This week’s biggest macro news is the updated first quarter GDP figures from the US on Friday. Initial estimates are pretty weak at 0.5% but traders will be looking for this to be revised higher after some decent economic numbers subsequently.

The data will be key for the Federal Reserve’s June rate meeting. Markets have been pretty pessimistic about the chances of a rate hike in June but policymakers have been keen to stress it’s going to be a live meeting and minutes from the April meet showed they think an increase to the federal funds rate is warranted if the data supports.

Before this, euro watchers will be eyeing the flash manufacturing and services PMIs out early on Monday. The data ought to give more clues about the state of the Eurozone economy ahead of the European Central Bank meeting next week (June 2nd).

In central bank land, the Bank of Canada is setting rates on Wednesday. Commodity focus is the weekly crude oil inventories from the US Energy Information Administration.

In equities, earnings season in the US is starting to wind down, though there are plenty of releases from S&P 500 companies to watch. In the UK, Marks & Spencer, Tate & Lyle, Babcock and Zoopla headline what could be a telling week for the FTSE.

Economic Calendar

(all times are BST)

Monday May 23

08:00 – French flash manufacturing PMI, French flash services PMI

08:30 – German flash manufacturing PMI, German flash services PMI

09:00 – Eurozone flash manufacturing PMI, Eurozone flash services PMI

Tuesday May 24

10:00 – German ZEW economic sentiment

15:00 – US new homes sales

23:45 – New Zealand trade balance

Wednesday May 25

09:00 – German Ifo business climate

15:00 – Bank of Canada rate statement

15:30 – US EIA crude oil inventories

Thursday May 26

03:00 – New Zealand annual budget

09:30 – UK first quarter second estimate GDP

13:30 – US core durable goods orders, US unemployment claims

Friday May 27

13:30 – US preliminary first quarter GDP

 

Earnings

Tuesday May 24

De La Rue (DLAR) – Y/2016, EPS estimate 0.369

Hewlett Packard Enterprise (HPE) – Q2 2016, EPS estimate 0.416

Wednesday May 25

Babcock International (BAB) – Y/2016, EPS estimate 0.741

Marks & Spencer Group (MKS) – Y/2016, EPS estimate 0.342

Zoopla (ZPA) – S1/2016, EPS estimate 0.054

HP (HPQ) – Q2 2016, EPS estimate 0.379

Thursday May 26

Daily Mail & General Trust (DMGT) – S1/2016, EPS estimate 0.291

Tate & Lyle (TATE) – Y/2016, EPS estimate 0.338

Costco Wholesale Group – Q3/2016, EPS estimate 1.229

(Source: Bloomberg)