Global economic update

U.S.: Initial jobless claims rose by 11,000 to 222,000 in the week.

U.K.: The unemployment rate declined to 4.2% in the first quarter from 4.6% a year earlier.

AUSTRALIA: The Wage Price Index grew 0.5% in the first quarter.

CHINA: The Producer Price Index increased 3.4% year over year in April.

GERMANY: GDP rose 0.3% in the first quarter.

GERMANY: Producer prices increased 2.0% in April.

GERMANY: Wholesale prices climbed 1.4% in April.

EUROZONE: GDP increased by 0.4% in the first quarter.

EUROZONE: Industrial production advanced 0.5% in March.

U.S.: Retail sales increased 0.3% in an advance estimate for April.

U.S.: Business inventories remained unchanged in March.

U.S.: Housing starts dropped 3.7% in April.

U.S.: Industrial production grew 0.7% in April.

U.S.: The Conference Board Leading Economic Index increased 0.4% in April.

JAPAN: GDP declined by 0.6% on an annualized basis in the first quarter.

JAPAN: Industrial production jumped 1.4% in March.

CANADA: Retail sales advanced 0.6% in March.

CHINA: The CPI rose 1.8% year over year in April.

GERMANY: The CPI increased 1.6% in April.

EUROSTAT: Annual inflation declined to 1.2% in April from 1.3% in March.

CANADA: The CPI rose 2.2% year over year in April.

U.S.: The dollar rose versus other major currencies, extending its rally and reaching a five-month high.

GERMANY: The ZEW Indicator of Economic Sentiment for Germany remained unchanged in May.

EUROZONE: The euro area posted a trade surplus in March.

AUSTRALIA: Reserve Bank of Australia’s policymakers said there was no “strong case” to raise rates as inflation remains low.

U.S.: Cleveland Federal Reserve President Loretta Mester said the Fed should continue to gradually raise rates.