Market movers ahead
In the US, we expect a rebound in key non-defence durable goods orders ex. aircraft. US Markit PMI remains at an elevated level and we expect a correction.
Euro area PMIs are expected to increase signalling stronger economic activity.
Greece likely to remain in the spotlight at the upcoming Eurogroup meeting.
In the UK, minutes from the MPC's April meeting is released. We will look for comments on sterling, wage growth and core inflation.
In China, it is still too early to call the bottom for China's manufacturing PMI.
In Sweden, we expect another lacklustre outcome from the labour force survey.
Global macro and market themes
We believe we are at a low point in the global business cycle.
US growth to recover from here.
Stock markets playing recovery.
Fed members still signal hike in June-September window.
We see German yields falling still as more maturities go below -0.2%.
We expect EUR/USD to decline on better US data.
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