The Global Week Ahead

May 17

Iran Tensions Spike with Drone Strike on UAE Nuclear Plant, Putin Meets Xi in Beijing, Japan’s Prime Minister Travels to South Korea, and Flash Global PMIs to Show Iran War Impact on Global Economy

May 17 - 24, 2026

Markets are still working through the details of President Trump’s visit to Beijing last week for meetings with President Xi Jinping. While expectations for any big breakthroughs on trade or Iran were low going into the meeting, there was hope for other large deals, such as major new agricultural deals and airplane purchases. It often takes a few weeks following summits like this for deals to be finalized as sticky details are still being worked out.

President Trump did tell reporters that China will purchase 200+ Boeing aircraft. However, President Trump has predicted China would purchase 750 planes, Boeing was hoping for 500, and in the end, it appears only 200 are being purchased. However, China has not commented on the matter. And no new major US agricultural purchases were agreed to during the summit, according to Treasury Secretary Scott Bessent.

But just as President Trump was leaving, it was confirmed that Russian President Vladimir Putin will arrive in Beijing on May 20th for bilateral meetings with President Xi. The meeting is framed around the 25th anniversary of the Treaty of Good-Neighborliness and Friendly Cooperation signed by the two countries in 2001.

Putin is also likely to seek progress on long-delayed projects such as Mongolia. Russia remains heavily dependent on Chinese markets and financial channels after years of Western sanctions.

But according to a Russian presidential spokesman, Putin and Xi will "exchange views" on Xi's meeting with Trump, and Moscow hopes to obtain that information "first-hand." But US officials we have spoken with say the broader subtext is that Beijing is visibly balancing between Washington and Moscow — hosting both leaders in quick succession, signaling China's intent to remain indispensable to both sides, particularly as Ukraine negotiations and the US-Iran conflict create competing pressures on the global order.

Meanwhile, Japanese Prime Minister Sanae Takaichi will travel to South Korea this week for meetings with South Korean President Lee Jae Myung. The visit is part of an effort to strengthen previously tense relations between the two nations while also building mutual security and economic ties in the face of growing Chinese maritime aggression. This is likely to include signing an agreement to share weapons, ammunition, and jet fuel during “times of emergency.”

The two leaders will almost surely discuss growing concerns about the situation in Iran and the serious disruption it is causing to oil and gas imports, as well as helium imports, a critical component in the construction of semiconductors.

Meanwhile, the Iranian situation has become significantly more complicated and worrisome this weekend when three drones – presumably Iranian – reportedly hit the perimeter of the Barakah Nuclear Plant in the United Arab Emirates (UAE). The plant is the only nuclear power plant in the Arab world and supplies approximately 25 percent of the USA’s electricity needs. The highly provocative act ratchets up even further tensions and frustrations with Iran and will almost force President Trump and the UAE to respond militarily – especially as President Trump has already called the ceasefire “on life support”.

Here in the Western Hemisphere, the EU-Mexico Summit will take place in Mexico City. European Commission President Ursula von der Leyen and European Council President António Costa will sign two landmark agreements: The Modernized Global Agreement (MGA) – a comprehensive political/economic partnership agreement, and the Interim Trade Agreement (ITA), which has been given preliminary approval by all 27 EU member states earlier this month. The ITA is expected to improve bilateral trade by 35% over the next five years, with a heavy focus on pharmaceuticals, automotive production, agri-food, and advanced manufacturing.

Looking at the global economic and financial radar screen this week, this is Kevin Warsh’s first week as Chairman of the Federal Reserve Board. The Fed will release the minutes from the last Federal Open Market Committee (FOMC) meeting on Wednesday, and they are expected to show growing concern about inflationary pressures, mostly due to the Iran War. And watch for signs of growing Fed sentiment to raise rates later this year.

In terms of major economic reports this week, in the US, new residential construction data and pending home sales are out on Tuesday. On Thursday, initial jobless claims are released, and on Friday, the University of Michigan consumer sentiment is released. The whole week will be busy with corporate earnings, including Nvidia, Target, Lowe’s, Intuit, Walmart, Deere & Co, and Target.

In Europe this week, the UK reports labor market figures on Tuesday and April inflation data on Wednesday. We will also see flash PMIs for the UK, Germany, and France on Thursday. And Germany releases the Ifo Survey on Friday.

