Global Markets Brace for Busy Data Week as May Ends. As May draws to a close, a busy data schedule will drive markets, featuring the U.S. PCE price index, China PMIs, central bank speakers, and month-end rebalancing flows. On Monday, Bank of Japan Governor Kazuo Ueda and Deputy Governor Shinichi Uchida will speak at the BOJ-IMES conference, alongside Federal Reserve Bank of Cleveland President Loretta Mester and European Central Bank board member Isabel Schnabel. Notably, U.S. and UK markets will be closed on Monday.
For the rest of the week, the U.S. data calendar includes May consumer confidence, the second estimate of Q1 GDP, the Fed Beige Book, the core PCE price index, and Chicago PMI. Additionally, Federal Reserve speakers John Williams, Neel Kashkari, and Raphael Bostic are scheduled to speak. In Japan, BOJ board member Seiji Adachi will give a speech and news conference, with key data releases including services PPI, Tokyo May core CPI, April employment, industrial production, and retail sales.
Eurozone data highlights include flash May HICP, consumer confidence and sentiment indices, and the German Ifo business climate survey and CPI. ECB chief economist Philip Lane will address inflation in the eurozone on Monday. China will release industrial profits on Monday and official May PMIs on Friday, closely watched for signs of recovery in factory and services activity after April’s pullback. Global Markets Brace for Busy Data Week as May Ends.
In Australia, April monthly retail sales and CPI data, along with Q1 capex, could influence policy expectations given the Reserve Bank of Australia’s data-dependent stance. RBA Assistant Governor Sarah Hunter will speak on Thursday. New Zealand’s government budget is due on Thursday, and RBNZ Governor Adrian Orr will speak on Friday. Canada’s April producer prices will be monitored after recent benign CPI data boosted June rate cut expectations, with Q1 current account and GDP also due.
