This week's economic calendar is relatively light in the U.S. with the releases of existing home sales, durable goods orders, and the University of Michigan consumer confidence survey. Attention will likely focus on data out of Europe. Euro zone PMIs, Germany's IFO survey, and first-quarter gross domestic product data for the U.K. will be released.

In Japan, investors will be watching the Bank of Japan's decision and trade data. Within emerging markets, the focus will be on China's HSBC flash manufacturing purchasing managers' index.

Below are entries on the economic calendar for May 21 to 25. All listed times are Eastern Daylight Time:

Monday

5:15 a.m. -- Atlanta Fed President Dennis Lockhart (voter) speaks in Tokyo to the Institute of Regulation and Risk North Asia on monetary policy and participates in a panel at the Intercontinental Hotel.

8:30 a.m. - The Chicago Fed National Activity Index for April.

Non-U.S.:

E27 - European Council President Herman Van Rompuy attends NATO summit in Chicago.

Italy -- Second day of two-day second ballot of local elections.

E17 - March construction output.

Japan - Index of all-industry activity for March.

Tuesday

6:15 a.m. -- Atlanta Fed President Dennis Lockhart (voter) speaks in Hong Kong to the Institute of Regulation and Risk North Asia on monetary policy and participates in a panel at the Renaissance Harbour View Hotel.

10:00 a.m. - Existing home sales are expected to rise 3.6 percent in April to 4.64 million units from 4.48 million units in March. Economists continue to expect existing home sales to improve over the next few months. Uncertainty, however, regarding tax policy beginning in 2013 may keep many potential homebuyers on the sidelines.

10:00 a.m. - Richmond Fed manufacturing survey for May.

Non-U.S.:

Norway - Q1 GDP.

U.K. - April CPI.

Japan - April trade balance.

Wednesday

7:00 a.m. - MBA mortgage index for the week ending May 19.

10:00 a.m. - New home sales will likely increase to 335,000 in April, after collapsing 7.1 percent in March to 328,000 despite the tick up in mortgage purchase applications in the month. Economists forecast new home sales for this year should average around a 350,000-unit pace, up from last year's disappointing 304,000-unit pace.

10:00 a.m. - March FHFA housing price index.

10:30 a.m. - Crude oil inventories for the week ending May 19.

2:00 p.m. -- Minneapolis Fed President Narayana Kocherlakota (non-voter) speaks on Monetary Policy Transparency: Changes and Challenges before the Data Matters Forum at the South Dakota School of Mines.

Non-U.S.:

E27 -- EU leaders informal dinner in Brussels.

E17 - European Central Bank current account for March.

Egypt -- Presidential elections (to May 24).

Japan -- Bank of Japan target rate for May.

U.K. - Bank of England minutes.

Sweden - April unemployment rate.

Thursday

8:30 a.m. - Initial jobless claims for the week ending May 19 should hold at 370,000.

8:30 a.m. - Durable goods orders are expected to rise 0.4 percent in April after contracting by 4 percent in March, largely due to a dramatic drop in transportation and machinery orders. Boeing orders slowed markedly in April. Outside of transportation, durable goods orders will likely record a 1.1 percent rise after declining 0.8 percent in March.

11:00 a.m. -- The Kansas City Fed's manufacturing survey for May.

1:00 p.m. -- New York Fed President William C. Dudley (voter) speaks at the Council on Foreign Relations in New York.

Non-U.S.:

China -- HSBC flash manufacturing PMI for May.

E17 -- Flash manufacturing/services PMI for May.

U.K. - Second reading on Q1 GDP.

Germany - Q1 final GDP.

Germany - Flash manufacturing/services PMI for May.

Germany -- IFO business climate index for May.

France - Flash manufacturing/services PMI for May.

Japan - April nationwide CPI.

Friday

5:30 a.m. -- Federal Reserve Bank of Philadelphia President Charles Plosser (non-voter) speaks on monetary policy before the Deutsche Bundesbank Spring Conference on Monetary Policy, Inflation, and International Linkages in Germany.

9:55 a.m. - Thomson Reuters/University of Michigan's final index of consumer sentiment for May should come in at 77.5, slight lower than April's reading of 77.8.

Non-U.S.:

E17 -- EU Summit.

Source: Central banks, European Commission, Reuters, Market News, Barclays Capital, Bank of America Merrill Lynch.