Guide to today’s important data and events

Lot of economic dockets to be released today with high risk associated. Focus is on GDP data.

Data released so far -

• New Zealand - ANZ business confidence dropped sharply in April to 15.7 from 30.2. ANZ activity outlook also deteriorated to 32.6% compared to prior 41.3%
• Australia - HIA new home sales rose mildly by 0.6% m/m in April compared to prior 4.4%. Private sector credit grew at slower pace in April, 0.3% m/m and 6.1% from a year ago.
   
• Japan - Vehicle production dropped by -7.5% y/y in April.

Upcoming -

• Japan - Housing starts and construction orders are scheduled for release at 5:00 GMT.
  
  
• Switzerland - First quarter GDP data to be released at 5:45 GMT. Prior growth was 0.6% q/q, today slight contraction of -0.1% is expected. KOF leading indicator is scheduled at 7:00 GMT. Improvement is expected from 89.5 prior to 90 today.
  
  
• Germany - Retail sales statistics to be released today for April. Today 2.5% y/y growth is expected, down from prior 3.5%.
  
  
• UK - Nationwide house prices data to be released today for April. In March, prices grew 5.2% y/y.
  
  
• France - France will release consumer spending data for April. In March, spending shrank by -0.6% m/m.
  
  
• Spain - HICP inflation will be released at 7:00 GMT.
  
  
• Italy - GDP is scheduled at 8:00 GMT. Prior was 0.3% q/q. Growth is expected to remain same. Consumer price index will be released at 9:00 GMT, followed by producer price index at 10:00 GMT. Vital for Italian as well as Euro zone bonds.
  
  
• Greece - Greece will announce GDP for first quarter along with producer price index and retail sales.
  
  
• Portugal - GDP is scheduled for release today.
  
  
• India - RBI will release stats on bank loan growth along with infrastructure output. Fiscal deficit for April will be announced at 15:30 GMT.
  
  
• US - Lots of event risk are associated with today's release. US will declare preliminary estimate of first quarter GDP along with personal consumption expenditure. Growth is expected at -0.8% in second reading. Chicago PMI is to be released at 13:45 GMT. Prior was 52.3, expected 53. Michigan consumer sentiment to be released at 14:00 GMT. Prior 88.6, expected 89.6.
  
  
• Canada - Canada will release GDP at 12:30 GMT.