Overview of Economic Events and Corporate Reports for the Week of May 11-15, 2026: U.S. CPI, Eurozone and U.K. GDP, Trump's Visit to China, OPEC and IEA Reports, and Major Public Companies’ Earnings
The week from May 11 to May 15, 2026, is set to be one of the most eventful periods for global investors during the latter half of spring. The focus will be on inflation data from the United States, Germany, China, Brazil, and Russia, preliminary GDP estimates for the Eurozone and the U.K., monthly reports from OPEC and the IEA on the oil market, as well as a two-day visit from U.S. President Donald Trump to China. An additional political and monetary factor will be the expiration of Jerome Powell's term as the head of the Federal Reserve on May 15.
In the stock market, the earnings season for the first quarter of 2026 is ongoing. Though its peak has passed, investors are still closely monitoring the results of major companies from the U.S., Europe, and Asia. According to FactSet, among the companies that have reported so far, 80% have exceeded revenue expectations, and 84% have surpassed earnings per share estimates, which is above the average for the last five and ten years. The reports from technology companies and new buyback programs remain particularly significant, acting as key drivers of growth for the S&P 500, 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 kick off with an important signal from China and a significant political-economic event in the U.S. At 04:30 MSK, consumer inflation data for April from the People's Republic of China will be released. For global markets, this is a key indicator of domestic demand in the largest Asian economy and an important benchmark for the commodities sector, as the dynamics of Chinese prices directly influence expectations concerning oil, metals, and industrial production.
In the U.S., the Trump administration will begin refunding tariffs amounting to approximately $166 billion that were deemed illegal per a court ruling. This could serve as a support factor for working capital in businesses, especially 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 released, aiding in assessing the resilience of the American consumer amidst high rates and expensive mortgages.
- Key Economic Events: CPI for China in April, start of tariff refunds in the U.S., Existing Home Sales in the U.S.
- Reports Before Market Opening: Constellation Energy, Barrick Mining, Circle Internet Group, Telefónica, Fox Corporation, Mosaic, monday.com.
- Reports After Market Closure: Petrobras, Simon Property Group, AST SpaceMobile, Steris, Ovintiv, AECOM, Hims & Hers Health.
For investors, Monday will be a day for assessing consumer demand in China and the real estate market in the U.S., as well as the first test of whether non-big tech companies can maintain a positive earnings season trajectory.
Tuesday, May 12, 2026: U.S. CPI, ZEW Index, Oil Forecasts, and One of the Week's Main Days
Tuesday will be the central day of the week from a macroeconomic perspective. In the morning, inflation data for April from Germany, the Producer Price Index from Switzerland, and the May ZEW economic expectations indices for Germany and the Eurozone will be released. These publications will reveal how resilient business sentiment remains in Europe and how the market assesses the prospects for easing by the European Central Bank.
The headline event is scheduled for 15:30 MSK — the release of U.S. consumer inflation data for April. This release has the potential to set the directional tone for the dollar, Treasury yields, and stock indices for the remainder of the week. If core inflation exceeds expectations, the market may adjust its timeline for any forthcoming interest rate cuts from the Fed. Additional signals will emerge from the U.S. in the form of the weekly ADP employment report, the federal budget for April, the WASDE report on the global agricultural market, and the U.S. Energy Department’s short-term oil forecasts.
- Key Economic Events: CPI for Germany, PPI for Switzerland, ZEW for Germany and the Eurozone, CPI for Brazil, ADP Employment, CPI for the U.S., WASDE, short-term forecasts from the U.S. Energy Department on oil, federal budget in the U.S., weekly API oil inventory data.
- Reports Before Market Opening: KBC Group, Sea Limited, Bayer, JD.com, Vodafone, Qnity Electronics, George Weston, Millicom International Cellular, Under Armour.
- Reports After Market Closure: 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 could heighten or diminish expectations for rate cuts, thereby altering the valuation of growth stock multiples, banks, and consumer sector companies.
Wednesday, May 13, 2026: Eurozone GDP, OPEC and IEA Reports, U.S. PPI, and Reports from Chinese Tech Giants
On Wednesday, investor attention will be split between Europe, the oil market, and major companies in Asia. At 12:00 MSK, the preliminary estimate for Eurozone GDP for the first quarter of 2026 will be released. This indicator will allow for evaluating the region's economic growth rates following a period of sluggish industrial activity and understanding whether expectations for further easing of monetary policy by the ECB are justified.
On the same day, two key reports for the oil market will be published: the monthly report from the International Energy Agency at 12:00 MSK and the monthly report from OPEC at 14:00 MSK. Investors will compare forecasts for global demand, production from non-OPEC+ countries, and market balance for the second half of the year. At 15:30 MSK, the U.S. will release the Producer Price Index for April, followed by the Energy Department’s official oil inventory data at 17:30 MSK.
- Key Economic Events: preliminary Eurozone GDP, monthly reports from the IEA and OPEC, PPI for the U.S., EIA oil inventories.
- Reports Before Market Opening: Tencent, Alibaba, Deutsche Telekom, E.ON, Takeda Pharmaceutical, Nebius Group, ABN AMRO, Hydro One, Tower Semiconductor, Birkenstock.
- Reports After Market Closure: Cisco Systems, Manulife Financial, Stantec, CCL Industries, Amdocs, USA Rare Earth.
