– This is the script of CNBC's news report for China's CCTV on May 30, Tuesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
Global markets are relatively calm on Monday, as stocks exchanges in the U.S., the U.K. and China were closed for public holidays.
However, later in the week, a slew of data, including May's Non-farm Payroll report on Friday, will attract traders' attention.
Now, market participants expect a probability as high as 84.2% for the Federal Reserve to raise rates in the next policy meeting in June, according to CME FedWatch Tool, and a strong jobs report will support that scenario.
Non-farm payrolls are expected to be 183K in May versus 211K in April while the unemployment rate to keep at a 10-year low level of 4.4%.
[VASU MENON, OCBC Bank Vice President, Group Wealth Management] "This Friday is gonna be quite critical. The employment numbers coming out of the US, and I think on average of the first 4 month this year, employment growth also 185,000. If you get 180,000 number this Friday, I think it's gonna provide market some support because markets will say, look ,the economy is holding up and that's sth to look forward to even Trump fails to deliver in all fronts."
Speaking to bankers in Singapore at the annual Symposium on Asian Banking and Finance on Monday, San Francisco Federal Reserve president John Williams said that with the US fully recovered from the last recession, the Fed is now closer to its twin goals of maximum employment and price stability than it has ever been.
[John Williams, San Fran FED President] "It's employment and price stability; we are focused on the medium term. Obviously last summer there were a lot of concerns about global growth, not just about China, but emerging market countries, and obviously the effects of strong dollar on the US economic outlook. We are focused on where the US economy is worth going."
Meanwhile, euro will be in focus as well, as interest will be paid to union's inflation rate, coming out on Wednesday. The flash inflation rate, or CPI for May is predicted to slow down from near ECB's target, below but close 2%. The market expects it to fall to 1.5% again in May, after a pick up to 1.9% in April.
ECB President Mario Draghi told a parliamentary hearing in Brussels on Monday, that "Overall, we remain firmly convinced that an extraordinary amount of monetary policy support, including through our forward guidance, is still necessary for the present level of underutilized resources to be re-absorbed and for inflation to return to and durably stabilize around levels close to 2 percent within a meaningful medium-term horizon."
Besides, data coming out from China, including China's official and Caixin PMI indexes, are eyed by global investors.
Markets are now expecting China's official PMI number to decline to 51 from 51.2 in April, while the Caixin PMI to fall a tad to 50.2 from 50.3.
If both numbers were to meet the expectation, it would indicate that China's manufacturing activities are expanding with a lower speed.
CNBC's Qian Chen, reporting from Singapore.