Guide to today’s important data and events

Lot of economic dockets scheduled for today. Focus is on GDP data from US.

Data released so far -

• China - CB leading economic index stayed at 1.1 in May.

Upcoming -

• France - First quarter GDP to be released at 5:30 GMT, median expectation is growth of 0.6%.
  
  
• Switzerland - UBS consumption indicator will be released at 6:00 GMT. SNB will release quarterly bulletin at 13:00 GMT.
  
  
• Germany - IFO sentiment indicator to be released 8:00 GMT.
  
  
• Italy - Italy will release wage inflation statistics at 8:00 GMT, for month of May. In April wages grew by 1.2% y/y. Better reading might spark selloffs in bonds.
  
  
• UK - BBA mortgage approvals to be released at 8:30 GMT.
  
  
• Euro zone - Euro group finance ministers are holding meeting to reach a resolution point prior to Euro zone leaders' summit starting tomorrow.
  
  
• US - MBA mortgage application is scheduled for release at 11:00 GMT, followed by first quarter US GDP and PCE at 12:30 GMT. Expectation is contraction by -0.2% in first quarter. Personal consumption expenditure (PCE) is expected to grow at 0.8%. EIA will declare crude stocks at 14:30 GMT.
  
  
• Auctions - US will auction 5 year bond at 17:00 GMT.