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With earnings season winding down, all eyes this week will be on Retail Sales, Unemployment Claims and PPI data. The continuing Greek bailout situation could, however, dominate the headlines with top European officials confirming that a repayment resolution was required this week.
The G7 summit in Germany is set to conclude on Monday with economists awaiting commentary from German Chancellor Merkel and European Union Commission President Juncker over the Greek bailout package. On the economic front, the Labor Market Conditions index will be released at 10 am.
Tuesday will see important economic data released in Europe, with Swiss CPI, U.K. Trade Balance, and French Trade Balance figures expected. Wholesale Inventories month-on-month in the U.S. are expected to rise 0.1% from the previous period.
Budget balance figures are set to be released at 2 pm on Wednesday, with the 10-year bond auction occurring one hour before. The market is factoring in a deficit of $98 billion for the May period, an adjustment from the previous month’s $156 billion surplus.
Thursday is an important day on the economic calendar with Retail Sales, Unemployment Claims and Import Prices to be released. Measuring the change in value of sales, the market is pricing in a 1.1% rise in Retail Sales for the period. This is above the core estimate of 0.7%. Core Retail Sales do not take into account the automobile market. Unemployment Claims are predicted to increase slightly to 277,000.
Dividend earnings of note are as follows:
Friday morning will see Producer Price Index (PPI) and sentiment data released to the market. Economists predict a rise of 0.4% for the May period, which is a 1% gain from the previous period. The University of Michigan Consumer Sentiment report at 10 am is also expected to paint a positive picture with a forecasted gain of 1.6.
No dividend earnings of note on Friday.
The continued Greek debt saga could overshadow earnings and economic data this week, with the European Commission looking to finalize an agreement over the last tranche of bailout funds. Outcomes from G7 summit talks on Monday could also do little to abate further market volatility.