In Asia, Japan releases several major data reports, including Q1 GDP on Tuesday and April CPI on Friday. China releases industrial production, retail sales, and residential and commercial real estate property prices on Tuesday. And South Korea is set to release the April PPI on Wednesday.

Below is the rest of our detailed report of the major geopolitical and geoeconomic events in the coming week:

Sunday, May 17, 2026

Global

· The UN World Urban Forum begins in Baku, Azerbaijan and runs through May 22nd.

Americas

Political/Social Events –

· In Washington, D.C., the National Jubilee of Prayer gathering of Christians on the National Mall will take place. This is a part of the 250th anniversary of the Declaration of Independence.

· Cuba holds municipal primary elections.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· The extended Israel-Hezbollah ceasefire will expire at midnight.

Economic & Financial Reports/Events –

· Israel GDP Growth Annualized 1st Est Q1

Africa

Political/Social Events –

· Cabo Verde holds legislative elections.

Economic & Financial Reports/Events –

· Nothing significant to report.

Monday, May 18, 2026

Global

· G7 Finance Ministers and Central Bank Governors meet in Paris, France through May 19th.

Americas

Political/Social Events –

· Today is Victory Day in Canada, a national holiday. Financial markets are closed.

· U.S. Ambassador to Denmark Kenneth Howery and special envoy to Greenland Jeff Landry will travel to Nuuk, Greenland, through May 20 to participate in the Future Greenland Conference.

Economic & Financial Reports/Events –

· Nvidia CEO Jensen Huang speaks at the Dell Technologies World Annual Convention in Las Vegas, Nevada.

· Interim Atlanta Federal Reserve Bank President Cheryl Venable gives welcome remarks before the Federal Reserve Bank of Atlanta 2026 Financial Markets Conference: “Technology’s Transformative Role in Finance and Central Banking".

· Brazil IGP-10 Inflation (May)/IBC-BR Economic Activity (March)/ BCB Focus Market Readout

· Chile Current Account Q1/GDP Growth Rate Q1

· USA NY Fed Services Activity Index (May)/NAHB Housing Market Index (May)/Net Long-term TIC Flows (March)/Overall Net Capital Flows (March)

· Paraguay Consumer Confidence (April)

Asia

Political/Social Events –

· The Philippine senate convenes for the impeachment trial of Vice President Sara Duterte. The trial centers on charges including bribery, corruption and a high-profile threat against the president's life. Convicting the vice president requires at least a two-thirds majority.

· The Australian Energy Producers Conference is held in Adelaide through May 21st.

Economic & Financial Reports/Events –

· New Zealand Composite NZ PCI (April)/Services NZ PSI (April)

· Singapore Balance of Trade (April)/Non-Oil Exports (April

· China House Price Index (April)/Industrial Production (April)/Retail Sales (April)/Fixed Asset Investment (YTD) (April)/Unemployment Rate (April)

· Thailand GDP Growth Rate Q1

· Australia Consumer Inflation Expectations (May)

· EARNINGS: Baidu, Nidec

Europe

Political/Social Events –

· The EU Foreign Affairs Council (Development) meets in Brussels. Ministers will discussion he Council will discuss the future of the EU’s external action taking into consideration shifting geopolitical and geoeconomic contexts. Discussions will focus on how development cooperation can promote sustainable development in partner countries while advancing the EU’s strategic interests, as well as explore ways to strengthen the EU’s global role as a reliable partner. Ministers will also exchange views on the role of the Global Gateway strategy in the EU’s external action. The strategy mobilizes public and private resources to support sustainable investments in key sectors worldwide.

· The UK’s Labour lawmakers will gather for the first time in the wake of the May 7 local electoral losses and Health Secretary Wes Streeting's resignation.

· The European Parliament Plenary is held in Strasbourg through May 21st. Key files on the agenda: a new law to improve the protection of EU strategic sectors from risky foreign investments, a debate/resolution on rule of law, fundamental rights and misuse of EU funds in Slovakia, new legislation on protection of victims of crimes, the gender care gap, and legislation to mitigate global steel overcapacity on the EU market. President Metsola will also confer the inaugural European Order of Merit during a ceremony in the hemicycle, marking the 75th anniversary of the Schuman Declaration. Armenian PM Nikol Pashinyan is scheduled to address plenary ahead of Armenia's 7 June elections.

