The Global Week Ahead

Major Elections Dominate the Week Ahead, the US Pushes Asian Allies to Ramp Up Defense Spending to 5% of GDP,  the US Senate Takes Up the Reconciliation Bill, and the ECB Decides Rates

Major elections dominate the geopolitical calendar this week.  First, Poland is holding important presidential run-off elections.  At the time of this writing, the race is too close to call, but it appears conservative historian Karol Nawrocki is slightly ahead, and official results are expected to be announced Monday.  If Nawrocki wins, it will be seen as a defeat for both the current ruling coalition led by Prime Minister Donald Tusk and the European Union, as Nawrocki is perceived as an EU skeptic. 

Also happening on Sunday, Mexico is voting for its judiciary for the first time.  More than 2,600 federal, state, and local court seats are being voted on, moving the country away from an appointment-based system. It also makes Mexico the only country in the world to elect all its judges.  The move to an elected judiciary was championed by former President Andrés Manuel López Obrad (AMLO) and his successor, President Claudia Sheinbaum. Proponents say it will rid corruption from the judiciary, while critics argue it will politicize the judiciary and allow drug cartels to further influence judges.

The third big election this week is in South Korea, where voters will select a new president following the recent impeachment of President Yoon Suk Yeol, who tried to seize control by declaring martial law six months ago.  The South Korean political system has been chaotic ever since, but voters appear to be leaning toward electing left-wing Democratic Party leader Lee Jae-myung.   With the economy experiencing slower growth, the election will likely result in a seismic political and economic change in the months ahead.

We would note US Defense Secretary Pete Hegseth’s speech at the Shangri-la Security Conference this past week.  Hegseth made headlines by saying a potential invasion of Taiwan by China is more likely than ever before.  He also called on US allies in Asia to increase their defense spending to 5% of their GDP.   He also formally requested that Australia immediately raise its defense spending to 3.5% from the current rate, which is putting the country on track to hit 2.4% by 2030.

In Turkey on Tuesday, low-level meetings between Russian and Ukrainian diplomats are scheduled to take place.  No breakthroughs are expected despite President Donald Trump’s urging Russia to end the war immediately.  The meeting will take place in advance of the Ukraine Defense Contact Group – made up of NATO defense ministers – meeting in Brussels on Wednesday to discuss how to further support Ukraine. 

Also in Europe this week, the European Commission is scheduled to release a report recommending that Bulgaria adopt the Euro by 2026, further integrating the nation into the European Union.  

Moving to the US, Congress returns from their week-long Memorial Day recess, and the US Senate will begin debating President Trump’s “One Big Beautiful Bill,” which was passed by the House of Representatives ten days ago. 

The House bill is estimated to cost $2.5 trillion over the next ten years. But with new estimates suggesting the House version of the bill will actually add $3.8 trillion to the US deficit and Moody’s recent downgrade of US debt, senators are privately suggesting they intend to significantly cut the size of the package while wrestling over whether to include major tax provisions such as Section 899 which is seen as a revenge tax on foreign countries the US deems have “unfair” tax policies that discriminate against US businesses and investor.  Foreign investment firms operating in the US have already swung into action, lobbying furiously against the provision, saying if the provision is included in a final bill, it will drive them out of the US. 

Currently, by our count, there are at least five Republican senators prepared to vote against the current version of the overall package, enough to block the bill from moving forward.  We expect weeks, if not months, of negotiations between Senate Republicans, President Trump, and House Republicans as they attempt to finalize a comprehensive agreement.

Looking at the global economic radar screen, the European Central Bank (ECB) meets this week to consider interest rates. Market consensus suggests the ECB will cut rates another 25 basis points, bringing rates down 2%.

Elsewhere in Europe, the Eurozone reports May CPI prints on Tuesday while Germany reports factory orders, industrial production, and their trade balance.  France also reports industrial production and their trade balance this week, too. 

Turning to Asia, Japan will be releasing wage data and the Q1 Ministry of Finance Corporate Survey.  China releases May PMIs and the Caixin indices this week. 

