Overview of Economic Events and Corporate Reports for the Week of May 11–15, 2026: US CPI, Eurozone and UK GDP, Trump's Visit to China, OPEC and IEA Reports, Major Public Company Earnings
The week of May 11–15, 2026, promises to be one of the most eventful for global investors in the latter half of spring. Key focal points will include inflation data from the US, Germany, China, Brazil, and Russia, preliminary GDP estimates for the Eurozone and the UK, monthly reports from OPEC and the IEA concerning the oil market, and a two-day visit by US President Donald Trump to China. An additional political and monetary factor will be Jerome Powell's term as chair of the Federal Reserve, which ends on May 15.
The stock market is in the midst of the corporate earnings season for the first quarter of 2026. While the peak has already passed, investors are still closely monitoring results from major companies in the US, Europe, and Asia. According to FactSet, among the companies that have reported, 80% exceeded revenue expectations, and 84% exceeded earnings per share, which is above the average for the last five and ten years. Reports from technology companies and new buyback programs continue to be significant drivers of growth for the S&P 500, which is trading at record levels.
Monday, May 11, 2026: Inflation in China, US Housing Market, and Start of Tariff Refunds
The week will begin with important signals from China and a significant political-economic event in the US. At 04:30 MSK, consumer inflation data for April will be released in China. 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 impact expectations for oil, metals, and industrial production.
In the US, the Trump administration will begin refunding tariffs totaling approximately $166 billion deemed illegal under a court ruling. This could provide a boost to working capital for 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 US for April will be published, helping to assess the resilience of American consumers amid high rates and expensive mortgages.
- Key Economic Events: China's April CPI, start of the illegal tariff refunds in the US, Existing Home Sales in the US.
- Earnings Reports Before Market Open: Constellation Energy, Barrick Mining, Circle Internet Group, Telefónica, Fox Corporation, Mosaic, monday.com.
- Earnings Reports After Market Close: 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 US real estate market, as well as the first test of whether companies outside the big tech sector can maintain a positive earnings season trend.
Tuesday, May 12, 2026: US CPI, ZEW Index, Oil Forecasts, and One of the Week's Major Days
Tuesday will be the central day of the week from a macroeconomic perspective. In the morning, April inflation data from Germany, the producer price index in Switzerland, and May economic expectations indices (ZEW) for Germany and the Eurozone will be released. These releases will indicate how resilient business sentiment recovery remains in Europe and how the market perceives the prospects for easing the European Central Bank's (ECB) policies.
The main event of the day is scheduled for 15:30 MSK — the publication of consumer inflation in the US for April. This report has the potential to set the direction for the dollar, Treasury yields, and stock indices for the remainder of the week. If core inflation exceeds expectations, the market could reassess the timeline for potential Fed rate cuts. Additional signals will emerge from the US in the form of the weekly ADP employment report, the federal budget for April, the WASDE report on the global agricultural market, and short-term oil forecasts from the US Department of Energy.
- Key Economic Events: Germany's CPI, Switzerland’s PPI, ZEW for Germany and Eurozone, Brazil's CPI, ADP Employment, US CPI, WASDE, short-term oil forecasts from the US Department of Energy, US federal budget, API weekly crude oil inventories.
- Earnings Reports Before Market Open: KBC Group, Sea Limited, Bayer, JD.com, Vodafone, Qnity Electronics, George Weston, Millicom International Cellular, Under Armour.
- Earnings Reports After Market Close: Franco-Nevada, Constellation Software, Power Corporation of Canada, Ecopetrol, Oklo, Finning International, Karman Space & Defense.
For the stock market, Tuesday will be critical: the US inflation data has the potential to reinforce or diminish expectations for rate cuts, thereby affecting the valuation of growth stocks, banks, and consumer sector companies.
Wednesday, May 13, 2026: Eurozone GDP, OPEC and IEA Reports, US PPI, and Earnings from Chinese Tech Giants
On Wednesday, attention will shift to Europe, the oil market, and the largest companies in Asia. At 12:00 MSK, preliminary Eurozone GDP data for the first quarter of 2026 will be released. This metric will allow investors to assess the region's economic growth rate after a period of weak industrial activity and understand the appropriateness of expectations for further easing of ECB monetary policy.
On the same day, two key reports for the oil market will be released: the IEA's monthly report at 12:00 MSK and OPEC's monthly report at 14:00 MSK. Investors will compare forecasts for global demand, production from non-OPEC+ countries, and the market balance for the second half of the year. At 15:30 MSK, the US will publish its producer price index for April, and at 17:30 MSK, the official US Department of Energy data on oil inventories will be released.
- Key Economic Events: preliminary Eurozone GDP, IEA and OPEC monthly reports, US PPI, EIA oil inventories.
- Earnings Reports Before Market Open: Tencent, Alibaba, Deutsche Telekom, E.ON, Takeda Pharmaceutical, Nebius Group, ABN AMRO, Hydro One, Tower Semiconductor, Birkenstock.
