Market Movers ahead
– The main economic release in the euro area within the next two weeks will be GDP numbers for Q1 13. We estimate that the euro area contracted 0.2% q/q in Q1 13.
– In China most hard data for April is due to be released over the next two weeks. Overall, we believe data rebounded in April on the back of the overall very weak March data. It should bring some relief to the market.
– Japanese data is set to confirm that the Japanese economy is now recovering relatively strongly.
– Norges Bank is expected to keep rates unchanged at the meeting on 8 May. However, risk is tilted towards a rate cut after the recent moderate pay deal and after surprisingly low inflation in March.
– In Sweden the downward revision of the rate path by the Riksbank due to low inflation has put inflation data at the fore again. We see downside risk to the inflation release on 14 May.
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Danske Bank