Last week was a choppy week for markets with the FTSE 100 suffering falls as AstraZeneca rejects a bid from Pfizer, U.S. markets had a better week with small cap stocks showing some resilience after recent weakness. For the first time in 2014 all three main indices the Dow Jones, S&P 500 and the Nasdaq are moved in to positive territory at the same time.
The week ahead kicks off with the European elections, which are expected to be concluded on Sunday. Monday will be a fairly quiet affair with both the U.S. and the U.K. markets both closed for public holidays. In the U.S. the main event of note is likely to be Thursday’s second revision to Q1 GDP. In the U.K. there are no meaningful data releases and in Asia the Japanese retail sales figure for April will give the best indications yet on how the economy is reacting to the sales tax.
Main economic data releases due in the week ahead.
Monday: U.K. and U.S. shut for public holidays
U.S. April durable goods orders, March S&P/ Case-Shiller house price index, May Markit composite & services PMI, May Richmond Federal Reserve manufacturing index.
German May unemployment
Japanese April retail sales
U.S. Quarter 1 GDP first revision, initial jobless claims, April pending home sales
Japanese April jobless rate.
U.S. May Chicago PMI, May University of Michigan confidence index