And bringing it back to the US, jobs reports are out Friday after the JOLTS report comes out Tuesday and the ADP report comes out on Wednesday.  Also, this week, May ISMs (manufacturing and services) are out.  And markets are going to be listening to Fed Chair Jay Powell when he gives remarks Monday at the Fed’s 75th International Finance Conference, following Powell’s face-to-face meeting with President Trump this past week.

Below are all the other major geopolitical and geoeconomic events we are tracking this coming week:

Sunday, June 01, 2025

Global

·       OPEC+ meeting takes place to review market conditions and oil prices.

·       Today is the first day of summer in the Northern Hemisphere.  It is also the official first day of the Atlantic hurricane season.

Americas

Political/Social Events –

·       Mexico holds judicial elections. Voters for the first time will vote to elect all nine members of the Supreme Court, tow magistrates of the Superior Chamber of the Electoral Tribunal of the Federal Judiciary, 15 magistrates of the Regional Chambers of Electoral Tribunal, five members of the Judicial Disciplinary Tribunal, 464 circuit court magistrates, and 386 district court judges.   The vote comes after a highly controversial law was passed in 2024 by the Mexican parliament to move to judicial elections.  Critics argue the law politicizes the judicial system and opens the door to massive corruption and influence by the drug cartels.

Economic Reports/Events –

·       Federal Reserve Board Governor Christopher Waller will give a speech on the economic outlook at the 2025 Bank of Korea International Conference: Structural Shifts and Monetary Policy, Seoul, Republic of Korea.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Korea Imports/ Exports/ Balance of Trade (May)

Europe

Political/Social Events –

·       Poland holds the second round of presidential elections.

·       Croatia holds local elections.

Economic Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Today is Madaraka Day, celebrating the Republic of Kenya and when it gained self-rule in 1963.

Economic Reports/Events –

·       Nothing significant to report.

Monday, June 2, 2025

Global

·       At the UN, there will be a Plenary Meeting of the General Assembly for the Election of the President of the General Assembly for its Eightieth Session.  Former German Foreign Minister Annalena Baerbock is the leading contender for the post.

Americas

Political/Social Events –

· Canadian Prime Minister Mark Carney joins the elected heads of the countries’ provinces at the Meeting of First Ministers in Saskatoon.

·       The US Congress returns from a week off for Memorial Day. The US Senate will begin considering the Reconciliation bill (tax and 2025 budget) passed two weeks ago by the House of Representatives.

·       The US-China de minimus rate is set to increase to 54 percent.

Economic Reports/Events –

·        The Federal Reserve’s 75th Anniversary International Finance Conference will be held at the Federal Reserve in Washington, D.C.   Fed Chair Jay Powell will give opening remarks at 1:00 p.m.

·       Federal Reserve Board Governor Lisa Cook will give a speech on the economic outlook at the Peter McColough Series on International Economics: A Conversation With Lisa D. Cook in New York.

·       Dallas Federal Reserve Bank President Lorie Logan participates in moderated conversation before the Eleventh District Banking Conference hosted by the Federal Reserve Bank of Dallas.

·       Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the 2025 Quad Cities Business Journal Mid-Year Economic Review.

·       Mexico Foreign Exchange Reserves (May)/ Business Confidence (May)/ S&P Global Manufacturing PMI (May)

·       Chile IMACEC Economic Activity (April)

·       Brazil S&P Global Manufacturing PMI (May)/ BCB Focus Market Readout

·       Canada S&P Global Manufacturing PMI (May)

·       USA S&P Global Manufacturing PMI (May)/ ISM Manufacturing PMI (May)

·       Peru Inflation Rate (May)

Asia

Political/Social Events –

·       China celebrates the Dragon Boat Festival. Financial markets are closed.