Wednesday will become one of the most significant days of the week for investors in Chinese equities and commodity assets. Reports from Tencent and Alibaba will provide insight into the pace of artificial intelligence monetization, advertising revenues, and e-commerce dynamics in China, while results from Cisco will serve as an indicator of corporate IT infrastructure spending.
Thursday, May 14, 2026: U.K. GDP, Lagarde’s Speech, First Day of Trump’s Visit to China
On Thursday, geopolitical factors and European macro statistics will take center stage. The first day of Donald Trump’s visit to China will commence, which the market will view through the lens of trade negotiations, future tariff policies, access to technologies, and prospects for bilateral procurement of raw materials, agricultural products, and industrial goods. Any statements from both sides could influence Chinese equities, semiconductor manufacturers, commodity markets, and currencies of emerging economies.
At 09:00 MSK, the U.K. will present the preliminary estimate of GDP for the first quarter. At 12:15 MSK, European Central Bank President Christine Lagarde is scheduled to speak, from whom the market will look for signals regarding the future trajectory of interest rates in the Eurozone. Later in the day, data on initial jobless claims in the U.S., Russia’s trade balance for March, and weekly natural gas inventory figures from the U.S. will be released. Trading in Switzerland will be halted for the day.
- Key Economic Events: first day of Trump’s visit to China, U.K. GDP, Christine Lagarde’s speech, Initial Jobless Claims in the U.S., trade balance of Russia, EIA gas inventories.
- Reports Before Market Opening: Brookfield Corporation, Honda Motor, Viking Holdings, Telefónica, NOVA, United Utilities, AtkinsRéalis, Bullish, Dillard’s, YETI Holdings.
- Reports After Market Closure: Applied Materials, Nu Holdings, Credicorp, China Gold International Resources, Figma, Cellcuity, Marfrig Global Foods, York Space Systems.
Investors will pay special attention to the results from Applied Materials as a key supplier to the semiconductor industry, Nu Holdings as an indicator of digital banking in Latin America, and the publications from Brookfield and Honda that reflect the state of global investment and automotive cycles.
Friday, May 15, 2026: Second Day of Trump’s Visit to China, Powell’s Term-End, and Russian Inflation
Friday will consolidate political, monetary, and macroeconomic risks. It will mark the second day of Donald Trump’s visit to China, while in the U.S., Jerome Powell's term as Chair of the Federal Reserve will formally expire. Even if markets have already partially priced in a leadership change at the Fed, any statements regarding the successor and the future course of monetary policy could heighten volatility in bonds, the dollar, and equities.
Early in the morning, Japan will publish the Producer Price Index for April, which is important for assessing inflationary pressure in the country and future decisions by the Bank of Japan. The U.S. will release the May Empire State Manufacturing Index and industrial production data for April. At 19:00 MSK, Russia will present fresh data on consumer inflation, which will be crucial for expectations regarding any future decisions from the Bank of Russia.
- Key Economic Events: second day of Trump’s visit to China, expiration of Jerome Powell’s term as Fed Chair, PPI for Japan, NY Empire State Manufacturing Index, U.S. industrial production, CPI of Russia.
- Reports Before Market Opening: RBC Bearings, World Kinect, Onex Corporation, Sigma Lithium.
Friday may become a day for reassessing expectations regarding global monetary policy. For investors in Russian assets, data on inflation is particularly significant as they can impact expectations regarding the key rate, the bond market, and borrowing costs.
U.S. Earnings Season: The Peak Has Passed, but the Market Remains Dependent on Profit Quality
Although the primary peak of the earnings season has now passed, the significance of releases during the week of May 11-15 remains high. The market has approached mid-May with robust statistics: 80% of companies that have reported so far outperformed analysts' revenue expectations, while 84% exceeded earnings per share estimates. These figures significantly surpass average levels from the past five and ten years, confirming the resilience of corporate margins even in the face of high interest rates and persistent inflation.
The key driver of growth in the U.S. market remains the big tech companies. The largest technology firms continue to report leading profit growth and announce new stock buyback programs. It is precisely buybacks, along with strong cash flows and expectations surrounding artificial intelligence, that keep the S&P 500 at historical highs. However, this week the market will also closely monitor second-tier companies, from equipment manufacturers to banks, commodity groups, and consumer brands. Their results will help gauge how broad-based the profit growth is beyond the largest tech corporations.
Investor Considerations for the Week of May 11-15, 2026
- U.S. Inflation. The April CPI on Tuesday will be the week’s major release and will define expectations regarding the Fed's rate path for the coming months.
- Oil Market. Reports from OPEC, the IEA, and the U.S. Energy Department, as well as oil inventory data, will help assess supply and demand balance ahead of the summer season.
- U.S.-China Negotiations. Trump's visit to China could influence the trade agenda, technology sector, commodity markets, and global investors' risk appetite.
- Era Transition at the Fed. The expiration of Jerome Powell’s term could enhance focus on the future independence of the regulator and its policy.
- Corporate Profit Quality. Following record levels of the S&P 500, investors will seek not only actual company results but also management's forecasts for the second half of the year.
Overall, the week of May 11-15, 2026, unites several factors capable of altering market expectations: inflation, geopolitics, oil balance, macroeconomic growth, and corporate earnings. For investors worldwide, it will be a period where market direction could be determined not by a single event, but by a combination of signals from the U.S., Europe, China, and the commodity sector.
