Eurozone GDP growth to remain steady at 0.4% q/q in Q1 - TDS

The analysis team at TDS is slightly below consensus in looking for Eurozone GDP growth to remain steady at 0.4% q/q in Q1, compared to market expectations for a reading of 0.5%.

Key Quotes

“Markets do have a dovish lean though, with another dozen analysts in line with our forecast but only three forecasts for an above-consensus read. We also get German unemployment data for April today, where markets are looking for unemployment to fall by another -11K, and the unemployment rate to remain unchanged at its all-time low of 5.8%. And lastly, the ECB’s Hansson speaks in Estonia today at noon BST.”

“UK: April’s construction PMI is released. We’re in line with the market expecting the series to soften a touch to 52.0, leaving it well within its recent post-referendum expansion range.”