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Other reports in the coming week include May existing-home sales on Tuesday and the preliminary June consumer sentiment index from the University of Michigan on Friday. A blackout period for Fed officials kicked off Saturday ahead of new Fed Chairman Kevin Warsh’s first Federal Open Market Committee meeting, starting on June 16. 

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In Canada, the central bank is expected to hold its key rate at 2.25% for a fifth consecutive meeting as it balances an energy-driven rise in inflation against underlying economic weakness tied to US tariffs. 

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Wednesday’s decision won’t include updated economic projections, but Governor Tiff Macklem is expected to address data indicating Canada slipped into a recession in the first quarter while showing signs of a rebound in the second — including a surprise gain of 87,800 jobs in May. Meanwhile, April merchandise trade data are likely to show a widening trade surplus.

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Asia

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Asia’s data calendar will be dominated by updates on price trends. 

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China releases its May gauges for producer and consumer prices on Wednesday. Factory-gate price growth is seen accelerating to its fastest clip in almost four years, with Bloomberg Economics looking for 3.6% growth. Consumer prices are expected to advance more or less in line with the 1.2% pace in April. 

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India’s consumer inflation may continue to quicken in May on the back of food prices after the gauge accelerated in April to the fastest in a year, even as the government takes steps to keep a lid on fuel costs. 

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That would put added pressure on the Reserve Bank to consider a hike when the Monetary Policy Committee next sets policy on Aug. 5.

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In Japan, with the central bank in a blackout period ahead of its policy meeting, decision, PPI data on Wednesday will likely show cost pressures on corporations remained elevated in May, after input prices rose in April at the fastest pace in 14 years. 

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That would further fuel expectations for a hike to the benchmark rate on June 16. 

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Hong Kong releases PPI statistics for the first quarter after the gauge rose the most since 2011 in the previous period. 

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In other data, Japan on Monday releases revised gross domestic product figures for the first quarter, with economists looking for a downward revision after fresh capital investment data for the period came in weaker than expected. 

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New Zealand’s manufacturing PMI for May is due Friday. The gauge has stayed in expansionary territory since July, but it’s slipped closer to the boom-or-bust 50 level in each of the past four months. 

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Sentiment surveys include consumer confidence readings in Indonesia and Thailand, along with the latest NAB Business Confidence gauge in Australia, which was mired well below minus 20 in March and April. Trade data are due during the week from Taiwan and China.

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Europe, Middle East, Africa

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Beyond the anticipated rate hike in the euro zone, national data may draw the most attention. 

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In Germany, factory orders on Monday, followed by industrial production and trade data on Tuesday, will illustrate the impact of the Iran war on the region’s biggest economy at the start of the second quarter. 

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The Bundesbank will issue new forecasts at the end of the week, when final inflation numbers will also arrive from Germany, France and Spain.

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With BOE officials going quiet before their rate decision the following week, the UK focus will be on data. April GDP numbers will be published on Friday, with economists predicting the first contraction in eight months. 

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Turning north, inflation figures from Norway may show underlying price growth edged further above 3%. Concern at the strength of pressures there prompted Norges Bank to deliver its first rate hike since 2023.