Analysts at Danske Bank note that next week will be fairly slow in terms of US data and we should get a better sense of how resilient the US economy is to the global slowdown the following week, with ISM manufacturing and the May jobs report coming out.

• We also look forward to hearing more from multiple FOMC members.
• Results from this week’s European Parliament election should ensure overall pro-EU sentiment in the Parliament but the political centre could be more fragmented.
• Brexit has returned to the spotlight, with GBP falling and the likelihood of a negative scenario increasing and a leadership contest in the Conservative party coming up.
• The setback in the trade war is set to take its toll on Chinese PMI and, rather than a recovery, we now expect it to move sideways at a quite low level in coming months.
• In Sweden, we expect data do deteriorate, with weak GDP figures and manufacturing confidence declining. In contrast, in Norway and Denmark, we expect data – including GDP figures – to hold up well.