Market movers ahead
• We believe US retail sales advanced at a decent pace in May. Furthermore, we look for a marginal increase in the University of Michigan survey.
• The calendar in the euro area is thin but keep an eye on industrial production and final inflation. We will be interested to follow public hearing on the ECB’s OMT programme at the German Constitutional Court on 11-12 June.
• In China, most hard economic data for May is due to be released over the weekend. These data will be particularly interesting because we currently have very conflicting messages from China’s two manufacturing PMIs.
• At the Bank of Japan meeting on 10-11 June, we do not expect major additional easing at this stage but see a possibility of minor adjustments aimed at reducing market volatility.
• May inflation data is set to be released in the Scandi region. We expect small upticks in Denmark and Sweden, while we expect a minor decline in Norwegian inflation.
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Danske Bank