It’s only taken 15 years but the Nasdaq Index has finally recovered from the dramatic dotcom bust.  Bell-weather technology stocks like Google and Amazon have helped push the technology weighted index along thanks to high-than-expected earnings.  This is not like the dotcom days when the companies had no earnings.
More broadly in the US, the market is now anticipating a rate hike in September. Eyes will be on the following data this week to confirm or change this view:
Firstly - First quarter growth is due out on Wednesday with Wall Street economists estimating an expansion of 1%.
Followed by the US Fed - which will release a statement on Wednesday following a two-day monetary policy meeting. Investors will watch for clues on the timing of the first rate hike with the Fed unlikely to explicitly rule out a June hike in its statement.
Investors are also on edge this week as comments emerge from the meeting of Eurogroup finance ministers in Latvia last week. Although few investors had expected Greece to reach agreement at the meeting over economic reforms, they hadn’t expected the meeting to be described as “heated”.
Fears over Greece might already be dampening economic growth in the European region, offsetting any boost from loose monetary policy and the weakness of the Euro.  Overall, the European region's economic recovery failed to gain pace at the start of Q2.  Looking ahead, there is a clear risk that the growths falls further as concerns about the Greek situation and a possible Greek exit intensify.
The BoJ has provided no indication that additional monetary easing is imminent. However they have a record of surprises and so there is a chance the Bank of Japan will announce more stimulus at their meeting this Thursday.  This could provide another boost to the Japanese equity market.
The main data due out of China this week is the official manufacturing PMI. The flash manufacturing PMI last week suggests that seasonal distortions were not the only factor behind recent weakness and that underlying momentum has softened slightly
However, policymakers in China have begun to adopt a more accommodative stance than a year ago. This should help support economic activity over the coming months. We expect policymakers to roll out more measures to ensure growth doesn't slip too much further.