Reports this week on consumer and producer prices are expected to confirm that inflation in the U.S. remains well under control, even as analysts expect April retail sales and consumer sentiment to show gains. Meanwhile, industrial production should emerge relatively weak.
In Europe, the key economic data release will be first-quarter gross domestic product, or GDP, for the 17-member monetary union. The metrics expect to confirm that the continent is in its longest-ever recession, one that has taken youth unemployment to more than 60 percent in Greece.
Euro-zone industrial-production figures for March will show that the manufacturing sector improved during the first quarter.
Japan will release its first official estimate of first-quarter GDP. Analysts expect growth of 0.7 percent quarter over quarter, or 2.8 percent on an annualized basis. Also, consumer-confidence data for April could signal an increase, but such increases are beginning to slow, and it could be that consumer confidence has plateaued.
In a related matter, big U.S. retailers report quarterly earnings on Thursday. They include J.C. Penney Co. Inc. (NYSE:JCP), Kohl's Corp. (NYSE:KSS), Nordstrom Inc. (NYSE:JWN) and Wal-Mart Stores Inc. (NYSE:WMT).
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Below are entries on the economic calendar May 13-17. All listed times are EDT.
8:30 a.m. -- Economists expect a a 0.3 percent fall in April retail sales.
France -- Business sentiment for April is expected to slide to 92 from 93 in March.
China -- Industrial production for April is expected to have climbed 9.9 percent, up from the March gain of 8.9 percent.
China -- Retail sales for April will rise 12.8 percent, stronger than the March increase of 12.6 percent.
8:30 am. -- Export-import prices for April: Export prices will dip 0.2 percent, while import prices will drop 0.5 percent.
Germany -- ZEW Economic Sentiment for May is expected to climb to 38.3 from April's 36.3.
8:30 a.m. -- Producer price index will rise 0.8 percent.
9:15 a.m. -- April's industrial production is expected to decline by 0.2 percent, and April's capacity utilization is expected to ease to 78.3 percent from 78.5.
Japan -- Consumer confidence for April.
8:30 a.m. -- Economists see the consumer price index sliding 0.2 percent.
8:30 a.m. -- The number of housing starts from the National Association of Home Builders for April probably fell to 973,000 from the previous month's 1.04 million.
8:30 a.m. -- First-time claims for unemployment benefits for the first quarter.
8:30 a.m. -- Building permits for April will show an increase to 945,000 from 907,000 in March.
10 a.m. -- The Philadelphia Fed Survey that tracks manufacturing in the mid-Atlantic region is expected to rise to 2.8 after the previous month's increase to 1.3. Readings below zero denote contraction, and readings above zero denote expansion.
Japan -- Industrial production for March.
9:55 a.m. -- The University of Michigan consumer sentiment survey for May will increase to 78 from 76.4.
10 a.m. -- The Conference Board's Leading Indicators report will edge up 0.2 percent after a 0.1 percent decline in March.
Sources: Central banks, European Commission, Reuters, Market News, Capital Economics, Barclays, Bank of America Merrill Lynch.