UK retail sales were much weaker than expected in April, falling 2.3 percent on the month and 2.7 percent on the year. Forecasters see a rebound for May, calling for a monthly 1.6 percent rise that would trim annual contraction to 1.3 percent.

Germany's purchasing managers' index (PMI) data for June is expected to show the manufacturing sector remains in contraction territory but will improve further to 46.4 after rising to 45.4 in May from 42.5 in April. The services sector is seen in growth territory for a fourth straight month, rising to 54.4 after firming to 54.2 in May from 53.9 in April. Consensus for June's composite index is 52.7, up slightly from May's 52.4.

In the Eurozone PMI data, the composite is expected to edge higher to 52.4 in June versus 52.2 in May and 51.7 in April. Manufacturing is expected to rise to 48.0 versus May's improved reading at 47.3, with services also expected to increase to 53.7 from May's steady 53.2.

The UK manufacturing PMI climbed more than 2 points in May and into the plus-50 expansion zone at 51.2, with June seen steady at 51.3. Services, by contrast, slowed more than 3 points in May to 52.9, with June's consensus at 53.2. The composite is expected to rise 3 tenths to 53.0.

Canadian retail sales were once again weaker than expected in March, falling 0.2 percent after February's 0.1 percent decline. Sales in April are expected to rebound a sharp 0.7 percent on the month.

The US PMI data for June is expected to show the manufacturing sector remains in growth territory at 51.0, which would be little changed from May's 50.9 that, however, was up more than a point from April. Services jumped 3.5 points in May to 54.8 but is set to slip back to 53.7.

US existing home sales in May are expected to hold at a 4.10 million annualized rate after April's 4.14 million and March's 4.22 million.

The index of leading economic indicators is expected to fall 0.3 percent in May after falling a much steeper-than-expected 0.6 percent in April. Despite however strong the economy has proven to be, this indicator has been in long and deep contraction.

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.

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