Economic & Financial Reports/Events –

· European Central Bank President Christine Lagarde and ECB Board Member Paulo Cipollone participate in theG7 Finance Ministers and Central Bank Governors meeting in Paris, France.

· European Central Bank Board Member Frank Elderson participates in a panel discussion at the 3rd Sustainability Standards Conference in Frankfurt, Germany.

· European Central Bank Board Member Patrick Montagner gives a keynote speech at a conference "Research and Market Perspectives on the Evolving Bank Supervisory and Regulatory Landscape" organized by European University Institute/Bank Policy Institute in San Domenico di Fiesole, Italy.

· The European Central Bank, the Federal Reserve Board, and the Euro Area Business Cycle Network cohost the International Research Forum on Monetary Policy in Frankfurt, Germany.

· Martin Kocher, ECB board member and governor of the Austrian National Bank, and his Hungarian counterparty Mihaly Varga, speak in Budapest, Hungary.

· Bank of England External Member of the Monetary Committee Megan Greene participates on a panel discussion at the Financial Times Business of Luxury Summit in London.

· Bank of England External Member of the Monetary Committee Catherine Mann participates on a panel at the Lamfulussy Conference in Budapest, Hungary.

· Bank of England Executive Director for Financial Stability Nathanael Benjamin speaks at the University of Glasglow Adam Smith Business School.

· Switzerland GDP Growth Rate Flash Q1

· Italy Balance of Trade (March)

· Romania Current Account (March)

· Poland Inflation Rate (April)

· Belarus Industrial Production (April)

· Russia Current Account Q1

· EARNINGS: Ryanair, Sonova

Middle East

Political/Social Events –

· Tesla CEO Elon Musk speaks at the Samson International Smart Mobility Summit in Tel Aviv, Israel.

Economic & Financial Reports/Events –

· Israel Unemployment Rate (April)

· Jordon Industrial Production (March)

· Turkey Consumer Confidence (May)

Africa

Political/Social Events –

· Nigeria's ruling All Progressives Congress party will hold primary elections to select candidates for the Senate in the country's 2027 general election.

Economic & Financial Reports/Events –

· Egypt Unemployment Rate Q1

Tuesday, May 19, 2026

Global

· G7 Finance Ministers and Central Bank Governors meeting in Paris.

· The UN Security Council is scheduled to hold a briefing on Ukraine.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Federal Reserve Board Governor Christopher J. Waller participates in a policy panel at the International Research Forum on Monetary Policy in Frankfurt, Germany.

· Philadelphia Federal Reserve Bank President Anna Paulson speaks before a dinner at the Federal Reserve Bank of Atlanta 2026 Financial Markets Conference: “Technology’s Transformative Role in Finance and Central Banking.”

· Atlanta Federal Reserve Bank First Vice President Cheryl Venable gives closing remarks before the Federal Reserve Bank of Atlanta 2026 Financial Markets Conference: “Technology’s Transformative Role in Finance and Central Banking."

· Brazil BCB Focus Market Readout

· USA ADP Employment Change Weekly/Redbook (May/16)/Pending Home Sales (April)/API Crude Oil Stock Change (May/15)/Fed Venable Speech

· Canada Inflation Rate (April)/ New Housing Price Index (April)/Building Permits (March)/CPI Common (April)/CPI Median (April)/CPI Trimmed-Mean (April)

· Ecuador Balance of Trade (March)

· Columbia Imports/Balance of Trade (March)

· EARNINGS: Home Depot, Toll Brothers

Asia

Political/Social Events –

· Japanese Prime Minister Sanae Takaichi will meet with South Korean President Lee Jae Myung in Andong, South Korea, through May 20th. Takaichi is expected to discuss energy security cooperation amid disruptions to crude oil supplies caused by the US-Israel war on Iran, which has spilled over to the wider Middle East region. The two leaders are also expected to discuss beefing up critical mineral supply chains. The meeting is likely to take place in Andong, Lee's hometown in southeastern South Korea. This would be part of so-called shuttle diplomacy or mutually visits by Japanese and South Korean leaders to each other's country — Lee visited Takaichi's home prefecture of Nara in January, so this is the reciprocal leg. The hometown symbolism is deliberate Japan-South Korea relationship-building optics.

