German industrial orders rose 3.6% month-on-month in March, exceeding forecasts of 1.3% and improving from 0.0% in February, according to the German Economy Ministry. Year-on-year factory orders adjusted for working days increased 3.8%, surpassing the estimated 1.2%. German industrial production also grew 3.0% month-on-month in March, ahead of the 1.0% forecast and rebounding from a 1.3% decline in February. The German trade balance improved to 21.1 billion euros in March, above the expected 19.1 billion euros and the previous 17.7 billion euros, with exports rising 1.1% month-on-month and imports falling 1.4%. The German construction Purchasing Managers' Index (PMI) increased to 45.1 from 40.3. In France, the current account recorded a surplus of 1.4 billion euros, reversing a deficit of 1.9 billion euros previously. French non-farm payrolls were stable quarter-on-quarter, improving from a 0.3% decline. The French trade balance deficit narrowed to 6.248 billion euros from 7.87 billion euros. The French construction PMI slightly decreased to 43.6. Italy's retail sales fell 0.5% month-on-month and 2.8% year-on-year, missing forecasts. The Italian construction PMI stood at 50.1, down from 52.4. The Eurozone construction PMI rose to 46.0, and retail sales declined 0.1% month-on-month with a 1.5% year-on-year increase, both below expectations. The UK construction PMI for April was 46.6, slightly above estimates. In Sweden, industrial orders surged 5.2% month-on-month in March, while household consumption declined 0.4%. The Swedish Riksbank maintained its policy rate at 2.25%, noting inflation risks that could lead to rate cuts later in the year. Norges Bank held its policy rate at 4.50%, signaling a likely cut during 2025 amid inflation remaining above target. Norway's consumer price index rose 0.7% month-on-month and 2.5% year-on-year in April. Japanese household spending increased 2.1% year-on-year in March, with real wages declining. The Japanese leading economic indicator fell slightly to 107.7 in March.