MACROECONOMIC DATA FOR THIS WEEK

In the week of 22 May, investors' attention will be drawn to several important macroeconomic data, including the release of the minutes of the US Fed meeting from early May, GDP growth in the US and Germany, and the US consumption deflator.

Monday

In the afternoon, we will see data on consumer confidence in the Eurozone. Analysts expect a reading of -16.8p, a slight improvement from the previous -17.5p.

Tuesday

Tomorrow, new home sales for April will be released in the US, with analysts expecting a slowdown to 663k after March's increase of 683k.

Also on Tuesday, the U.S. will release the manufacturing Purchasing Managers' Index (PMI) for May. According to the interim data, it is expected to fall slightly to 50.0pts from the initial 50.2pts.

Wednesday

In the evening, the minutes of the US Fed's Federal Open Market Committee (FOMC) meeting of 2-3 May will be published, which should give more clues about the future course of rates.

In Germany, the business climate index (IFO) will be published on Wednesday; according to analysts, it is expected to fall to 93.6p in May from 93.6p previously.

Thursday

On this day, data on 1Q GDP growth in Germany and the US will be published. In the morning in Germany, the final data should confirm quarter-on-quarter stagnation (0.0%), and year-on-year seasonally adjusted growth of 0.2%. In the United States, according to the second revision, GDP should rise by 1.1% quarter-on-quarter.

Thursday will also traditionally bring data on welfare claims from the United States, which according to Bloomberg should point to a gradual easing of the labour market. The number of new claims as of 20 May is expected to rise by 248 thousand from the previous 242 thousand, while the number of continuing claims is estimated to reach 1,800 thousand from the previous 1,799 thousand.

Friday

At the end of the week, data on the US Personal Consumption Expenditure (PCE) deflator will be published, which is estimated to have risen by 4.3% yoy and 0.3% m/m in April.

Durable goods orders are expected to fall by 1.0% in April in the US, down from a previous increase of 3.2%, according to Bloomberg, with the decline expected to be driven mainly by the transport sector.

The University of Michigan Consumer Confidence Index is expected to rise slightly to 58p in May, according to final data, refining the previous revision of 57.7p