Overview of Economic Events and Corporate Reports for the Week of May 11-15, 2026: U.S. CPI, Eurozone and UK GDP, Trump's Visit to China, OPEC and IEA Reports, and Earnings from Major Public Companies
The week of May 11-15, 2026, is set to be one of the most eventful for global investors in the latter half of spring. Key focus areas will include inflation data from the U.S., Germany, China, Brazil, and Russia; preliminary GDP estimates for the Eurozone and the UK; monthly reports from OPEC and the IEA regarding the oil market; and U.S. President Donald Trump’s two-day visit to China. Additionally, the conclusion of Jerome Powell's term as chair of the Federal Reserve on May 15 will serve as a significant political and monetary factor.
The earnings season for the first quarter of 2026 continues on the stock market. Although the peak has passed, investors are still closely monitoring the results of the largest companies from the U.S., Europe, and Asia. According to FactSet, 80% of companies that have reported so far exceeded revenue expectations, while 84% surpassed earnings per share projections, significantly above the average levels for the past five and ten years. Reports from technology companies and new buyback programs remain crucial growth drivers for the S&P 500 index, which is trading at record levels.
Monday, May 11, 2026: Inflation in China, U.S. Housing Market, and Start of Tariff Refunds
The week will begin with significant signals from China and an important political-economic event in the U.S. At 04:30 MSK, consumer inflation data for April in China will be released. For global markets, this is a key indicator of domestic demand in the largest Asian economy and a vital reference for the commodities sector, as the dynamics of Chinese prices directly affect expectations for oil, metals, and industrial production.
In the U.S., the Trump administration will commence refunds on approximately $166 billion in tariffs deemed illegal by a court ruling. For businesses, this may serve as a supportive factor for working capital, particularly for importers, retailers, logistics firms, and companies heavily reliant on external supplies. At 17:00 MSK, data on existing home sales in the U.S. for April will be published, providing insight into the resilience of the American consumer amid high interest rates and expensive mortgages.
- Key Economic Events: China's CPI for April, start of illegal tariff refunds in the U.S., Existing Home Sales in the U.S.
- Earnings Reports Before Market Opens: Constellation Energy, Barrick Mining, Circle Internet Group, Telefónica, Fox Corporation, Mosaic, monday.com.
- Earnings Reports After Market Closes: Petrobras, Simon Property Group, AST SpaceMobile, Steris, Ovintiv, AECOM, Hims & Hers Health.
For investors, Monday will be a day to assess consumer demand in China and the U.S. housing market, along with the first test of whether non-big tech companies can sustain a positive earnings season trend.
Tuesday, May 12, 2026: U.S. CPI, ZEW Index, Oil Forecasts, and One of the Key Days of the Week
Tuesday will be the central day of the week from a macroeconomic standpoint. In the morning, April inflation data for Germany, the producer price index (PPI) for Switzerland, and May business sentiment indices (ZEW) for Germany and the Eurozone will be released. These releases will indicate how resilient the recovery in business sentiment is in Europe and how the market evaluates the prospects for monetary policy easing by the European Central Bank.
The main event of the day is scheduled for 15:30 MSK — the publication of the U.S. consumer inflation data for April. This release could set the direction for the dollar, Treasury yields, and stock indices for the remainder of the week. Should core inflation exceed expectations, the market may revise its timelines for future rate cuts by the Federal Reserve. Additional signals will come from the U.S. in the form of the weekly ADP employment report, the federal budget for April, the WASDE report on global agricultural markets, and short-term oil forecasts from the U.S. Energy Information Administration.
- Key Economic Events: CPI for Germany, PPI for Switzerland, ZEW for Germany and the Eurozone, CPI for Brazil, ADP Employment Report, CPI for the U.S., WASDE, short-term oil forecasts from the U.S. Energy Department, federal budget in the U.S., weekly API oil inventories.
- Earnings Reports Before Market Opens: KBC Group, Sea Limited, Bayer, JD.com, Vodafone, Qnity Electronics, George Weston, Millicom International Cellular, Under Armour.
- Earnings Reports After Market Closes: Franco-Nevada, Constellation Software, Power Corporation of Canada, Ecopetrol, Oklo, Finning International, Karman Space & Defense.
For the stock market, Tuesday will be critical: U.S. inflation data has the potential to reinforce or diminish expectations for rate cuts, thus affecting valuations of growth stocks, banks, and consumer sector companies.
Wednesday, May 13, 2026: Eurozone GDP, OPEC and IEA Reports, U.S. PPI, and Earnings from Chinese Tech Giants
On Wednesday, investors' attention will be distributed among Europe, the oil market, and the largest companies in Asia. At 12:00 MSK, a preliminary estimate of Eurozone GDP for the first quarter of 2026 will be published. This figure will help assess the region's economic growth pace following a period of weak industrial activity and to understand how justified expectations for further easing in ECB monetary policy are.
On the same day, two key reports for the oil market will be released: the IEA's monthly report at 12:00 MSK and the monthly OPEC report at 14:00 MSK. Investors will compare forecasts for global demand and production from non-OPEC+ countries and market balance in the second half of the year. At 15:30 MSK, the U.S. will publish its April PPI, followed by official data from the Energy Department on oil inventories at 17:30 MSK.
- Key Economic Events: preliminary Eurozone GDP, monthly IEA and OPEC reports, U.S. PPI, EIA oil inventories.
- Earnings Reports Before Market Opens: Tencent, Alibaba, Deutsche Telekom, E.ON, Takeda Pharmaceutical, Nebius Group, ABN AMRO, Hydro One, Tower Semiconductor, Birkenstock.
