We have some quite important data releases in Scandinavia. In Norway, Norges Bank will publish the Q2 Regional survey (its preferred gauge of economic activity), which should paint a benign picture of the economy. In Sweden, we expect CPIF inflation fell to 1.7% in May from 2.0% in April. In Finland, focus is on the ongoing government crisis. For more see also Scandi section below.

In the UK, CPI inflation data for May is released and analysts are looking for an unchanged print at 2.7% y/y. Higher inflation is the main reason why real wage growth has turned negative, which has slowed the economy. However, focus these days is mainly on the political uncertainty, see also Research UK: May stays (for now) due to Brexit uncertainties published this morning.

In Germany, we expect ZEW expectations rose slightly to 21.1 from 20.6.

In the US, NFIB small business optimism for May is due out, and consensus expects it to remain basically unchanged but we think it may decline, as Trump is having a hard time delivering on his economic promises (tax reform and deregulation).

Selected market news