The gross domestic product (GDP) out on Friday is, as mentioned, expected to be more positive than it has been for a while. FactSet consensus estimates suggest quarter-on-quarter growth of 0.2 per cent.
Ahead of that, the Bank of England’s (BoE) Monetary Policy Committee will meet to set interest rates on Thursday. Rate-setters remain in data-dependent mode, and some will be feeling more cautious after hotter-than expected March data and the escalation of conflict in the Middle East. Nevertheless, some economists still see scope for a first cut in June. Any tinkering of comments about the duration of higher interest rates will be interpreted as a signal that cuts could be on the horizon.
Monday 6 May
China: Services PMI
Euro area: Final composite and services PMIs, PPI inflation
Tuesday 7 May
China: FX reserves
Euro area: Retail sales
Japan: Services PMI
UK: BRC retail sales, Halifax HPI, construction PMI
US: Consumer credit
Wednesday 8 May
China: New Yuan loans, M2 money supply
US: Wholesale inventories
Thursday 9 May
China: Trade balance
Japan: FX reserves, real wages, leading index
UK: BoE Interest rate decision
Friday 10 May
Japan: Real household income and consumption expenditure, bank loans, current account
UK: Construction output, Q1 GDP (first estimate), gross fixed capital formation, government expenditure, household expenditure, manufacturing production, trade balance
US: Michigan Sentiment
