In the US we expect growth in retail sales to have remained relatively subdued in May as less boost from weather-related pent-up demand probably continued to weigh a bit. Our forecast is below consensus. Nonetheless, growth in retail sales is still on track to exceed 1.5% q/q in Q2, underscoring that private consumption is poised to boost growth substantially in Q2.
Industrial production data released for individual countries in the past week suggests that industrial production for the euro area increased 0.7% m/m in April - a tad above the current official consensus expectations. Industrial production has been better than expected in Italy and Spain, while Germany has disappointed slightly.
In light of the recent string of very strong economic data out of the UK there will also be some attention on Bank of England Governor Mark Carney's speech this evening at 20:00 CET.
Bank of Japan will announce its monetary decision before markets open in Europe tomorrow. Bank of Japan is unlikely to announce any new measures and if it eases at all in 2014, it is unlikely to happen until October.
Outcome of the Swedish (May) inflation numbers has the potential to change market perceptions of an 'inevitable' Riksbank cut in July.
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