In Italy, no revisions are expected to the April data, leaving the yearly CPI inflation rate at 0.9 percent, down from its 2.2 percent final March reading.

Among US data, housing starts in April are expected to rebound to a 1.435 million annual rate versus March's much lower-than-expected 1.321 million rate. Building permits, at 1.458 million in March which was also lower than expected, are expected to rise to a 1.480 million rate.

New jobless claims for the May 11 week are expected to come in at 220,000 versus an unexpected 22,000 jump to 231,000 in the prior week.

The Philadelphia Fed manufacturing index in May is forecast at 6.1, down from April's 15.5 which, for a third report in a row, was better than expected and highlighted by a jump in new orders.

Import prices in April are expected to increase 0.2 percent on the month versus an increase of 0.4 percent in March. Export prices, which in March rose 0.3 percent, are also expected to rise 0.2 percent. Pressures in this report had been deflationary since firming early in the year.

Industrial production is expected to edge 0.1 percent higher in April after rising 0.4 percent in March. Manufacturing output is expected to rise 0.2 percent after rising a solid 0.5 percent. Capacity utilization is expected to hold steady at 78.4 percent.

Federal Reserve Vice Chair for Supervision Michael Barr will testify at a US Senate Banking, Housing, and Urban Affairs Committee hearing on oversight of financial regulators at 10 a.m. EDT (1400 GMT).

Richmond Federal Reserve Bank President Thomas Barkin will be interviewed live on CNBC at 10 a.m. EDT (1400 GMT).

Philadelphia Federal Reserve Bank President Patrick Harker will speak on"the Economic Impact of Higher Education and Healthcare Institutions" and participate in a conversation before hybrid 2024 Anchor Economy Conference at 10:30 a.m. EDT (1430 GMT).

Cleveland Federal Reserve Bank President Loretta Mester will speak on the economic outlook before the Wayne Economic Development Council Briefings for Business (B4B) event at 12 p.m. EDT (1600 GMT).

Atlanta Federal Reserve Bank President Raphael Bostic will speak on the economic outlook in a moderated conversation hosted by the Jacksonville Business Journal at 3:50 p.m. EDT (1950 GMT).

In China, fixed asset investment is expected to post a 4.7 percent increase in the first four months of the year after a 4.5 percent rise year-to-date in March, which was up from 4.2 percent for January and February combined and above the consensus forecast of 4.0 percent.

Chinese industrial production is forecast to show a more robust 5.3 percent rise on year in April after rising 4.5 percent in March, which was a slowdown from a 7.0 percent increase for January and February combined, and well below the consensus forecast of 6.0 percent.

Retail sales in China are also expected to pick up to a 3.7 percent gain on year in April after slowing to a five-month low of a 3.1 percent rise in March but that would be still below a 5.5 percent increase for January and February combined.

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.