Economic Reports/Events –

·       Australia S&P Global Manufacturing PMI (May)/ ANZ-Indeed Job Ads (May)/ Commodity Prices (May)/ CoreLogic Dwelling Prices (May)

·       Japan Capital Spending Q1/ Jibun Bank Manufacturing PMI (May)

·       Indonesia S&P Global Manufacturing PMI (May)/ Import/ Export/ Balance of Trade (April)/ Inflation Rate (May)/ Tourist Arrivals (April)

·       Philippines S&P Global Manufacturing PMI (May)

·       South Korea S&P Global Manufacturing PMI (May)

·       Taiwan S&P Global Manufacturing PMI (May)

·       Vietnam S&P Global Manufacturing PMI (May)

·       India HSBC Manufacturing PMI (May)

·       Hong Kong Retail Sales (April)

·       Singapore SIPMM Manufacturing PMI (May)

·       Kazakhstan Inflation Rate (May)

Europe

Political/Social Events –

·       The EU-US justice and Home Affairs Ministerial meeting begins in Warsaw, Poland and runs through Wednesday.

·       The UK Government will publish its strategic defense review.  Defense Minister John Healy has said the report will “send a message to Moscow” over Russia’s aggression not only against Ukraine but other western nations including cyber-attacks on the UK military networks.

·       NATO Secretary General Mark Rutte will visit Vilnius, Lithuania and participate in the Vilnius Summit with B9 (Baltic 9) and Nordic countries.

·       The UK observes the June Bank Holiday -formerly known as White Monday.  Banks and markets are closed.

·       The 9th Annual Austrian World Summit begins in Vienna, Austria. The event is organized by the Schwarzenegger Climate Initiative, a body created by the Austrian-American actor Arnold Schwarzenegger.

Economic Reports/Events –

·       European Central Bank President Christine Lagarde gives a video message at the Conférence - REF 157: "Femmes et finance" organized by Association Europe-Finances-Régulations in Paris, France.

·       Bank of England Monetary Policy Committee member Catherine Mann joins a fireside chat at the Federal Reserve Board of Governors 75th International Finance Anniversary Conference in Washington, D.C.

·       Russia S&P Global Manufacturing PMI (May)

·       Switzerland Retail Sales (April)/ GDP Growth Rate Q1/ procure.ch Manufacturing PMI (May)

·       Hungary HALPIM Manufacturing PMI (May)

·       Poland S&P Global Manufacturing PMI (May)/ GDP Growth Rate Q1

·       Spain Tourist Arrivals (April)/ HCOB Manufacturing PMI (May)/ New Car Sales (May)

·       Turkey Istanbul Chamber of Industry Manufacturing PMI (May)/ Imports/ Exports/ Balance of Trade Prel (May)

·       Italy HCOB Manufacturing PMI (May)

·       France HCOB Manufacturing PMI (May)

·       Germany HCOB Manufacturing PMI (May)

·       Euro Area HCOB Manufacturing PMI (May)/ ECB President Lagarde Speech

·       Greece S&P Global Manufacturing PMI (May)

·       Great Britain BoE Consumer Credit (April)/ Mortgage Lending and Approvals (April)/ M4 Money Supply (April)/ Net Lending to Individuals (April)/ S&P Global Manufacturing PMI (May)/ Nationwide Housing Prices (May)

·       Serbia GDP Growth Rate Q1

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel Manufacturing PMI (April)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nigeria Stanbic IBTC Bank Nigeria PMI (May)/ Foreign Exchange Reserves (May)

·       South Africa ABSA Manufacturing PMI (May)/ Total New Vehicle Sales (May)

·       Egypt Foreign Exchange Reserves (May)/ M2 Money Supply (April)

Tuesday, June 3, 2025

Global

·       At the UN, there will be a plenary meeting for the election of non-permanent members of the Security Council.  This includes two seats from Africa (DRC and Liberia), one from Asia (Bahrain), one from Latin America, and one from Eastern Europe (Latvia or Montenegro).

·       The 11th BRICS Parliamentary Forum will be held through Thursday at the Congresso Nacional in Brasilia, Brazil.

·       The Organization for Economic Cooperation and Development Ministerial Council meets in Paris, France.

Americas

Political/Social Events –

·       U.S. and Japanese trade envoys may hold their fifth round of trade talks on the sidelines of the Organization for Economic Cooperation and Development Ministerial Council in Paris, France, through June 4.