· Indian Prime Minister Narendra Modi attends the third India-Nordic summit in Oslo and meets his Norwegian counterpart Jonas Gahr Store as well as leaders from Denmark, Finland, Iceland and Sweden. Following two earlier summits held in Stockholm in 2018 and in Copenhagen in 2022, the visit will focus on areas including technology, renewable energy, defense and cooperation in the Arctic. He will then travel to Rome, Italy for meetings with Prime Minister Giorgia Meloni.

Economic & Financial Reports/Events –

· Reserve Bank of Australia Assistant Governor Sarah Hunter speaks at the Bloomberg Forum for Investment Managers in Sydney.

· New Zealand Electronic Retail Card Spending (April)/PPI Input/Output Q1

· Japan GDP Growth Rate Q1/GDP Growth Annualized Q1/GDP Capital Expenditure Q1/GDP External Demand Q1/GDP Price Index Q1/GDP Private Consumption Q1/Capacity Utilization (March)/Industrial Production (March)/Tertiary Industry Index (March)

· Australia Westpac Consumer Confidence Change (May)/Westpac Consumer Confidence Index (May)/RBA Meeting Minutes

· China FDI (YTD) (April)

· Malaysia Inflation Rate (April)

· Hong Kong Unemployment Rate (April)

· Angola Foreign Exchange Reserves (April)/M3 Money Supply (April)

Europe

Political/Social Events –

· Negotiators from EU member states, the European Commission and the European Parliament will hold another round of interinstitutional talks on legislation to implement the July 2025 EU-U.S. trade framework agreement.

· NATO Chiefs of Defense Military Committee, NATO’s highest military authority, meets in Brussels.

· The Mediterranean Forum takes place in Athens, Greece through May 21st.

Economic & Financial Reports/Events –

· European Central Bank Board Member Philip R. Lane participates in a panel discussion at The International Research Forum on Monetary Policy 2026 organized by the Euro Area Business Cycle Network, the European Central Bank and the Federal Reserve Board in Frankfurt, Germany.

· European Central Bank Board Member Claudia Buch gives a keynote address at the AFME’s European Financial Integration Conference 2026 in Frankfurt, Germany.

· AFME’s European Financial Integration Conference in Frankfurt. Speakers include ECB Governing Council member Gabriel Makhlouf.

· Bank of England Deputy Governor Sarah Breeden gives speech at the City Week Conference entitled “The Future of Money in the Digital World: A Central Banker’s Perspective” in London.

· Belarus GDP (April)

· UK Unemployment Rate (March)/Average Earnings incl. Bonus (3Mo/Yr) (March)/Employment Change (March)/Average Earnings excl. Bonus (3Mo/Yr) (March)/Claimant Count Change (April)/HMRC Payrolls Change (April)/Labor Productivity Q1

· Spain Balance of Trade (March)

· Euro Area Balance of Trade (March)

· EARNINGS: Shell, Euronext, DCC, Diploma

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Turkey Auto Production (April)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Wednesday, May 20, 2026

Global

· G7 Finance Ministers and Central Bank Governors meet in Paris, France.

· The UN Security Council is scheduled to hold an open debate on Protection of Civilians in armed conflict.

Americas

· Political/Social Events –

· Primary elections are held in Alabama, Georgia, Idaho, Kentucky, Oregon, and Pennsylvania.

Economic & Financial Reports/Events –

· Federal Reserve Board Governor Michael S. Barr gives a speech on “Consumer Financial Health Metrics” at the Financial Health Network’s (FHN) EMERGE Financial Health 2026 Conference, Atlanta, Georgia.

· Federal Reserve’s FOMC Minutes released.

· Philadelphia Fed President Anna Paulson speaks on economic outlook at the Atlanta Fed’s 2026 Financial Markets Conference in Atlanta, Georgia.

· USA MBA 30-Year Mortgage Rate (May/15)/MBA Mortgage Applications (May/15)/MBA Mortgage Refinance Index (May/15)/MBA Purchase Index (May/15)/EIA Crude Oil and Gasoline Stocks Change (May/15)

· Argentina Balance of Trade (April)

· EARNINGS: Nvidia, Analog Devices, Intuit, Lowe’s, Target

Asia

Political/Social Events –

· Russian President Vladimir Putin will travel to Beijing for talks with Chinese President Xi Jinping. The talks are likely to focus on energy cooperation, sanctions-resistant payment systems, and broader coordination within multilateral groupings such as BRICS and the Shanghai Cooperation Organization. The visit is also expected to renew the Sino-Russian Treaty of Friendship signed in 2001. The timing is deliberately choreographed against Trump's just-concluded Beijing trip, positioning Xi as the central diplomatic broker.

