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Rabobank analysts point out that a fresh round of trade talks are due to take place today between US Trade Representative Lighthizer and Chinese Vice Premier Liu He and will be a key event for today.  

Key Quotes

“Speaking on US television, Treasury Secretary Mnuchin commented that the US team “have made more progress than ever before” towards an agreement that would include enforcement provision for areas such as intellectual property rights.  He added that “we hope within the next two rounds in China and in DC to be at the point where we can either recommend to the president we have a deal or make a recommendation that we don’t.”

“Ahead of the May’s European parliamentary election, the UK’s Labour Party is due to discuss today whether to back another public vote on Brexit.”

Data today includes the latest reading on German inflation, in addition to the advance release of Eurozone Q1 GDP.     The latter will be useful in gauging the likely actions of ECB policy makers going forward.   This morning’s release of French Q1 GDP has shown an as expected, but moderate, expansion of 0.3% q/q with net exports weighing on the numbers.   Spanish GDP growth has slowed.   German May GfK consumer confidence has held at 10.4, unchanged from April.”