Market movers today
 

Focus today will be on inflation in the US and Germany, which will provide an important gauge of the underlying inflation pressures after a couple of months with volatile readings due to the timing of Easter.
 

In the US, the PCE inflation data for April is released. After the weak CPI report earlier in May, we estimate that PCE core rose 0.1% m/m, implying a core inflation rate of just 1.4% y/y (a decline from 1.6% in March).
 

As a prelude to the highly important CPI release for the whole euro area economy tomorrow, German inflation figures are released today. In line with our expectation, markets expect them to fall back in May versus April.
 

In Sweden, the main event this week is undoubtedly 2017 Q1 GDP data released today. We expect growth to come in at around 2.5% y/y (calendar adjusted) which is well in line with our ex ante forecast. In Norway we have retail sales (for more details see page 2).
 

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