Key Events are the initial week’s data is generally dull, with most top-tier indicators releasing in the final two days.
Monday – May 27
Key Events on watch
US
- Markets Closed in Observance of Memorial Day
Earnings
- holiday
Global
- UK/US Holidays,
- German IFO.
Tuesday – May 28
US Consumer Confidence
US Consumer Confidence is expected to drop to 95.9 in May, reaching its lowest level since July 2022, due to concerns about labor market conditions, future business conditions, and income.
Key Events on watch
US
- 12:55 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Fedâs Mester Speaks at Bank of Japan Event
- 7:45 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â ICSC Weekly Retail Sales
- 9:00 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Monthly Home Prices M/M for March
- 9:00 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â CaseShiller 20-city index for March
- 9:55 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Fedâs Kashkari Gives Panel Remarks
- 10:00 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Consumer Confidence for May
- 10:30 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Dallas Fed manufacturing for May
- 1:00 PM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â US Treasury to sell $69B of 2-year notes.
- 1:00 PM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â US Treasury to sell $70B in 5-year notes.
Other Key Events on watch
- Goldman Sachs Electrify Europe: Utilities and Clean Energy Conference, 5/28-5/29, in London.
- Goldman Sachs Global Semiconductor Conference, 5/28-5/30, in New York
- Keybanc Industrials and Basic Materials Conference 5/28-5/30, in Boston, MA
Earnings
- Box (BOX),
- CAVA Group (CAVA),
- Bank of Nova Scotia (BNS)
Global
- Australia Retail Sales,
- Canada PPI,
- US Consumer Confidence.
Wednesday – May 29
Australian Monthly CPI
The Australian Monthly CPI Y/Y is expected to be 3.4%, a slight increase from 3.5%. The RBA’s focus is on quarterly CPI readings, but the monthly indicator can guide trends.
Key Events on watch
US
- 7:00 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â MBA Mortgage Applications Data
- 8:55 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Johnson/Redbook Weekly Sales
- 10:00 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Richmond Fed Manufacturing Index for May
- 2:00 PM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Federal Reserve Releases Beige Book
- 1:00 PM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â US Treasury to sell $44B in 7-year notes.
- 4:30 PM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â API Weekly Inventory Data
Other Key Events on watch
- Craig Hallum 21st Annual Institutional Investor Conference, 5/29 in Minnesota
- Deutsche Bank 14th Annual Global Financial Services Conference, 5/29-5/30 in New York
- Goldman Sachs Electrify Europe: Utilities and Clean Energy Conference, 5/28-5/29, in London
- Goldman Sachs Global Semiconductor Conference, 5/28-5/30, in New York
- Jefferies Software Conference, 5/29-5/30, in Newport, CA
- Keybanc Industrials and Basic Materials Conference 5/28-5/30, in Boston, MA
- TD Cowen 52nd Annual Technology, Media & Telecom Conference, 5/29-5/30, in New York
Earnings
- Salesforce (CRM),
- Dick’s Sporting Goods (DKS),
- Chewy (CHWY),
- HP Inc. (HPQ),
- Pure Storage (PSTG),
- Capri Holdings (CPRI)
- Okta (OKTA).
- C3.ai (AI)
- Abercrombie & Fitch (ANF) .
Global
- Australia Monthly CPI,
- Fed Beige Book.
Thursday – May 30
Eurozone Unemployment Rate
The Eurozone Unemployment Rate is expected to remain at 6.5%, indicating a tight labor market. The Eurozone Negotiated Wage Growth for Q1 2024 was higher than the prior quarter, causing the ECB less confidence in rate cuts.
US Jobless Claims
US Jobless Claims are crucial weekly indicators of the labor market’s state, as a weakening market is more likely to lead to disinflation. Initial Claims are expected to be 218K this week, while Continuing Claims remain stable at 1800K.
Key Events on watch
USA
- 8:30 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Weekly Jobless Claims
- 8:30 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Continuing Claims
- 8:30 AM ET                  Gross Domestic Product (GDP) 2nd estimate for Q1
- 8:30 AM ET                  GDP Price Deflator 2nd est. for Q1
- 8:30 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GDP Consumer Spending for Q1
- 8:30 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â PCE Prices Prelim for Q1
- 8:30 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Core PCE Prices Prelim for Q1
- 8:30 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Advance Goods Trade Balance for April
- 10:00 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Pending Home Sales M/M for April
- 10:30 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Weekly EIA Natural Gas Inventory Data
- 11:00 AM ET Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Weekly DOE Inventory Data
- 12:05 PM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Fedâs Williams Speaks at Economic Club of New York
Other Key events
- Deutsche Bank 14th Annual Global Financial Services Conference, 5/29-5/30 in New York
- Goldman Sachs Global Semiconductor Conference, 5/28-5/30, in New York
- Jefferies Software Conference, 5/29-5/30, in Newport, CA
- Keybanc Industrials and Basic Materials Conference 5/28-5/30, in Boston, MA
- TD Cowen 52nd Annual Technology, Media & Telecom Conference, 5/29-5/30, in New York
- China NBS Manufacturing and Services for May
Earnings
- Best Buy (BBY),
- Birkenstock (BIRK),
- Royal Bank of Canada (RY),
- Dollar General (DG),
- Foot Locker (FL),
- Costco (COST),
- Gap (GPS),
- Marvell (MRVL),
- Dell (DELL),
- NetApp (NTAP),
- Nordstrom (JWN).
- Asana (ASAN)
Global
- Switzerland GDP,
- Eurozone Unemployment Rate,
- US GDP 2nd Estimate,
- US Jobless Claims.
Friday – May 31
Tokyo Core CPI
The Tokyo Core CPI Y/Y is expected to be 1.9%, despite a drop in inflation due to high school tuition elimination. Japan’s inflation remains easing, preventing a rate hike.
Chinese Manufacturing PMI
The Chinese Manufacturing PMI is expected to be 50.5 vs. 50.4, while the Services PMI is 51.5 vs. 51.2, indicating a struggling economy due to weak domestic demand, deflation risk, and property sector weakness.
Eurozone Core CPI
Eurozone Headline and Core CPI Y/Y are expected to rise, influencing market expectations for rate cuts. Hot inflation data, wage growth, and labour market reports may prompt a hawkish repricing of interest rates expectations.
US PCE
The US Headline PCE Y/Y is expected to be 2.6%, Core PCE at 2.75%, and M/M at 0.26%. The Fed is expected to deliver the first cut on a meeting containing the SEP, despite calls of cuts in July or November.
Key Events on watch
USA
- 8:30 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Personal Income M/M for April
- 8:30 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Personal Spending M/M for April
- 8:30 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â PCE Price Index M/M for April
- 8:30 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â PCE Price Index Y/Y for April
- 8:30 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Core PCE Price Index M/M for April
- 8:30 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Core PCE Price Index Y/Y for April
- 9:45 AM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Chicago PMI for May
- 1:00 PM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Baker Hughes Weekly rig count data
- 6:15 PM ETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Fedâs Bostic Gives Commencement Speech
Other Key events
American Society of Clinical Oncology (ASCO), 5/31-6/4, in Chicago, IL
Earnings
- Genesco GCO)
- Frontline (FRO).
Global
- Tokyo CPI
- Japan Retail Sales
- Industrial Production
- China PMIs
- Switzerland Retail Sales
- Switzerland Manufacturing PMI
- Eurozone Flash CPI
- Canada GDP
- US PCE.
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