The Business News Week Ahead

Key data will begin even before the working week starts as Chinese trade data for May are expected for Sunday, in a report that in April showed strength in exports but sharp weakness in imports. Industrial production in April will be the week's extended global theme beginning on Monday with Germany, from Italy on Thursday, and the UK and India on Friday. These reports, together with already released data from the US, China and Japan, will sketch out the actual depth of April's manufacturing hole. Virus unemployment has been vast in North America but has been limited in Europe with favorable results expected for Switzerland's unemployment rate on Tuesday. Forecasts for global second-quarter GDP (a quarter guaranteed to have its very own chapter in the history books) are beginning to take shape with the UK to contribute its April numbers on Friday. Inflation is still a wildcard in the virus economy, with actual data on the decline but expectations, at least for US consumers, rising sharply. Consumer prices will be posted in the US on Wednesday as will the CPI from China. And Wednesday will be an especially busy day for the US calendar, concluding in the afternoon with the Treasury's May budget statement (where a vast deficit should be no surprise) and the Federal Reserve's policy announcement (where little new is expected), both of which will be posted at 14:00 local time.