US durable goods orders for April are released at 14:30 CET. Given that the fall in investments in equipment and structures weighed on Q1 GDP growth, today's figures should give us an idea of whether investments are rebounding in Q2.
There are two speeches by voting FOMC members scheduled today. James Bullard (hawkish) is due to speak at 12:10 CET, while Jerome Powell (neutral) is scheduled at 18:00 CET. Given the divisions revealed by the April FOMC minutes, market focus on when to expect the next Fed hike continues to be intense.
Although focus in the UK continues to be on the upcoming EU referendum, there are a few releases of interest scheduled for today. At 10:30 CET, the second estimate of the Q1 GDP is due. While we do not expect revisions to the first estimate of 0.4% growth q/q, it is the first time the expenditure components are released and it will be interesting to see what explains the slowdown in Q1. Also, the GfK consumer confidence is due after markets close.
In Sweden, the calendar is packed, with NIER business and consumer confidence surveys due. Also, trade balance and producer price data are published.
In Norway, the much anticipated Q2 oil investment survey is released at 10:00 CET.
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