• The day's key domestic release will be the services PMI for May. Having in April reached the highest level in 8 months at 59.5, a stark gap has opened up between the headline PMI and official data, with service sector output expanding by a lukewarm 0.4% in Q1. With the PMI business expectations balance - which historically has had a closer mapping to GDP - easing a little to below its long-term average, Lloyds Bank look for some pullback in the data for May, with the headline balance dipping to 59.0.
  
  
• Final estimates of Eurozone services PMIs for May will also be a focus for the morning, but are expected to be little changed from initial May readings. Meanwhile, the ECB's policy meeting is unlikely to signal any change in policy direction, also with respect to any early tapering of the QE programme. The ECB's updated staff projections will be of particular interest in the context of yesterday's improving Eurozone inflation data for May, and should project a higher outturn for calendar year 2015.
  
  
• The afternoon's US non-manufacturing ISM survey will also be closely watched for evidence of a return to activity growth from the contraction seen in the official data over the course of Q1. Notwithstanding the stronger-than-expected rise in the manufacturing PMI earlier this week, the non-manufacturing ISM is expected to fall modestly to 57.5, a level historically consistent with above-trend GDP growth says Lloyds Bank.