· Taiwanese President William Lai will give a speech marking the anniversary of his inauguration that could spur Chinese military drills.

· The Sohn Hong Kong Investment Leaders Conference begins in Hong Kong. Recognized as one of the most sought-after gatherings in the region, the Sohn Hong Kong Conference brings together Asia's brightest investment minds, offering attendees unparalleled insights into markets and investment strategies.

· The DealStreetAsia Asia PE Leadership Summit is being held in Hong Kong. This is DealStreetAsia’s first conference in Asia and focused on PE/VC capital allocation amid the China deleveraging and US-China decoupling backdrop.

· Today is Independence Day in East Timor, a national holiday.

Economic & Financial Reports/Events –

· Japan Reuters Tankan Index (May)

· Australia Westpac Leading Index (April)

· China Loan Prime Rate 1Y/Loan Prime Rate 5Y (May)

· New Zealand Global Dairy Trade Price Index (May/19)

· Malaysia Imports/Exports/Balance of Trade (April)

· Indonesia Interest Rate Decision/Deposit Facility Rate (May)/Lending Facility Rate (May)/Loan Growth (April)

· Taiwan Export Orders (April)/Current Account Q1

· India Infrastructure Output (April)

· EARNINGS: Tokio Marine, Sompo Japan Nip, MS&AD Insurance

Europe

Political/Social Events –

· Emmanuel Moulin, nominee for Bank of France governor, appears before the Senate Finance Committee in Paris, France.

· Bank of England Governor Andrew Bailey will appear before the UK Parliament’s Treasury Committee to answer questions about the economy.

Economic & Financial Reports/Events –

· The European Central Bank Governing Council holds a non-monetary policy meeting in Frankfurt, Germany.

· Bank of England Director for Prudential Policy David Bailey speaks at the Bloomberg Global Markets & Banking Summit in London.

· Germany PPI (April)

· UK Inflation Rate (April)/PPI Input/Output (April)/Retail Price Index (April)

· Hungary Gross Wage (March)

· Euro Area ECB Non-Monetary Policy Meeting/ Inflation Rate (April)/CPI (April)

· Slovakia Harmonized Inflation Rate (April)

· Poland Consumer Confidence (May)

· Italy Construction Output (March)

· Russia PPI (April)

· EARNINGS: Marks & Spencer, Keller, Severn Trent, British Land,

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Turkey Central Government Debt (April)

Africa

Political/Social Events –

· The ICT4D Conference 2026 begins in Nairobi, Kenya and runs through May 22.

· Today is Republic Day in Cameroon, a national holiday.

Economic & Financial Reports/Events –

· South Africa Inflation Rate (April)/Retail Sales (March)

· Ghana Interest Rate Decision

· Nigeria Interest Rate Decision

Thursday, May 21, 2026

Global

· The UN Security Council is scheduled to hold a briefing on the Middle East followed by consultations.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Richmond Federa; Reserve Bank President Tom Barkin speaks on the economy to the Urban Land Institute Triangle in Wilmington, North Carolina.

· Mexico Retail Sales (March)/Monetary Policy Meeting Minutes

· USA Building Permits (April)/Housing Starts (April)/Initial Jobless Claims (May/16)/Philadelphia Fed Manufacturing Index (May)/Continuing Jobless Claims (May/09)/Jobless Claims 4-week Average (May/16)/Philly Fed Business Conditions (May)/Philly Fed CAPEX Index (May)/Philly Fed Employment (May)/Philly Fed New Orders (May)/Philly Fed Prices Paid (May)/S&P Global Composite PMI Flash (May)/S&P Global Manufacturing PMI Flash (May)/S&P Global Services PMI Flash (May)/EIA Natural Gas Stocks Change (May/15)/Kansas Fed Composite Index (May)/Kansas Fed Manufacturing Index (May)/15-Year Mortgage Rate (May/21)/30-Year Mortgage Rate (May/21)/Fed Balance Sheet (May/20)

