Highlights
In the Eurozone's M3 money supply data, the 3-month moving average is expected to increase 1.6 percent in May following April's 0.8 percent rise that extended an emerging trend of gains.
The European Commission's economic sentiment index in June is expected to rise to 96.4 from May's 96.0, which extended a long flat trend short of the 100 long-run average.
US durable goods orders are forecast to be unchanged on the month in May following a solid 0.6 percent rise in April. Excluding transportation, orders are seen up 0.1 percent as are core capital goods orders.
Consensus for the third estimate of second-quarter US GDP is 1.4 percent growth, up from 1.3 percent in the second estimate. Personal consumption expenditures are also expected to hold unchanged in the third estimate, at second estimate growth of 2.0 percent.
The US goods deficit (Census basis) is expected to narrow by $2.4 billion to $95.6 billion in May after deepening by $5.7 billion in April to $98.0 billion.
New jobless claims for the June 22 week are expected to tick down to 236,000 from 238,000 a week ago. Claims have moved higher the last several reports.
Wholesale inventories are expected to increase 0.3 percent in the advance report for May that would follow a 0.1 percent rise in April.
Pending home sales in May, which in April fell back an unexpected and steep 7.3 percent, are expected to rise 1.9 percent.
Consumer inflation in Tokyo, the leading indicator of the national average, is forecast to pick up slightly in May in two of the three key measures on higher utility costs due to reduced subsidies and amid the weak yen that is still pushing up import prices. The core CPI (excluding fresh food), closely watched by the Bank of Japan, is expected to post a 2.0 percent increase on year after rising to 1.9 percent from a 25-month low of 1.6 percent in April, which was due to completely free high school education in the capital. The year-over-year rise in the total CPI is forecast at 2.3 percent, up slightly from 2.2 percent. The core-core CPI (excluding fresh food and energy) annual rate is seen unchanged at 1.7 percent.
Japanese payrolls are expected to post their 22nd straight rise on year in May amid widespread labor shortages. The unemployment rate is forecast to be unchanged at 2.6 percent for a third straight month after rising to the level in February from a nearly four-year low of 2.4 percent in January. Both the number of people who lost their jobs or retired and those who quit to look for better positions showed the first drop in three months in April. The number of those who began looking for work and thus were counted as being unemployed rose after being flat.
Industrial production is forecast to rebound 2.0 percent on the month in May after falling a downwardly revised 0.9 percent in April, thanks to emerging positive effects of vehicle output that was resumed in March after being suspended for about two months over safety issues. From a year earlier, factory output is expected to post a seventh straight drop, down 0.1 percent, following a downwardly revised 1.8 percent slump in the prior month. The METI's survey of producers indicated that output is expected to post a solid 2.3 percent rise in May before falling a sharp 5.6 percent in June.
The European Commission's economic sentiment index in June is expected to rise to 96.4 from May's 96.0, which extended a long flat trend short of the 100 long-run average.
US durable goods orders are forecast to be unchanged on the month in May following a solid 0.6 percent rise in April. Excluding transportation, orders are seen up 0.1 percent as are core capital goods orders.
Consensus for the third estimate of second-quarter US GDP is 1.4 percent growth, up from 1.3 percent in the second estimate. Personal consumption expenditures are also expected to hold unchanged in the third estimate, at second estimate growth of 2.0 percent.
The US goods deficit (Census basis) is expected to narrow by $2.4 billion to $95.6 billion in May after deepening by $5.7 billion in April to $98.0 billion.
New jobless claims for the June 22 week are expected to tick down to 236,000 from 238,000 a week ago. Claims have moved higher the last several reports.
Wholesale inventories are expected to increase 0.3 percent in the advance report for May that would follow a 0.1 percent rise in April.
Pending home sales in May, which in April fell back an unexpected and steep 7.3 percent, are expected to rise 1.9 percent.
Consumer inflation in Tokyo, the leading indicator of the national average, is forecast to pick up slightly in May in two of the three key measures on higher utility costs due to reduced subsidies and amid the weak yen that is still pushing up import prices. The core CPI (excluding fresh food), closely watched by the Bank of Japan, is expected to post a 2.0 percent increase on year after rising to 1.9 percent from a 25-month low of 1.6 percent in April, which was due to completely free high school education in the capital. The year-over-year rise in the total CPI is forecast at 2.3 percent, up slightly from 2.2 percent. The core-core CPI (excluding fresh food and energy) annual rate is seen unchanged at 1.7 percent.
Japanese payrolls are expected to post their 22nd straight rise on year in May amid widespread labor shortages. The unemployment rate is forecast to be unchanged at 2.6 percent for a third straight month after rising to the level in February from a nearly four-year low of 2.4 percent in January. Both the number of people who lost their jobs or retired and those who quit to look for better positions showed the first drop in three months in April. The number of those who began looking for work and thus were counted as being unemployed rose after being flat.
Industrial production is forecast to rebound 2.0 percent on the month in May after falling a downwardly revised 0.9 percent in April, thanks to emerging positive effects of vehicle output that was resumed in March after being suspended for about two months over safety issues. From a year earlier, factory output is expected to post a seventh straight drop, down 0.1 percent, following a downwardly revised 1.8 percent slump in the prior month. The METI's survey of producers indicated that output is expected to post a solid 2.3 percent rise in May before falling a sharp 5.6 percent in June.
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.
