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The data calendar picks up pace Tuesday, with the German ZEW, the second read of eurozone Q1 GDP and the U.S. trade data all set to feature.
The calendar kicks off at 0700GMT, with the release of German April industrial production. following on from a weaker than expected factory orders release Monday, there is the outside chance of a downside surprise to the 0.4% m/m gain seen by analysts. On a tear/year basis, production is seen higher by 29.5%, up from 5.1% in March and boosted by direct year ago comparisons of the early days of the pandemic in Europe.
At 1000BST, the German June ZEW will be published, with expectations of a modest uptick in expectations to 86.0 from 84.4 in May. The current situation index will rise again, with analysts seeing a jump to -28.0 from -40.1 in May.
At the same time, the second reading of eurozone Q1 GDP will cross the wires. No change is expected on the preliminary flash reading, with Q/Q seen down 0.6% and Y/Y contracting at 1.8%.
Eurozone GDP Q/Q
The North American calendar sees largely second tier releases. At 1330BST, both the Canadian and U.S. trade data will cross the wire, followed by the Redbook retail sales data at 1355BST and the JOLTS data at 1500BST.