Highlights
In Switzerland, first-quarter GDP is expected to rise a quarterly 0.3 percent that would match 0.3 percent expansion in the fourth quarter.
KOF Swiss leading indicator data for May, the headline index is expected to rise 0.4 points to 102.2.
The European Commission's economic sentiment index in May is expected to rise to 96.0 from April's 95.6, which remained well short of the 100 long-run average.
The Eurozone's unemployment rate for April is no change at 6.5 percent. Unemployment in the region has been running at record lows.
In the US, consensus for the second estimate of first-quarter GDP is 1.5 percent growth versus what was a lower-than-expected growth rate of 1.6 percent in the first reading. Personal consumption expenditures, at 2.5 percent growth in the first estimate, are expected to slow to 2.2 percent in the second estimate.
The US goods deficit (Census basis) is expected to widen further to $92.5 billion in April after deepening in March to a revised $91.5 billion from $90.3 billion in February.
New jobless claims for the May 25 week are expected to hold relatively steady at 217,000 versus 215,000 in the prior week.
Wholesale inventories are expected to decrease 0.1 percent in the advance report for April that would follow a 0.4 percent draw in May.
Pending home sales in April, which in March rose 3.4 percent to the best level in a year, are expected to rise 0.3 percent.
New York Federal Reserve Bank President John Williams will speak before a hybrid Signature Luncheon event hosted by the Economic Club of New York at 12:05 p.m. EDT (1605 GMT).
Dallas Federal Reserve Bank President Lorie Logan will speak before the Borderplex Alliance Distinguished Speaker Series at 5 p.m. EDT (2100 GMT).
Consumer inflation in Tokyo, the leading indicator of the national average, is forecast to pick up in May in two of the three key measures on higher utility costs due to reduced subsidies that are ending this month and amid the weak yen that is pushing up import prices. The core CPI (excluding fresh food), closely watched by the Bank of Japan, is expected to post a 1.9 percent increase on year after decelerating sharply to a 25-month low of 1.6 percent in April from 2.4 percent in March as completely free high school education took effect in the metropolitan area and gains in processed food and hotel fees continued easing. The year-over-year rise in the total CPI is forecast at 2.1 percent, up from a three-month low of 1.8 percent. The core-core CPI (excluding fresh food and energy) annual rate is expected to ease further to a 25-month low of 1.7 percent from 1.8 percent.
Japanese payrolls are expected to post their 21st straight rise on year in April amid lingering labor shortages at hospitals, hotels, restaurants and telecommunications firms. The unemployment rate is forecast to be unchanged at 2.6 percent for a second straight month after rising to the level in February from a nearly four-year low of 2.4 percent in January. The number of people who lost their jobs or retired rose at a slower pace in March after a jump in February, offsetting a continued increase in the number of those who quit to look for better positions amid tight labor conditions and rising wages.
Japan's industrial production is forecast to post a second straight rise on the month in April, up 1.6 percent after an upwardly revised 4.4 percent jump in March, thanks to resumed auto output after about months of suspension through February at Toyota group firms over a safety scandal. From a year earlier, factory output is expected to post a sixth straight drop (a 10th in the past 12 months), down 1.2 percent, with the pace of decline easing from an upwardly revised 6.2 percent slump in the prior month. The METI's survey of producers released last month indicated that output is expected to slip back 1.0% in April before a solid 4.4% rebound in May.
Japanese retail sales are forecast to have risen 1.5 percent on the year in April after a weaker-than-expected 1.1 percent rise in March and a 4.7 percent jump on leap-year effects in February. Resumed vehicle production and shipments in March led to a smaller decline in auto sales in April but consumers remain frugal amid easing but still high prices of food and other essentials. On the month, retail sales are expected to partially rebound by 0.7 percent after a 1.2 percent dip. The METI regards retail sales as"taking one step forward and one step back."
China's CFLP purchasing managers' index for the manufacturing sector for May is forecast at 50.4, unchanged from April and staying just above the neutral line of 50 for a third straight month. The services sector PMI is seen at 51.3, little changed from 51.2 in April.