Economic Reports/Events –

·       Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the 2025 Corridor Business Journal Mid-Year Economic Review.

·       Dallas Federal Reserve Bank President Lorie Logan gives opening remarks and moderates a discussion before a Fed Listens roundtable with El Paso community leaders.

·       Brazil IPC-Fipe Inflation (May)/ Industrial Production (April)

·       USA Redbook (May/31)/ JOLTs Job Openings & Quits (April)/ Factory Orders (April)/ RCM/TIPP Economic Optimism Index (June)/ Fed Goolsbee Speech/ Fed Logan Speech/ API Crude Oil Stock Change (May/30)/ LMI Logistics Managers Index (May)/ Total Vehicle Sales (May)

·       Colombia Davivienda Manufacturing PMI (May)

·       Paraguay Inflation Rate (May)

·       Uruguay Unemployment Rate (April)

Asia

Political/Social Events –

·       South Korea holds presidential elections.  The snap elections were called after six months of confusing and often chaotic rule following the impeachment of then-President Yoon Suk Yeol after he declared martial law.   Polls show left-wing candidate Lee Jae-myung has a comfortable lead to become the next president.

Economic Reports/Events –

·       Bank of Japan Governor Kazuo Ueda gives a speech at the Naigai Josei Chosa Kai meeting in Japan.

·       Bank of Japan Deputy Governor Shinichi Uchida will speak at the Society of Monetary Economics in Tokyo.

·       Sarah Hunter, assistant governor (economic) at the Reserve Bank of Australia gives a keynote speech at the Economic Society of Australia Queensland Business Lunch in Brisbane.

·       New Zealand Import Prices Q1/ Export Prices Q1/ Terms of Trade Q1/ Global Dairy Trade Price Index (June/03)

·       South Korea Inflation Rate (May)

·       Australia RBA Meeting Minutes/ Current Account Q1/ Company Gross Profits Q1/ Business Inventories Q1/ Net Exports Contribution to GDP Q1

·       Malaysia S&P Global Manufacturing PMI (May)

·       China Caixin Manufacturing PMI (May)

·       Pakistan Inflation Rate (May)/ Wholesale Prices (May)/ Balance of Trade (May)

Europe

Political/Social Events –

·       Russian and Ukrainian delegations are expected to meet in Istanbul, Turkey.

·        Italian Prime Minister Giorgia Meloni will meet with French President Emmanuel Macron in Rome, Italy. 

·       Russian Foreign Minister Sergie Lavrov hosts the Government Commission on Compatriots Living Abroad (GCCLA) meeting in Moscow.

Economic Reports/Events –

·       Bank of England Governor Andrew Bailey, Deputy Governor Sarah Breeden and rate-setters Catherine Mann and Swati Dhingra will appear in front of Parliament’s Treasury Committee.

·       Ireland AIB Manufacturing PMI (May)

·       Romania PPI (April)/ Unemployment Rate (April)

·       Hungary GDP Growth Rate Q1

·       Switzerland Inflation Rate (May)

·       France Budget Balance (April)

·       Slovakia Real Wages Q1

·       Spain Unemployment Change (May)

·       Turkey Inflation Rate (May)/ PPI (May)

·       Italy Unemployment Rate (April)/ New Car Registrations (May)

·       Euro Area Inflation Rate (May)/ Unemployment Rate (April)/ CPI Flash (May)

Middle East

Political/Social Events –

·       Syria is expected to re-open its stock market.

Economic Reports/Events –

·       Saudi Arabia Riyad Bank PMI (May)

·       Jordan PPI (April)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Egypt S&P Global PMI (May)

·       South Africa GDP Growth Rate Q1

·       Nigeria GDP Growth Rate Q1

Wednesday, June 4, 2025

Global

·       At the UN,  there will be a Plenary Meeting of the General Assembly for the Election of members of the Economic and Social Council.

·       The BRICS Counter Terrorism Working Group meets in Brasilia, Brazil.

·       The Hajj Pilgrimage begins in Saudi Arabia.

