The coming week has a relatively light event schedule. In the US, Friday's release of personal income and spending data is expected to show some slowing in April but the personal consumption expenditures (PCE) price index is likely to indicate inflation is not easing fast enough to lead Federal Reserve officials to consider lowering interest rates any time soon.

By contrast, recent Canadian CPI and retail sales data showed continued easing in consumer inflation and slower economic activity, opening the door for a June rate cut by the Bank of Canada. Friday's GDP data for the first quarter is expected to show a solid annualized growth rate above 2 percent while the monthly GDP for March is seen flat, supporting the case of a rate cut in Canada months ahead of the US.

On Monday, US markets are closed for the Memorial Day holiday but Canadian markets remain open.

Germany's Ifo business climate index is forecast at 90.3 for May, improving further from April, when it rose a sharp 1.5 points to an 11-month high of 89.4 from 87.9 in March.

In Australia, retail sales are expected to post a 0.3 percent rebound on the month in April after falling 0.4 percent in March for the first drop in three months.

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.