GDP figures either side of the Atlantic

A public holiday in the US will shorten the upcoming week as markets will avidly await the preliminary estimate of the Gross Domestic Product (GDP) for the first quarter. Personal income and personal consumption figures for this period are also expected to hit the wires this week.

A number of sentiment indicators comprising consumer confidence, University of Michigan consumer sentiment and the Chicago Purchasing Manager Index (PMI) are also due this week. New home sales figures for April along with MBA mortgage application figures for May will give an outlook on the housing sector. Markets will look into some labour market data as well as some activity figures in terms of durable goods orders for April.

In Euroland, market participants will have a number of key economic indicators. The first release is the Eurozone current account figure for March, followed by the M3 figures for April. An outlook on the German economy will be provided by the final Gross Domestic Product (GDP) release for the first quarter.

Meanwhile, a view on the price levels will be provided by the Harmonised Index of Consumer Prices (HICP) for May. Spain and Germany will furnish the market with the retail sales figure. Of interest as well are the unemployment figures across Euroland and Germany. National business surveys for May and the economic confidence report will complete the rest of this week's data flow.

The UK will be rather limited in data releases. Investors will learn the results of the Gfk consumer confidence survey during May, which will provide a view on consumer spending patterns. In conclusion, the Nationwide house prices and the British Bankers Association loans for house purchases will update markets on the state of the British housing market.

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