Japan's unemployment rate is likely to be little changed at 2.3% in March – its lowest level since 1994. This suggests the labour market is tight. Meanwhile, figures for the country's industrial production and retail sales should continue to improve in March, having rose 0.7% and 0.4% respectively in the previous month. In Russia, we expect no changes to the country’s monetary policy. Last month, the central bank adopted a dovish tone. Indeed, Central Bank of Russia Governor Elvira Nabiullina expressed more confidence in a benign outlook for inflation, suggesting that there may be some room for easing policy later this year. Elsewhere, credit-rating agency Fitch will review the UK’s sovereign debt rating. In February, Fitch placed the UK’s AA credit rating on negative watch amid growing uncertainty about Brexit. However, it is unlikely to adjust its rating at this stage after the UK was granted a six-month extension to Brexit negotiations. The new deadline – 31 October 2019 – means that the near-term risk of a no-deal outcome remains low. In the US, consensus forecasts (at the time of writing) suggest that Q1 GDP will come in at a seasonally adjusted annualised rate of 1.8%. That compares to growth of 2.2% in the last three months of 2018. Consumption probably slowed to a seasonally adjusted annual rate of about 1%, down from 2.5% in Q4. Although the government shutdown earlier this year probably had a modest impact on consumption, available monthly hard data for Q1 suggests that other areas probably picked up the slack. In particular, net trade and inventories should make a decent contribution to growth in Q1. Meanwhile, investors will eye Spain’s general election. The country will hold its third election in four years on Sunday, 28 April. Recent polls point to a rise in support for the Socialist Party, but they also suggest that the election will deliver another hung Parliament. As such, it will probably take some time to form a coalition – and the odds that it will be left-leaning are rising.