· Argentina Consumer Confidence (May)/Economic Activity (March)

· El Salvador Balance of Trade (April)

· Peru Current Account Q1

· Costa Rica Balance of Trade (April)

· EARNINGS: Walmart, John Deere, Ross stores, Zoom, CAE

Asia

Political/Social Events –

· Samsung Electronics unionists vow to go for an all-out strike in their pursuit of 15% of the company's operating profit for employee bonuses. Management is fighting back and worries that it could weaken the company's competitiveness and cause a shareholder backlash. Samsung's labor dispute sparked national debate on how to distribute profits in the semiconductor industry -- one senior government official suggested paying a dividend to the public with tax revenue from Samsung and its rival SK Hynix.

· JPMorgan’s Global China Summit takes place in Shanghai, with CEO Jamie Dimon set to attend. Through May 22nd.

· In Hong Kong, the annual Cheung Chau Bun Festival begins, peaking with the Piu Sik Parade on Sunday, followed by the Bun Scrambling Final next Monday

Economic & Financial Reports/Events –

· Bank of Japan Member of the Policy Committee Junko Koeda gives a speech to local business leaders in Fukuoka, Japan.

· South Korea PPI (April)

· New Zealand Imports/Exports/Balance of Trade (April)/Credit Card Spending (April)

· Australia S&P Global Manufacturing PMI Flash (May)/S&P Global Services PMI Flash (May)/S&P Global Composite PMI Flash (May)/Employment Change (April)/Full Time Employment Change (April)/Unemployment Rate (April)/Part Time Employment Change (April)/Participation Rate (April)

· Japan Imports/Exports/Balance of Trade (April)/Machinery Orders (March)/Stock Investment by Foreigners (May/16)/S&P Global Manufacturing PMI Flash (May)/S&P Global Services PMI Flash (May)/S&P Global Composite PMI Flash (May)

· India HSBC Composite PMI Flash (May)/HSBC Manufacturing PMI Flash (May)/HSBC Services PMI Flash (May)

· Hong Kong Inflation Rate (April)

· South Africa Building Permits (March)/Consumer Confidence (May)

· EARNINGS: Lenova, Singapore Telecommunications

Europe

Political/Social Events –

· NATO Foreign Ministers meet in Helsingborg, Sweden through May 22nd. The agenda will center on increased defense spending, more defense production, and maintaining strong support for Ukraine. On the sidelines, NATO Secretary General Mark Rutte will meet with Swedish Prime Minister Ulf Kristersson to discuss Nordic defense issues.

· The Transport Research Arena Conference in Budapest, Hungary.

Economic & Financial Reports/Events –

· European Central Bank Board Member Frank Elderson gives a lecture at University of Oxford in Oxford, UK.

· Bank of England External Member of the Monetary Policy Committee Alan Taylor speaks virtually at the MNI Connect event in London.

· Slovakia Current Account (March)/Unemployment Rate (April)

· Switzerland Industrial Production Q1

· France S&P Global Composite PMI Flash (May)/S&P Global Manufacturing PMI Flash (May)/S&P Global Services PMI Flash (May)

· Germany S&P Global Manufacturing PMI Flash (May)/S&P Global Composite PMI Flash (May)/S&P Global Services PMI Flash (May)

· Poland Corporate Sector Wages (April)/Employment Growth (April)/Industrial Production (April)/PPI (April)

· Euro Area S&P Global Composite PMI Flash (May)/S&P Global Manufacturing PMI Flash (May)/S&P Global Services PMI Flash (May)/Current Account (March)/Current Account s.a (March)/Construction Output (March)/Labor Cost Index Flash Q1/Consumer Confidence Flash (May)

· Italy Current Account (March)

· Slovenia Consumer Confidence (May)/PPI (April)

· United Kingdom S&P Global Manufacturing PMI Flash (May)/S&P Global Services PMI Flash (May)/S&P Global Composite PMI Flash (May)/CBI Industrial Trends Orders (May)

· EARNINGS: BT, Swiss Life, Tate & Lyle, Nationwide Building Society

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Egypt Interest Rate Decision/Overnight Lending Rate

Friday, May 22, 2026

Global

· The UN Security Council will hold a briefing on ICC Libya.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

• Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the Centre for Central Banking Guest Lecture in Frankfurt, Germany.

