Monday: U.S. Markets will be closed for Memorial Day. April Trade Balance data will be released in Japan, where analysts expect to see a Yen 351 bln deficit.

Tuesday: Durable Goods Orders data for April will see light in the U.S., following a very strong 4.7% month over month increase in March. April New Home Sales data will also see light in the U.S., where analyst consensus argues we’ll hit the 500K mark. It’s also time for May’s Consumer Confidence Index, which is recently hovering around 95-100 point territory.

Wednesday: May Consumer Confidence Data will see light in France. In the U.S., the weekly MBA Mortgage Applications will see light. The Bank of Canada is further due to issue a rate decision.

Thursday: April Retail Trade data will see light in Japan and Spain. In Italy, it’s time for May’s Consumer and Business Confidence indices. The preliminary first quarter Gross Domestic Product datum will see light in the U.K. Also due is the final estimate for the Eurozone’s Consumer Confidence Index. In the U.S., the weekly Initial Jobless Claims will make a debut. This will be followed by U.K. Nationwide House Prices for May, where analyst consensus expects annual increase of prices to moderate to 4.8%.

Friday: April labor market data will see light in Japan. Analyst expect the Jobless Rate to remain stable at 3.4%. April's Consumer Price Index will also see light in Japan – The impact of last year’s tax hike will start to fall out of the data tailing 12 month data. This leads analysts to expect year over year inflation to drop to 0.6%, from a current 2.3%. Consumer Price Index data will see light in Spain and Italy. The second estimate for the first quarter's U.S. Gross Domestic Product will see light in the U.S., where analysts are very negative at a -0.9% consensus. This will be followed by the Chicago Purchasing Mangers' Index.