Tuesday's session brought Spanish and German CPI figures. The estimated annual inflation of the CPI in May 2017 is 1.9%, according to the An advance indicator prepared by INE. This indicator provides an advance of the CPI which, if confirmed, would decrease of seven tenths in its annual rate, since in the month of April this variation was Of 2.6%. This behavior highlights the drop in the prices of fuels (diesel and Gasoline) compared to the increase they experienced last year, as well as the Prices of tourist packages. On the other hand, the annual variation of the leading indicator of the HICP is in May in the 2.0%.

Wednesday's session was marked by Eurozone CPI figures. Euro zone inflation eased by more than expected in May, reflecting dips in Germany and Spain among others and supporting European Central Bank policymakers wanting only slow adjustments to rates and monetary stimulus. Inflation in the 19 countries sharing the euro slipped to 1.4 percent, its lowest level since December, from 1.9 percent year-on-year in April, statistis agency Eurostat said on Wednesday. This was slightly below expectations in a Reuters poll of 1.5 percent. The inflation measure which excludes the volatile energy and unprocessed food prices also fell -- to 1.0 percent from 1.2 percent, in line with expectations.

From Eurozone, on Thursday, Spanish Manufacturing PMI figures were released. The headline PMI rose to a four-month high of 55.4 in May, up from 54.5 in April. The reading signalled a further marked monthly improvement in the health of the sector, and extended the current sequence of strengthening business conditions to 42 months. The key highlight from the latest survey period was the strongest rise in manufacturing employment for 19 years. Firms took on extra staff both in line with higher new orders and the prospect of further increases in coming months.

This week markets will be looking at:

Minimum Bid Rate/ECB Press Conference (Thursday 14:30)