Despite the first estimate of Q1 GDP growth in the Eurozone outpacing that for the UK and US, it appears unlikely this will spill over into forward-looking activity indicators for Q2. Market attention is likely to focus on May's 'flash' estimates of Eurozone PMIs (Thu) and the German IFO survey (Fri).
"An expected softening in the data would not, however, change our view that the Eurozone recovery dynamic remains broadly intact." - noted Lloyds Bank
Notably, any retrenchment in the German ZEW survey (Tue), often seen as an advance read for the IFO, is likely to be attributable to the financial market volatility from late April. That is likely to weigh more heavily on the ZEW survey's financial community respondents than those in the real economy.
