Economic calendar: preliminary PMI reports for May 🧭

Today's macroeconomic calendar includes several interesting publications. The most important of these will be the PMI releases for the services and manufacturing sectors, followed by US labor market data and new home sales.

In the first part of the day, investors' attention will mainly focus on the preliminary PMI data for May from European countries, namely France, Germany, the Eurozone, and the UK. Expectations indicate an improvement in sentiment in the manufacturing sector and continued high readings in the services sector. It will also be worth watching for any signals of weakening sentiment in the services sector, whose overheating in recent months has maintained high inflation readings. However, current expectations do not indicate this.

In the second part of the day, investors' attention will shift across the ocean, where, in addition to the PMI report, we will learn about labor market and real estate data in the US. Jobless claims have increased slightly over the past three weeks, so today's publication will be particularly interesting.

Detailed schedule for the day:

08:15 AM BST, France - PMI Data for May:

• HCOB France Composite PMI: forecast 51.0; previous 50.5;
• HCOB France Manufacturing PMI: forecast 45.8; previous 45.3;
• HCOB France Services PMI: forecast 51.8; previous 51.3;

08:30 AM BST, Germany - PMI Data for May:

• HCOB Germany Composite PMI: forecast 51.0; previous 50.6;
• HCOB Germany Manufacturing PMI: forecast 43.4; previous 42.5;
• HCOB Germany Services PMI: forecast 53.5; previous 53.2;

09:00 AM BST, Euro Zone - PMI Data for May:

• HCOB Eurozone Composite PMI: forecast 52.0; previous 51.7;
• HCOB Eurozone Manufacturing PMI: forecast 46.2; previous 45.7;
• HCOB Eurozone Services PMI: forecast 53.6; previous 53.3;

09:30 AM BST, United Kingdom - PMI Data:

• S&P Global/CIPS UK Composite PMI: forecast 54.0; previous 54.1;
• S&P Global/CIPS UK Manufacturing PMI: forecast 49.5; previous 49.1;
• S&P Global/CIPS UK Services PMI: forecast 54.7; previous 55.0;

12:30 PM BST, United Kingdom - BoE MPC Member Pill Speaks

01:30 PM BST, United States - Employment Data:

• Continuing Jobless Claims: previous 1,794K;
• Initial Jobless Claims: forecast 220K; previous 222K;
• Jobless Claims 4-Week Avg.: previous 217.75K;

02:45 PM BST, United States - PMI Data for May:

• S&P Global US Manufacturing PMI: forecast 50.0; previous 50.0;
• S&P Global Composite PMI: forecast 51.1; previous 51.3;
• S&P Global Services PMI: forecast 51.2; previous 51.3;

01:30 PM BST, United States - Building Permits:

• forecast 1.440M; previous 1.467M;
• forecast -3.0% MoM; previous -3.7% MoM;

03:00 PM BST, United States - New Home Sales for April:

• previous 8.8% MoM;
• forecast 677K; previous 693K;

08:00 PM BST, United States - FOMC Member Bostic Speaks

12:30 AM BST, Japan - Inflation Data for April:

• National CPI: previous 2.7% YoY;
• National CPI: previous 0.2% MoM;
• National Core CPI: forecast 2.2% YoY; previous 2.6% YoY;
• CPI, n.s.a: previous 0.3% MoM;