KOF Swiss leading indicator data for May, the headline index is expected to rise 0.4 points to 102.2.
The European Commission's economic sentiment index in May is expected to rise to 96.0 from April's 95.6, which remained well short of the 100 long-run average.
The Eurozone's unemployment rate for April is no change at 6.5 percent. Unemployment in the region has been running at record lows.
In the US, consensus for the second estimate of first-quarter GDP is 1.5 percent growth versus what was a lower-than-expected growth rate of 1.6 percent in the first reading. Personal consumption expenditures, at 2.5 percent growth in the first estimate, are expected to slow to 2.2 percent in the second estimate.
The US goods deficit (Census basis) is expected to widen further to $92.5 billion in April after deepening in March to a revised $91.5 billion from $90.3 billion in February.
New jobless claims for the May 25 week are expected to hold relatively steady at 217,000 versus 215,000 in the prior week.
Wholesale inventories are expected to decrease 0.1 percent in the advance report for April that would follow a 0.4 percent draw in May.
Pending home sales in April, which in March rose 3.4 percent to the best level in a year, are expected to rise 0.3 percent.
New York Federal Reserve Bank President John Williams will speak before a hybrid Signature Luncheon event hosted by the Economic Club of New York at 12:05 p.m. EDT (1605 GMT).
Dallas Federal Reserve Bank President Lorie Logan will speak before the Borderplex Alliance Distinguished Speaker Series at 5 p.m. EDT (2100 GMT).
Consumer inflation in Tokyo, the leading indicator of the national average, is forecast to pick up in May in two of the three key measures on higher utility costs due to reduced subsidies that are ending this month and amid the weak yen that is pushing up import prices. The core CPI (excluding fresh food), closely watched by the Bank of Japan, is expected to post a 1.9 percent increase on year after decelerating sharply to a 25-month low of 1.6 percent in April from 2.4 percent in March as completely free high school education took effect in the metropolitan area and gains in processed food and hotel fees continued easing. The year-over-year rise in the total CPI is forecast at 2.1 percent, up from a three-month low of 1.8 percent. The core-core CPI (excluding fresh food and energy) annual rate is expected to ease further to a 25-month low of 1.7 percent from 1.8 percent.
Japanese payrolls are expected to post their 21st straight rise on year in April amid lingering labor shortages at hospitals, hotels, restaurants and telecommunications firms. The unemployment rate is forecast to be unchanged at 2.6 percent for a second straight month after rising to the level in February from a nearly four-year low of 2.4 percent in January. The number of people who lost their jobs or retired rose at a slower pace in March after a jump in February, offsetting a continued increase in the number of those who quit to look for better positions amid tight labor conditions and rising wages.
Japan's industrial production is forecast to post a second straight rise on the month in April, up 1.6 percent after an upwardly revised 4.4 percent jump in March, thanks to resumed auto output after about months of suspension through February at Toyota group firms over a safety scandal. From a year earlier, factory output is expected to post a sixth straight drop (a 10th in the past 12 months), down 1.2 percent, with the pace of decline easing from an upwardly revised 6.2 percent slump in the prior month. The METI's survey of producers released last month indicated that output is expected to slip back 1.0% in April before a solid 4.4% rebound in May.
Japanese retail sales are forecast to have risen 1.5 percent on the year in April after a weaker-than-expected 1.1 percent rise in March and a 4.7 percent jump on leap-year effects in February. Resumed vehicle production and shipments in March led to a smaller decline in auto sales in April but consumers remain frugal amid easing but still high prices of food and other essentials. On the month, retail sales are expected to partially rebound by 0.7 percent after a 1.2 percent dip. The METI regards retail sales as"taking one step forward and one step back."
China's CFLP purchasing managers' index for the manufacturing sector for May is forecast at 50.4, unchanged from April and staying just above the neutral line of 50 for a third straight month. The services sector PMI is seen at 51.3, little changed from 51.2 in April.
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.