Americas

Political/Social Events –

·       The 2nd Round of the US – Cambodia trade talks take place in Washington, D.C.

·       The Bloomberg Tech Summit takes place in San Francisco, California.

Economic Reports/Events –

·       The US Federal Reserve releases its Beige Book.

·       The Bank of Canada meets to decide interest rates and subsequent press conference.

·       Atlanta Federal Reserve Bank President Raphael Bostic gives welcome and closing remarks before a Fed Listens event, “How Monetary Policy and Macroeconomic Conditions Affect Individuals and Businesses"

·       USA MBA Mortgage Market Index (May/30)/ ADP Employment Change (May)/ Fed Bostic Speech/ S&P Global Composite & Services PMI (May)/ ISM Services PMI (May)/ EIA Crude Oil and Gasoline Stocks Change (May/30)

·       Mexico Gross Fixed Investment (March)

·       Canada Labor Productivity Q1/ S&P Global Composite & Services PMI (May

·       Brazil S&P Global Composite & Services PMI (May)

·       Colombia Exports (April)

Asia

Political/Social Events –

·       Today is the 26th Anniversary of the deadly crackdown on pro-democracy protesters in Beijing’s Tiananmen Square.

Economic Reports/Events –

·       South Korea Foreign Exchange Reserves (May)/ GDP Growth Rate Q1

·       Hong Kong S&P Global PMI (May)

·       Australia Ai Group Industry/ Construction/ Manufacturing Index (May)/ S&P Global Composite & Services PMI (May)/ GDP Growth Rate Q1/ GDP Capital Expenditure Q1/ GDP Chain Price Index Q1/ GDP Consumption Q1/ RBA Payments System Board Meeting

·       Japan Jibun Bank Composite & Services PMI (May)

·       Singapore S&P Global PMI (May)

·       Thailand S&P Global Manufacturing PMI (May)/ Business Confidence (May)

·       India HSBC Composite & Services PMI (May)

Europe

Political/Social Events –

·       The European Commission is expected to publish a report recommending Bulgaria be allowed to adopt the Euro.

·       The 9th Meeting of the EU-Republic of Moldova Association Council takes place in Brussels.

Economic Reports/Events –

·       European Central Bank Board Member Pedro Machado gives a keynote speech at the 2025 Harvard Law School/Program on International Financial Systems Europe-U.S. Symposium in Madrid, Spain.

·       Russia S&P Global Composite & Services PMI (May)/ Unemployment Rate (April)/ Business Confidence (May)/ Corporate Profits (March)/ Real Wage Growth (March)/ Retail Sales (April)/ GDP (April)

·       Spain Industrial Production (April)/ HCOB Composite & Services PMI (May)

·       Italy HCOB Composite & Services PMI (May)

·       France HCOB Composite & Services PMI (May)

·       Germany HCOB Composite & Services PMI (May)

·       Euro Area HCOB Composite & Services PMI (May)/ ECB Machado Speech

·       Great Britain S&P Global Composite & Services PMI (May)

·       Poland Interest Rate Decision (June)

Middle East

Political/Social Events –

·       A Turkish Commission of the ruling Justice and Development Party begins drafting a new constitution.

Economic Reports/Events –

·       United Arab Emirates S&P Global PMI (May)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Africa S&P Global PMI (May)/ Business Confidence Q2

Thursday, June 5, 2025

Global

·       The World Energy Investment 2025 report is published by the International Energy Agency.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Federal Reserve Board Governor Adriana Kugler will give a speech on the economic outlook and monetary policy at the Economic Club of New York Luncheon in New York.

·       Philadelphia Federal Reserve Bank President Patrick Harker speaks on the economic outlook before the Philadelphia Council for Business Economics.

·       Kansas City Federal Reserve Bank President Jeff Schmid speaks on banking policy at an event hosted by the Kansas City Fed.

·       Bank of Canada Deputy Governor Sharon Kozicki speaks at C.D. Howe Institute in Toronto.

