Guide to today’s important data and events

Lot of economic dockets to be released today with high risk associated. Focus is on Euro zone inflation.

Data released so far -

• Australia - GDP came better than expected in the first quarter, growing 0.9% q/q and 2.3% from a year ago.

• Japan - Japan services PMI rose to 51.5 in May from 51.3 prior.

• China - HSBC services PMI rose to 53.5 from 52.9 prior.

• UK - Nationwide house prices rose at weaker pace in May, 0.3% m/m and 4.6% from a year ago.

Upcoming -

• Spain - Markit services PMI to be released at 7:15 GMT.

• Italy - Services PMI is scheduled for release at 7:45 GMT. Italy will declare unemployment rate at 8:00 GMT.

• France - Services PMI to be released at 7:50 GMT.

• Germany - Services PMI to be released at 7:55 GMT.

• Euro zone - Euro zone services and composite PMI would be released at 8:00 GMT. Unemployment rate and retail sales are scheduled for release at 9:00 GMT. European Central bank will announce monetary policy 11:45 GMT, followed by press conference at 12:30 GMT.

• UK - Markit services PMI to be released at 8:30 GMT.

• US - High risk economic dockets to be released today. MBA mortgage application to be released at 11:00 GMT. ADP employment stat will be released at 12:15 GMT. US will release trade balance at 12:30 GMT. Markit services PMI will be released at 13:45 GMT, followed by ISM non-manufacturing PMI at 14:00 GMT. FED will release beige book at 18:00 GMT.

• Japan - Japan will release foreign investment stat in Japanese stocks and bonds.