Greek Eurogroup talks dominate week ahead agenda

A UK general election that delivered an unexpectedly decisive outcome sent the pound soaring this week, but investors will switch their attention elsewhere in the coming days.

Greece will once again be in the spotlight, while in Britain focus will switch from politics to the Bank of England's quarterly inflation report.

Here's a preview of what to expect in coming days.

Eurogroup Meeting

Euro area finance ministers assemble in Brussels on Monday, with Greece again dominating the agenda.

Despite the "more constructive atmosphere" in recent talks, Thomas Harjes, an economist at Barclays, cautions that: "We do not expect an agreement that would unlock the payment of the remaining €7.2bn" which the cash-strapped government in Athens has been seeking.

US retail sales

The retail sales report for April is the next window investors will get on the US economy.

Core retail sales, which strip out the more volatile auto and gasoline sales, are expected to have risen 0.6 per cent - an outcome that would bolster optimism the economy is rebounding from a testing first quarter.

"Prospects for a second quarter rebound in GDP depend critically on the performance of consumer spending," Jay Feldman, an economist at Credit Suisse, said. "The April retail sales report will be the first key test." The report is due for release at 8:30am on Wednesday.

Bank of England inflation report

After a purdah during the election campaign, the Bank of England breaks its silence with its latest quarterly inflation report on Wednesday.

Alongside new inflation and growth forecasts, investors will be watching for clues from Mark Carney, the Bank's governor, on the timing of an interest rate rise.

Euro area GDP

A stirring in consumer demand is expected to have helped drive a modest recovery in first-quarter growth in the eurozone, economists expect GDP figures to show on Wednesday. Economists estimate the eurozone economy grew 0.4 per cent from the prior quarter.

Earnings

As the US earnings season winds down, just 15 S&P 500 companies are expected to report results. The roster includes Actavis, Macy's, Ralph Lauren, Cisco Systems, Precision Castparts, Kohl's and Nordstrom.

The week that was, in four charts

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