policy and Outlook Webinar at 1 p.m. EDT (1700 GMT).
In South Korea, first-quarter GDP is expected to rise a quarterly 0.3 percent and rise 0.8 percent on the year. These would both match the growth rates of the fourth quarter.
Definition
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.
Description
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.
