Outside Scandinavia we have a relatively light calendar today. In the euro area both France and Italy will release industrial production (IP) for April, which will give us some idea of the performance of euro area IP due for release on Thursday. We expect IP to have rebounded in France and Italy on the back of a relatively weak March but IP in Germany disappointed in April, suggesting that there could be some downside risk to our forecast.
In the UK industrial production for April will also be released but this usually gets little attention due to the minor importance of the industrial sector in the UK. We expect the pattern evident in the euro area with a rebound on the back of a weak March to be mirrored in the UK.
We have a flood of speeches from a number of ECB members in the calendar: Liikanen (09:00 CET), Makuch (13:00 CET), Coeure (13:15 CET) and Mersch (16:00 CET). After ECB's aggressive easing moves last week these speeches have admittedly lost some of their market-moving potential.
In Denmark and Norway inflation figures for May are due for release.
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