Europe is showing increasing economic strength and political stability, a contrast to the U.S. where April's data include major disappointments and where politics are clouding the economic agenda.

It's back to the status quo for Europe and an end for now with protectionism, while weakening inflation is the new concern for the U.S. and moderation the continuing concern for China.

Data out of Europe show improving growth and easing risks in contrast to the U.S. which is being hit by very weak consumer spending.

Stable growth is the outlook for Europe, weak consumer spending for the U.S., and extended lifelessness is the call for Japan.

An early general election in the UK is helping the pound while weak retail sales are not helping U.S. GDP. Chinese data appear strong but underlying growth no more than steady.

The Easter shift from March last year to April this year is a special factor for consumer spending in both the U.S. and Europe while it was an extended New Year that has, until now, clouded Chinese data.

An uncertain drop in European inflation, unexpected strength in the U.S. ISM, and rising debt in Australia are only some of the topics.

Confidence is high in the U.S. and Europe but has yet to translate to higher spending or better growth.

Energy and wages are key factors affecting the outlook for inflation and central bank policy as well.

U.S. rates are likely going up to fight inflation while Japanese rates are likely to hold steady to encourage inflation. In Europe, elections and populism are the topics.