Outside Scandinavia we have a relatively light calendar today. In the euro area bothFrance and Italy will release industrial production (IP) for April, which will giveus some idea of the performance of euro area IP due for release on Thursday. Weexpect IP to have rebounded in France and Italy on the back of a relatively weakMarch but IP in Germany disappointed in April, suggesting that there could be somedownside risk to our forecast.
In the UK industrial production for April will also be released but this usually getslittle attention due to the minor importance of the industrial sector in the UK. Weexpect the pattern evident in the euro area with a rebound on the back of a weakMarch to be mirrored in the UK.
We have a flood of speeches from a number of ECB members in the calendar:Liikanen (09:00 CET), Makuch (13:00 CET), Coeure (13:15 CET) and Mersch (16:00CET). After ECB’s aggressive easing moves last week these speeches haveadmittedly lost some of their market-moving potential.
In Denmark and Norway inflation figures for May are due for release.
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Danske Bank