As markets take a slow transition into summer with earnings season now almost over, the calendar takes a bit of a break this week with US retail sales the only real highlight on the data docket.
The second revision to Q1 GDP in the Euro area, retail sales and CPI data in Canada, and final April CPI reports are due in Europe while China activity indicators are also expected. In Japan, GDP is likely to slow down to +0.0% qoq saar from +1.6% in Oct-Dec '17 due to weather related weakness in private consumption, reversal of earlier inventory build-up, and slowdown in export momentum.
The main action will be away from data with a busy Fed-speak calendar due, especially following the latest disappointing CPI print. Overnight, Cleveland Fed President Loretta Mester spoke, and was hawkish as usual, saying she would look through 'transitory' factors behind recent inflationary softness,