• Argentina Leading Indicator (April)/ Retail Sales (March)

• Canada CFIB Business Barometer (May)/ Retail Sales Ex Autos (March)/ Retail Sales (March)/ Retail Sales (April)/ PPI (April)/ Raw Materials Prices (April)/ Senior Loan Officer Survey

• Mexico Economic Activity (March)/Economic Activity (March)/ GDP Growth Rate Q1/ Mid-month Inflation Rate (May)

• USA Michigan Consumer Sentiment (May)/ CB Leading Index (April)/ Michigan 5 Year Inflation Expectations (May)/ Michigan Consumer Expectations (May)/ Michigan Current Conditions (May)/ Michigan Inflation Expectations (May)/ Baker Hughes Oil Rig Count (May)/22/ Baker Hughes Total Rigs Count (May/22)

• Paraguay Interest Rate Decision

• EARNINGS: Booz Allen, BJ’s Wholesale

Asia

Political/Social Events –

· APEC Trade Ministers meet in Suzhou, China through May 23rd.

Economic & Financial Reports/Events –

· South Korea Consumer Confidence (May)

· New Zealand Retail Sales Q1

· Japan Inflation Rate (April)/Inflation Rate Ex-Food and Energy (April)

· Indonesia Current Account Q1/M2 Money Supply (April)

· Taiwan Unemployment Rate (April)/ M2 Money Supply (April)

· India Bank Loan Growth (May/15)/ Deposit Growth (May/15)/ Foreign Exchange Reserves (May/15)/ M3 Money Supply (May/15)

Europe

Political/Social Events –

· The Eurogroup meets in Lefkosia, Cyprus. Leaders will discuss macroeconomic developments in the Euro area, Euro area competitiveness, and the digital Euro.

· The 8th EU-Mexico Summit takes place in Mexico City, Mexico. António Costa, President of the European Council, and Ursula von der Leyen, President of the European Commission, will be meeting Claudia Sheinbaum, President of Mexico. They will be discussing an EU-Mexico Trade Agreement, and a number of joint cooperative priorities including the fight against organized crime, climate action and environmental protection, advancing energy security and the energy transition

research and innovation and people-to-people contacts and academic exchanges

· The EU Foreign Affairs Council (Trade) meets in Brussels. Ministers will EU trade ministers will receive an update on economic security, with a particular focus on the impact of the conflict in Middle East on trade. The ongoing hostilities in the region have generated significant trade disruptions worldwide, and ministers will address the short- and long-term consequences.

· There will be an informal meeting of EU Economic and Financial Affairs Ministers in Brussels through May 23.

· The CIS Heads of Government meeting takes place in Ashgabat, Turkmenistan.

Economic & Financial Reports/Events –

· European Central Bank Board President Christine Lagarde will speak at a the Eurogroup press conference in Cyprus.

· European Central Bank Board Member Philip R. Lane gives the opening address at the 2026 Asian Monetary Policy Forum (AMPF) in Singapore.

· European Central Bank Governing Council Boris Vujcic, Peter Kazimir and Madis Muller speak at a financial literacy roundtable in Ljubljana, Slovenia.

· Great Britain Gfk Consumer Confidence (May)/ Retail Sales (April)/ Public Sector Net Borrowing Ex Banks (April)/ Retail Sales ex Fuel (April)

· Ireland Average Weekly Earnings Q1, Wholesale Prices (April)

· Slovenia Unemployment Rate (March)

· Euro Area Negotiated Wage Growth Q1/

· Germany GfK Consumer Confidence JUN/ GDP Growth Rate Q1/ Ifo Business Climate (May)/ Ifo Current Conditions (May)/ Ifo Expectations (May)

· France Business Confidence (May)/ Business Climate Indicator (May)

· Poland Business Confidence (May)

· Greece Current Account (March)/ Current Account (February)

· Russia M2 Money Supply (April)

· EARNINGS: Richemont

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Lebanon Inflation Rate (April)

· Israel Inflation Expectations (May)

· Turkey Tourist Arrivals (April)/ Foreign Exchange Reserves (May/15), Balance of Trade (April)/ Business Confidence (May)/ Capacity Utilization (May)/ Imports/Exports (April)/ Financial Stability Report

The Global Week Ahead

Recommended Weekend Reads