- Earnings Reports After Market Close: Cisco Systems, Manulife Financial, Stantec, CCL Industries, Amdocs, USA Rare Earth.
Wednesday will be one of the most significant days of the week for investors in Chinese stocks and commodity assets. The reports from Tencent and Alibaba will provide insight 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 IT spending.
Thursday, May 14, 2026: UK GDP, Lagarde's Speech, First Day of Trump's Visit to China
On Thursday, geopolitics and European macro statistics will take center stage. The first day of Donald Trump's visit to China will begin, with the market analyzing it through the lens of trade negotiations, future tariff policies, technology access, and prospects for bilateral procurement of raw materials, agricultural products, and industrial goods. Any statements from either side could impact Chinese stocks, semiconductor manufacturers, commodity markets, and currencies in developing countries.
At 09:00 MSK, the UK will present its preliminary GDP estimate for the first quarter. At 12:15 MSK, ECB President Christine Lagarde is scheduled to speak, with the market looking for signals regarding the future trajectory of interest rates in the Eurozone. Later in the day, data on initial jobless claims in the US, Russia's trade balance for March, and weekly data on US natural gas inventories will be released. Trading in Switzerland will not occur.
- Key Economic Events: first day of Trump's visit to China, UK GDP, Christine Lagarde's speech, Initial Jobless Claims in the US, Russia's trade balance, EIA gas inventories.
- Earnings Reports Before Market Open: Brookfield Corporation, Honda Motor, Viking Holdings, Telefónica, NOVA, United Utilities, AtkinsRéalis, Bullish, Dillard’s, YETI Holdings.
- Earnings Reports After Market Close: 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 of Applied Materials as one of the key suppliers of equipment to the semiconductor industry, Nu Holdings as an indicator of digital banking in Latin America, as well as the reports from Brookfield and Honda, reflecting the state of global investment and automotive cycles.
Friday, May 15, 2026: Second Day of Trump's Visit to China, Powell's Term Conclusion, and Russian Inflation
Friday will merge political, monetary, and macroeconomic risks. The second day of Donald Trump's visit to China will continue, while in the US the term of Jerome Powell as chair of the Federal Reserve officially ends. Even if markets have already partially priced in the scenario of a leadership change at the Fed, any statements regarding a successor and future monetary policy course could amplify 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 Bank of Japan decisions. In the US, the May Empire State Manufacturing Index and data on industrial production for April will be released. At 19:00 MSK, Russia will present updated consumer inflation data, which will be crucial for 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 Fed chair, Japan's PPI, NY Empire State Manufacturing Index, US industrial production, CPI Russia.
- Earnings Reports Before Market Open: RBC Bearings, World Kinect, Onex Corporation, Sigma Lithium.
Friday may serve as a day for reevaluating expectations regarding global monetary policy. For investors in Russian assets, inflation data will be particularly significant, as they may influence expectations regarding the key rate, the bond market, and borrowing costs.
The US Earnings Season: Peak Passed, but the Market Still Dependent on Profit Quality
Although the main peak of the earnings season has passed, the significance of reports during the week of May 11–15 remains high. The market has approached mid-May on a strong statistical footing: 80% of companies that have already reported exceeded analyst expectations for revenue, while 84% exceeded earnings per share. These figures significantly surpass the average levels of the past five and ten years, confirming the resilience of corporate margins even amid high interest rates and persistent inflation.
The key driver of growth in the US market continues to be big tech. Major technology companies are still demonstrating leading profit growth and announcing new share buyback programs. In fact, buybacks, along with high cash flows and expectations surrounding artificial intelligence, are keeping the S&P 500 at historical highs. However, this week, the market will also closely monitor mid-tier companies — from equipment manufacturers to banks, commodity groups, and consumer brands. Their results will help gauge the breadth of profit growth beyond the largest technology corporations.
What Investors Should Watch During the Week of May 11–15, 2026
- US Inflation. The April CPI report on Tuesday will be the week's main release and will set expectations for the Fed rate in the coming months.
- The Oil Market. Reports from OPEC, the IEA, and the US Department of Energy, along with oil inventory data, will help assess the supply and demand balance ahead of the summer season.
- US-China Negotiations. Trump's visit to China may influence the trade agenda, the tech sector, commodity markets, and the risk appetite of global investors.
- Changing of the Guard at the Fed. The conclusion of Jerome Powell's term may heighten attention to the regulator's future independence and policies.
- Quality of Corporate Profits. After record levels for the S&P 500, investors will be focused not only on actual company results but also on management forecasts for the second half of the year.
Overall, the week of May 11–15, 2026, brings together several factors capable of altering market expectations: inflation, geopolitics, oil balance, macroeconomic growth, and corporate profits. For investors worldwide, it will be a period where market direction may be determined not by a single event, but rather by a combination of signals from the US, Europe, China, and the commodities sector.
