Singapore's volatile industrial production is expected to post a modest 0.2 percent increase on the year in April, failing to recover from a deeper-than-expected 9.2 percent dive in March, which followed an upwardly revised 4.4 percent rise in February. On the month, output is seen up 5.7 percent after plunging 16.0 percent in March and surging 14.6 percent in February.

UK retail sales volume sales in April are expected to slip a monthly 0.1 percent after no change in March, which missed expectations for a 0.3 percent gain. From a year earlier, the year-over-year rate of increase is seen slowing to 0.4 percent from 0.8 percent.

In Germany, no revisions are expected to the provisional GDP data for the first quarter, leaving 0.2 percent quarterly growth and an annual workday adjusted contraction of 0.2 percent.

The French manufacturing sector sentiment index is forecast at 100 in May, which would be no improvement from April, when it unexpectedly deteriorated from 103 in March.

US durable goods orders are expected to fall 0.5 percent on the month in April following a 2.6 percent increase in March that saw gains concentrated in aircraft and vehicles. Excluding transportation, orders are seen up 0.2 percent in April after a 0.5 percent rise. Core capital goods expected to edge only 0.1 percent higher for a second month in a row.

The University of Michigan's consumer sentiment index is forecast at 67.4 for final May, unchanged from the far lower-than-expected preliminary reading. Year-ahead inflation expectations for final May are seen at 3.5 percent, also unchanged from the preliminary reading and higher than 3.2 percent in April.

Canadian retail sales in March are expected to post a third straight month-over-month decline, down 0.1 percent, amid high borrowing costs. That would follow a 0.1 percent dip in February, which was led by lower sales at gasoline stations and fuel vendors, and a 0.3 percent drop in January due to decreases at motor vehicle and parts dealers.

Federal Reserve Board Governor Christopher Waller will speak before the Reykjavik Economic Conference at 9:35 a.m. EDT (1335 GMT).

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.