- Earnings Reports After Market Closes: Cisco Systems, Manulife Financial, Stantec, CCL Industries, Amdocs, USA Rare Earth.
Wednesday will be one of the most important days of the week for investors in Chinese stocks and commodities. Reports from Tencent and Alibaba will provide insights into the pace of AI monetization, advertising revenue, and e-commerce dynamics in China, while Cisco’s results will serve as an indicator of corporate spending on IT infrastructure.
Thursday, May 14, 2026: UK GDP, Lagarde's Speech, First Day of Trump's Visit to China
On Thursday, geopolitical issues and European macroeconomic statistics will take center stage. The first day of Donald Trump's visit to China will begin, with the market viewing it through the lens of trade negotiations, future tariff policies, access to technology, and the outlook for bilateral purchases of raw materials, agricultural products, and industrial goods. Any statements from both parties could impact Chinese stocks, semiconductor manufacturers, commodity markets, and currencies of emerging markets.
At 09:00 MSK, the UK will present preliminary GDP estimates for the first quarter. At 12:15 MSK, ECB President Christine Lagarde is scheduled to speak, with the market expecting clues about the future trajectory of interest rates in the Eurozone. Later, data will be released on initial jobless claims in the U.S., Russia’s trade balance for March, and weekly natural gas inventory data in the U.S. Trading in Switzerland will be suspended.
- Key Economic Events: First day of Trump’s visit to China, UK GDP, Christine Lagarde's speech, U.S. Initial Jobless Claims, Russia’s trade balance, EIA gas inventories.
- Earnings Reports Before Market Opens: Brookfield Corporation, Honda Motor, Viking Holdings, Telefónica, NOVA, United Utilities, AtkinsRéalis, Bullish, Dillard’s, YETI Holdings.
- Earnings Reports After Market Closes: Applied Materials, Nu Holdings, Credicorp, China Gold International Resources, Figma, Cellcuity, Marfrig Global Foods, York Space Systems.
Investors will have a special interest in the results from Applied Materials as a key supplier of equipment for the semiconductor industry, the Nu Holdings report as an indicator of digital banking in Latin America, and the publications from Brookfield and Honda, which reflect the state of global investment and automotive cycles.
Friday, May 15, 2026: Second Day of Trump's Visit to China, End of Powell's Term, and Russian Inflation
Friday will encapsulate political, monetary, and macroeconomic risks. The second day of Donald Trump's visit to China will continue, while in the U.S., Jerome Powell's term as chair of the Federal Reserve will formally come to an end. Even if markets have partially factored in a leadership change at the Fed, any statements regarding a successor and the future trajectory of monetary policy could heighten volatility in bonds, the dollar, and equities.
Early in the morning, Japan will release its April PPI, crucial for assessing inflationary pressure in the country and future decisions by the Bank of Japan. In the U.S., the Empire State Manufacturing index for May and industrial production data for April will be published. At 19:00 MSK, Russia will present fresh consumer inflation data that will be key to expectations for future decisions by the Bank of Russia.
- Key Economic Events: Second day of Trump’s visit to China, conclusion of Jerome Powell's term as chair of the Fed, Japan’s PPI, NY Empire State Manufacturing Index, U.S. industrial production, CPI in Russia.
- Earnings Reports Before Market Opens: RBC Bearings, World Kinect, Onex Corporation, Sigma Lithium.
Friday may become a day for reassessing expectations around global monetary policy. For investors in Russian assets, inflation data will be particularly important as it could affect expectations regarding the key rate, the bond market, and borrowing costs.
U.S. Earnings Season: Peak Passed, but the Market Still Depends on Profit Quality
Although the peak of the earnings season has already passed, the significance of publications during the week of May 11-15 remains high. The market has arrived at mid-May on strong statistics: 80% of companies that have reported results have surpassed analysts' revenue expectations, while 84% have exceeded earnings per share projections. These figures significantly exceed average levels over the past five and ten years, indicating corporate margin resilience even amidst high-interest rates and persistent inflation.
The key growth driver for the U.S. market remains the big tech companies. The largest technology firms continue to demonstrate leading profit growth and announce new share buyback programs. Buybacks, alongside strong cash flows and expectations surrounding artificial intelligence, support the S&P 500 at historical highs. However, this week, the market will closely monitor second-tier companies ranging from equipment manufacturers to banks, commodity groups, and consumer brands. Their results will help clarify how broad-based profit growth is beyond the largest tech corporations.
What Investors Should Focus on During the Week of May 11-15, 2026
- U.S. Inflation. The April CPI on Tuesday will be the week’s main release and will determine expectations for the Fed's rate in the upcoming months.
- Oil Market. Reports from OPEC, IEA, and the U.S. Energy Department, along with oil inventory data, will help assess the balance between supply and demand ahead of the summer season.
- U.S.-China Negotiations. Trump's visit to China could influence the trade agenda, the technology sector, commodity markets, and the risk appetite of global investors.
- Era Change at the Fed. The conclusion of Jerome Powell’s term may amplify scrutiny of the future independence of the regulator and its monetary policy.
- Quality of Corporate Earnings. With the S&P 500 at record levels, investors will be keen to assess not only actual company results but also management's guidance for the second half of the year.
Overall, the week of May 11-15, 2026, brings together several factors that can reshape market expectations, including inflation, geopolitics, oil balance, macroeconomic growth, and corporate earnings. For investors worldwide, it will be a period where market direction may be influenced not by a single event, but rather by a combination of signals from the U.S., Europe, China, and the commodities sector.
