Key reports on the U.S. calendar this week will cover retail sales (consensus -11.9%), industrial production (consensus -12.1%), initial unemployment claims (consensus 2.475M), and consumer sentiment, along with consumer and producer inflation readings. On Wednesday, Fed Chair Jay Powell is scheduled to give a speech on current economic conditions via webcast at the Peterson Institute for International Economics.
In Europe, we’ll get new EU and UK industrial production figures along with GDP estimates for the UK and Germany. The Financial Times reports “The Bank of England last week forecast that the pandemic will push the UK economy into its deepest recession in 300 years, with output plunging almost 30 per cent in the first half of the year.” In Asia, China also reports on CPI, PPI, industrial production, and retail sales. Last but not least, Argentina is in negotiations with creditors this week to try to avoid their 9th sovereign debt default as soon as May 22. We hope you have a great week.