Highlights
In France, no revisions are expected to the April data, leaving the yearly CPI inflation rate at 2.2 percent, down from March's final 2.3 percent.
The Eurozone GDP data for the January-March quarter is expected to show no revisions to the preliminary flash data, leaving quarterly growth at 0.3 percent and the yearly change at 0.4 percent.
The region's industrial production in March is expected to fall a monthly 0.5 percent after rising 0.8 percent in February that, however, was nowhere close to reversing January's 3.0 percent decline. March will need a monthly jump of fully 4.0 percent just to keep the quarter flat.
In the US, consumer prices have come in on the high end of Econoday's consensus ranges the past four reports. Overall prices as well as the core both rose an overheated 0.4 percent in March, with April consensus estimates at 0.3 percent for both. Annual rates, at 3.5 and 3.8 percent respectively, didn't show any improvement in March with limited improvement expected for April, at 3.4 and 3.6 percent.
Retail sales in April are expected to rise 0.4 percent on the month versus March's better-than-expected 0.7 percent increase. March's sales excluding automobiles jumped 1.1 percent, with April expected to rise 0.2 percent. April sales excluding both autos and gasoline are expected to gain only 0.1 percent.
The New York Fed's Empire State manufacturing index is expected to continue to contract in May, at minus 10.0, following April's minus 14.3.
Business inventories in March are expected to come in unchanged following a 0.4 percent build in February that saw gains for all components.
Forecasters expect the US housing market index to hold steady at 51 in May. April's report indicated narrowly positive sentiment among builders.
Canadian housing starts are expected to hold steady 240,000 in May versus April's 242,000.
Manufacturing sales in Canada are expected to fall 2.8 percent on the month in March after increasing 0.7 percent in February and being flat in January.
Minneapolis Federal Reserve Bank President Neel Kashkari will participate in a fireside chat on the economy at 12 p.m. EDT (1600 GMT).
Federal Reserve Board Governor Michelle Bowman will speak on"Innovation and the Evolving Financial Landscape" at the DC Blockchain Summit 2024 at 3:20 p.m. EDT (1920 GMT).
Japan's gross domestic product for the January-March quarter is forecast to post the first contraction in two quarters, down 0.4 percent on quarter, or an annualized 1.6 percent, as suspended output at Toyota group factories over a safety test scandal triggered a widespread slump beyond the auto industry after the economy narrowly averted a second straight contraction in the final quarter of 2023. The expected fall in the GDP would follow a slight 0.1 percent rise on quarter in the fourth quarter, or an annualized 0.4 percent, which was revised up from the initial estimate of a 0.1 percent slip, or 0.4 percent contraction annualized.
Australia's seasonally adjusted unemployment rate is seen rising further to 3.9 percent in April after edging up to 3.8 percent in March from February's five-month low of 3.7 percent but that would be still lower than 4.1 percent recorded in January. The number of employed is expected to rebound 24,400 in April after falling 6,600 in March and surging 116,500 in February.
The Eurozone GDP data for the January-March quarter is expected to show no revisions to the preliminary flash data, leaving quarterly growth at 0.3 percent and the yearly change at 0.4 percent.
The region's industrial production in March is expected to fall a monthly 0.5 percent after rising 0.8 percent in February that, however, was nowhere close to reversing January's 3.0 percent decline. March will need a monthly jump of fully 4.0 percent just to keep the quarter flat.
In the US, consumer prices have come in on the high end of Econoday's consensus ranges the past four reports. Overall prices as well as the core both rose an overheated 0.4 percent in March, with April consensus estimates at 0.3 percent for both. Annual rates, at 3.5 and 3.8 percent respectively, didn't show any improvement in March with limited improvement expected for April, at 3.4 and 3.6 percent.
Retail sales in April are expected to rise 0.4 percent on the month versus March's better-than-expected 0.7 percent increase. March's sales excluding automobiles jumped 1.1 percent, with April expected to rise 0.2 percent. April sales excluding both autos and gasoline are expected to gain only 0.1 percent.
The New York Fed's Empire State manufacturing index is expected to continue to contract in May, at minus 10.0, following April's minus 14.3.
Business inventories in March are expected to come in unchanged following a 0.4 percent build in February that saw gains for all components.
Forecasters expect the US housing market index to hold steady at 51 in May. April's report indicated narrowly positive sentiment among builders.
Canadian housing starts are expected to hold steady 240,000 in May versus April's 242,000.
Manufacturing sales in Canada are expected to fall 2.8 percent on the month in March after increasing 0.7 percent in February and being flat in January.
Minneapolis Federal Reserve Bank President Neel Kashkari will participate in a fireside chat on the economy at 12 p.m. EDT (1600 GMT).
Federal Reserve Board Governor Michelle Bowman will speak on"Innovation and the Evolving Financial Landscape" at the DC Blockchain Summit 2024 at 3:20 p.m. EDT (1920 GMT).
Japan's gross domestic product for the January-March quarter is forecast to post the first contraction in two quarters, down 0.4 percent on quarter, or an annualized 1.6 percent, as suspended output at Toyota group factories over a safety test scandal triggered a widespread slump beyond the auto industry after the economy narrowly averted a second straight contraction in the final quarter of 2023. The expected fall in the GDP would follow a slight 0.1 percent rise on quarter in the fourth quarter, or an annualized 0.4 percent, which was revised up from the initial estimate of a 0.1 percent slip, or 0.4 percent contraction annualized.
Australia's seasonally adjusted unemployment rate is seen rising further to 3.9 percent in April after edging up to 3.8 percent in March from February's five-month low of 3.7 percent but that would be still lower than 4.1 percent recorded in January. The number of employed is expected to rebound 24,400 in April after falling 6,600 in March and surging 116,500 in February.
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.