·       USA Challenger Job Cuts (May)/ Imports/ Exports/ Balance of Trade (April)/ Initial Jobless Claims (May/31)/ Nonfarm Productivity Q1/ Unit Labour Costs Q1/ EIA Natural Gas Stocks Change (May/30)/ 15- & 30-Year Mortgage Rate (June/05)/Fed Balance Sheet (June/04)

·       Mexico Consumer Confidence (May)

·       Canada Imports/ Exports/ Balance of Trade (April)/ Ivey PMI s.a (May)

·       Uruguay Inflation Rate (May)

·       Brazil Balance of Trade (May)

·       Colombia PPI (May)

Asia

Political/Social Events –

·       The India-Central Asia Business Forum begins in New Delhi, India.

Economic Reports/Events –

·       European Central Bank Board Member Pedro Machado participates on a panel discussion at European Forum of Deposit Insurers (EFDI) International Conference “Embracing the Future on Solid Grounds: Reinforcing Financial Stability” in Madrid, Spain.

·       South Korea Current Account (April)

·       Japan Average Cash Earnings (April)/ Overtime Pay (April)/ Foreign Bond Investment (May/31)/ Stock Investment by Foreigners (May/31)/ Foreign Exchange Reserves (May)

·       Philippines Inflation Rate (May)

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

·       China Caixin Composite & Services PMI (May)

·       Thailand Inflation Rate (May)

·       Singapore Retail Sales (April)

·       Kazakhstan Interest Rate Decision/ PPI (May)

·       Taiwan Inflation Rate (May)/ Foreign Exchange Reserves (May)

Europe

Political/Social Events –

·       NATO Defense Ministers (the Ukraine Defense Contact Group) will meet in Brussels to discuss the current situation in Ukraine.

· The EU Transport, Telecommunications and Energy Council (Transport & Telecommunications) meets in Brussels through June 6.

§  The CBI National Business Dinner is held in London, traditionally addressed by a senior member of the government

Economic Reports/Events –

·       The European Central Bank meets to decide interest rates and press conference.

·       The ECONDAT 2025 spring meeting, hosted by the Bank of England, begins its two-day spring meeting at King’s College London. The conference brings together central bankers and researchers will gather to discuss the economics involved in non-traditional data and analytical tools.

·       OE Deputy Governor Sarah Breeden speaks on a webinar hosted by Odgers. The webinar is titled “H2 economic trends.”

·       Switzerland Unemployment Rate (May)

·       Germany Factory Orders (April)/ HCOB Construction PMI (May)/ New Car Registrations (May)

·       Euro Area HCOB Construction PMI (May)/ PPI (April)/ Deposit Facility Rate/ Marginal Lending Rate/

·       France HCOB Construction PMI (May)

·       Italy HCOB Construction PMI (May)/ Retail Sales (April)

·       Great Britain New Car Sales (May)/ S&P Global Construction PMI (May)

·       Ireland Current Account Q1/ GDP Growth Rate Q1/ GNP Q1/ Unemployment Rate (May)

·       Serbia PPI (May)

·       Turkey Foreign Exchange Reserves (May/30)

·       Ukraine Interest Rate Decision

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Kuwait M2 Money Supply (April)/ Private Bank Lending (April)

·       Jordan Unemployment Rate Q1

Africa

Political/Social Events –

·       Burundi holds parliamentary and local elections.

Economic Reports/Events –

·       South Africa Current Account Q1

·       Ghana Inflation Rate (May)

Friday, June 6, 2025

Global

·       Eid al-Adha, the second of the two main festivals in Islam, begins this evening. Celebrations and observances are generally carried forward to the three following days, known as the Tashreeq days.

Americas

Political/Social Events –

·       Brazilian President Luiz Inacio Lula da Silva (Lula) travels to France through June 7 for a State Visit.

