The first estimate for the service PMI indicator for Italy and Spain will be the most interesting new information in connection with today's release of final service PMI in the euro area. We expect both Spain and Italy's PMIs to have improved further in April, underscoring that growth has returned to the periphery. Euro area retail sales for March will also be released today and will probably look weak on the surface as the timing of the Easter holiday has weighed particularly on year-on-year growth.
In the UK, there will be considerable attention on April service PMI today as service constitutes close to 80% of the economy. If it remains just close to its current level above 57, it will suggest that GDP continues to grow substantially above trend.
The data calendar for the US is rather thin, with foreign trade data for March the only notable release. These data will have an impact on the first Q1 GDP revision.
OECD will publish its revised macroeconomic forecast today at 11:00 CET.
In Scandinavia, data on Norwegian unemployment, April's house price developments, as well as Swedish service PMI are the highlights.
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