Market Movers ahead
In the US , the main economic releases will be the PMI numbers for the manufacturing sector (Monday) and services sector (Wednesday). Furthermore, several FOMC members are due to speak next week: Bullard (hawkish, Monday) and Powell (neutral, Thursday) and Yellen (Friday).
In the euro area , the attention will be on the PMI figures for May, where we look for weaker business sentiment within the manufacturing sector given generally less optimistic financial sentiment and the upcoming UK referendum. Furthermore, numbers for consumer confidence are due to be released.
In the UK , everything continues to be driven by the upcoming EU in/out referendum, while the data calendar is generally quite thin.
In China , it will be a fairly quiet week on the data front with the main release being industrial profits for April, where we expect a further rise given the upward momentum in producer prices.
In Japan , PMI manufacturing for May is due to be released on Monday.
In Scandinavia, Sweden will see a host of important data releases, including the labour force survey (Tuesday) and business and consumer confidence as well as trade balance and producer prices (Thursday), while data calendars are thinner in Denmark (consumer confidence, Monday) and Norway (oil investment survey for Q2, Thursday).
Global macro and market themes
Risk markets will continue to be challenged by uncertainties over growth and the Feds outlook.
The Fed is rattling its sabre and yields are set to move higher in coming quarters.
More downside in EUR/USD short term on looming Fed hike.
Metal prices and EM assets in temporary correction.
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