In the US, the focus will be on the April CPI report, with investors awaiting further clues on how price pressures are developing in the economy. The CPI is projected to increase by 0.3% from March, slightly lower than the 0.4% jump in the previous month. The core monthly rate is also expected to slow down to 0.3% from 0.4%. In addition, the PPI data is anticipated to show a 0.2% increase in both headline and core producer prices compared to the previous month, the same as in March. Other key economic indicators to watch for include retail sales, which are expected to show consumers spent at a slower 0.4%. Industrial production, the NY Empire State Manufacturing Index , business inventories, the Philadelphia Fed Manufacturing Index, housing starts and building permits will also be in the spotlight. Furthermore, investors will be paying close attention to statements from various Fed officials for clues on when interest rate cuts may begin, particularly Chair Powell's appearance at the Annual General Meeting of the Foreign Bankers' Association in Amsterdam on Tuesday. On the corporate side, quarterly earnings reports from Home Depot, Cisco Systems, Walmart, Applied Materials and Deere & Company are also on the agenda.

In Europe, the ZEW Indicator of Economic Sentiment for Germany is expected to rise for the tenth straight month in May, reaching its highest level since February 2022. However, consumer confidence in Switzerland is anticipated to decline. Second estimates for the first quarter of 2024 are projected to confirm a 0.3% expansion in the Eurozone's economy, the fastest growth rate since Q3 2022. Preliminary GDP estimates for Q1 will be released for the Netherlands, Poland, and Russia. Industrial production in the Euro Area is expected to decrease after a rebound in February. Final inflation figures will be announced for the Euro Area, Germany, France, and Italy, with previous estimates indicating stable figures for the Eurozone and Germany, but lower inflation in France and Italy. In Russia, inflation is set to increase to 7.8%, the highest in fourteen months. In the United Kingdom, focus will be on the jobs report, with forecasts suggesting an increase in the unemployment rate to 4.3% in Q1, while wage growth is expected to slow the most since Q2 2022.

An important week of economic releases in China will be headlined by industrial production, retail sales, the unemployment, and housing prices for April. The new releases follow a batch of mixed signals from the Chinese economy in the first quarter, potentially pivoting the extent of new economic support recently pledged by the Politburo. In Japan, an estimate of the first quarter GDP is expected to show a fresh contraction, worrying investors as the BoJ’s hesitance to deliver a more hawkish guidance worsens sharp selling in the yen. In India, the inflation rate for April is set to remain within the RBI’s target band. India will also join Indonesia and Singapore in updating their trade balances. Elsewhere, South Korea is due to post April’s unemployment rate, Thailand will unveil its first-quarter GDP, and the Philippines will decide on its interest rate. In Australia, the NAB business confidence index for April will take the spotlight, followed by a batch of labor market data.