In the US the most important releases are the advance estimate of GDP growth for the first quarter of 2018, alongside durable goods orders, existing and new home sales, flash Markit PMIs and the final reading of Michigan consumer sentiment. Also, investors will be waiting for: employment cost index; home prices from both S&P/Case-Shiller and FHFA; Chicago Fed National Activity Index; Richmond Fed Manufacturing Index; Kansas Fed Manufacturing Index; and advance estimates of goods trade balance and wholesale inventories.

The UK will publish the first estimate of first quarter GDP growth, Gfk consumer confidence, CBI factory orders and UK Finance mortgage approvals. 

Elsewhere in Europe, the ECB will provide an update on monetary policy, with markets anticipating no changes. Regarding the economic calendar, investors will turn their attention to: flash Markit PMIs for the Eurozone, Germany and France; preliminary first quarter GDP growth for France, Spain, Austria and Belgium; business and consumer surveys for the Eurozone, Germany, France and Italy; and April's inflation figures for France and Spain. Other important indicators include: Germany and Spain jobless rates; Turkey, Russia and Sweden interest rate decisions.

The Bank of Japan will hold its monetary policy meeting, but no changes are expected. Analysts are also eyeing the publication of Japan's unemployment, alongside retail trade, the preliminary reading of industrial production, flash Nikkei Manufacturing PMI, housing starts and construction orders. Meanwhile, Australia's most important releases will be inflation, foreign trade prices and producer costs.

Other key highlights include: Brazil jobless rate; Mexico unemployment and foreign trade; South Korea advance estimate of first quarter GDP growth; and Thailand trade balance.