London (CNN Business) 1. US economy in focus: Just a few months ago, forecasters saw trouble ahead for the American economy. Not anymore.

The US Bureau of Economic Analysis is due to report gross domestic product at 8:30 a.m. ET, and economists polled by Refinitiv are now projecting 2.1% annualized growth for the first quarter.

That would be only slightly lower than the previous quarter's 2.2% — which followed two robust quarters in mid-2018.

The US labor market has bounced back after disappointing data in February, and wages are growing faster than inflation. Consumer spending is recovering, and retail sales have rebounded after a slow start to 2019.

Perhaps the biggest factor underpinning market confidence: The Federal Reserve predicted that it might hold off on interest rate hikes for the rest of the year.