Morgan Stanley Research previews the UK monthly GDP report on Friday.

"We expect decent payback across services categories, following very robust February and March data. Such a pattern fits with what we have previously seen in 2Q figures. Manufacturing-wise, PMI data seems to suggest a healthy impetus for the sector in the form of front-loading activity due to concerns around shortages later in the year. Hence, we model a healthy 0.4%M pick-up in industrial production," MS notes.

"We do see a sharp correction in construction activity, however. On net, we see a 0.2%M contraction, with balanced to mildly downside risks around this number. We see 2Q GDP growth at 0.1%Q," MS adds.