It will be a busy week in the US, as investors turn their attention to next week's FOMC meeting at which the Federal Reserve is expected to raise its target short-term interest rate for the second time this year. Regarding the economic calendar, the most important releases are: inflation rate; retail trade; industrial output; the preliminary estimate of Michigan consumer sentiment; producer and foreign trade prices; business inventories; NFIB Business Optimism Index; NY Empire State Manufacturing Index; overall net capital flows; and the government's budget statement.
Besides, market-participants also will be eyeing a meeting between US President Donald Trump and North Korean leader Kim Jong Un, which will held in Singapore on June 12th.
The UK will publish inflation and producer prices, wage data and unemployment, retail trade, industrial production, trade balance and construction output.
Elsewhere in Europe, the ECB will provide an update on monetary policy and is likely to announce an intention to end a massive bond purchase scheme later this year. Markets will also focus on: Eurozone industrial production, trade balance, employment change and final inflation; Germany ZEW Economic Sentiment index; Italy industrial output; Sweden inflation rate; and Turkey Q1 GDP growth.
The Bank of Japan will hold its monetary policy meeting, but no changes are expected. Analysts are also eyeing the publication of Japan's machinery orders. Meanwhile, China is set to publish figures for industrial production, retail sales, fixed asset investment and house prices; and Australia is releasing NAB Business Confidence, Westpac Consumer Confidence and employment figures.
Other important releases include: India industrial production, inflation, wholesale prices, trade balance and current account; Indonesia foreign trade; Canada house prices; Brazil retail trade; and Russia interest rate decision.