Economic Reports/Events –

·       Brazil PPI (April)/ Car Production (May)/ New Car Registrations (May)

·       Chile Inflation Rate (May)

·       Canada Unemployment Rate (May)/ Participation Rate (May)

·       USA Unemployment Rate (May)/ Participation Rate (May)/ Government and Manufacturing and Nonfarm Payrolls (May)/ U-6 Unemployment Rate (May)/ Baker Hughes Total Rigs Count (June/06)/ Consumer Credit Change (April)/ Used Car Prices (May)

·       Ecuador Inflation Rate (May)

·       Costa Rica Inflation Rate (May)

Asia

Political/Social Events –

Japanese startup space company, ispace, will make a second attempt at a soft landing on the moon, aiming to become the first Asian private company to achieve such a feat. Its first attempt, in April 2023, ended with the lander crashing into the lunar surface..

Economic Reports/Events –

·       Japan Household Spending (April)/ Coincident Index Prel (April)/ Leading Economic Index Prel (April)

·       Philippines Unemployment Rate (April)/ Industrial Production (April)/ Consumer Confidence Q1/ Foreign Exchange Reserves (May)

·       Australia Building Permits (April)/ Private House Approvals (April)

·       Sri Lanka Tourist Arrivals (May)

·       Vietnam Balance of Trade (May)/ Foreign Direct Investment (May)/ Industrial Production (May)/ Inflation Rate (May)/ Retail Sales (May)/ Tourist Arrivals (May)

·       Indonesia Foreign Exchange Reserves (May)

·       India RBI Interest Rate Decision/ Cash Reserve Ratio/ Bank Loan Growth (May/23)/ Deposit Growth (May/23)/ Foreign Exchange Reserves (May/30)

·       Hong Kong Foreign Exchange Reserves (May)

·       Singapore Foreign Exchange Reserves (May)

Europe

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       European Central Bank Governing Council member Mario Centeno speaks about the outlook for the Portuguese economy in Lisbon.

· European Central Bank Board Member Robert Holzmann speaks at the presentation of the Austrian National Bank’s updated forecasts.

·       Germany Imports/ Exports/ Balance of Trade (April)/ Industrial Production (April)

·       Romania GDP Growth Rate Q1/ Retail Sales (April)

·       Great Britain Halifax House Price Index (May)/ BBA Mortgage Rate (May)

·       Hungary Industrial Production (April)/ Retail Sales (April)

·       France Imports/ Exports/ Balance of Trade (April)/ Industrial Production (April)/ Current Account (April)/ New Car Registrations (May)

·       Slovakia GDP Growth Rate Q1/ Retail Sales (April)

·       Switzerland Foreign Exchange Reserves (May)

·       Euro Area ECB Machado Speech/ Employment Change Q1/ GDP Growth Rate Q1/ Retail Sales (April)

·       Greece Balance of Trade (April)/ GDP Growth Rate Q1

·       Russia Interest Rate Decision/ CBR Press Conference/ Foreign Exchange Reserves (May)/ Vehicle Sales (May)

·       Poland Foreign Exchange Reserves (May)

·       Ukraine Foreign Exchange Reserves (May)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Africa Foreign Exchange Reserves (May)

Saturday, June 7, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Indonesian President Prabowo Subianto is scheduled to visit Moscow for a meeting with Russian President Vladimir Putin. He will also attend the St. Petersburg International Economic Forum as a keynote speaker.

Economic Reports/Events –

·       China Foreign Exchange Reserves (May)

Europe

Political/Social Events –

·       French President Emmanuel Macron is scheduled to visit Monaco for meetings.

Economic Reports/Events –

·       European Central Bank President Christine Lagarde gives a keynote speech at the Blue Economy & Finance Forum in Monaco.

·       European Central Bank Board Member Isabel Schnabel participates on a panel discussion at 31st Dubrovnik Economic Conference of Hravtska Narodna Banka in Dubrovnik, Croatia.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Sunday, June 8, 2025

Global

·       Today is Pentecost, a major feast in the Christian church marking the 50th day of Easter.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Europe

Political/Social Events –

·       Italy is set to hold a Constitutional referendum and run-off elections for regional elective office through Monday.  The Constitutional referendum concerns changes to the law on the acquisition of Italian citizenship for foreign residents and repeals some provision on employment as passed by a 2025 Jobs Act law.

Economic Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel Business Confidence (May)/ Tourist Arrivals (May)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.