First up in the morning, attention will turn to the Eurozone CPI print. The headline reading is expected to rebound from its April dip. The larger than expected rebound in the German reading earlier in the week suggests that risks are to the upside today.
News from the European economy has improved marginally over the past month or so. Yesterday Euro-zone sentiment readings generally improved in May following the pattern seen in the flash PMIs and German IFO survey. The economic confidence reading rose to 89.4 from 88.6, the business climate indicator to -0.76 from -1.04. Services and industrial confidence readings also improved. Readings are still indicative of modest contraction in the European economy, but at least the outlook is not deteriorating.
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Commonwealth Bank