The week ahead is packed with some key events, bringing central banks, inflation, politics, and global growth back into focus.

Markets will be tracking the aftermath of the Trump–Xi summit, UK political uncertainty, the Fed’s latest policy minutes, UK inflation and jobs data, and fresh PMI readings from major economies. Here’s what to watch this week.

Calendar Events   

  • Japan Prelim Q1 GDP – May 19
  • UK Claimant Count Change – May 19
  • Canada CPI – May 19
  • People’s Bank of China Interest Rate Decision – May 20
  • UK CPI – May 20
  • Eurozone Final CPI – May 20
  • US FOMC Minutes – May 20
  • Australia Labor Market Data – May 21
  • Eurozone S&P Flash PMI – May 21
  • UK S&P Flash PMI – May 21
  • US S&P Flash PMI – May 21

Top Things to Watch 

Trump–Xi Summit — Markets Assess What Comes Next

Markets continue to digest the outcome of the Trump–Xi summit after two days of talks covering Iran, Taiwan, trade, oil, and Boeing jet purchases. While both sides signaled a desire for more stable relations, several details remain unclear, leaving investors focused on what may translate into concrete follow-up steps.

Energy remains one area to watch after Trump said that China had agreed to buy US oil, although reports noted that no detailed volumes or timelines were confirmed.

Attention now shifts to whether talks continue beyond this week, especially after Trump invited Xi to visit the White House on September 24. For markets, the summit keeps US-China relations, trade policy, energy flows, and geopolitical risk in focus.

UK Politics, Labour Market & CPI — UK Assets in Focus

UK markets will be in focus this week as political uncertainty overlaps with key labour market and inflation data.

Pressure on Prime Minister Keir Starmer has increased after Labour’s weak local election results, Wes Streeting’s resignation, and speculation that Andy Burnham, the mayor of Greater Manchester, could return to Parliament.

The pound declined 1.5% last week, while gilt yields moved higher, with long-term yields reaching levels last seen in the late 1990s.

Investors will also watch Tuesday’s labour market report and Wednesday’s CPI data for updates on wage growth, employment, and price pressures ahead of the Bank of England’s next policy decisions.

Nvidia Earnings — AI Trade Faces a Fresh Test

Nvidia reports its Q1 earnings on Wednesday, putting one of the market’s biggest AI leaders back under the spotlight. Investors will be looking beyond the headline numbers, focusing on data center revenue, chip demand, margins, and guidance for the coming quarters.

Because Nvidia has played a major role in supporting tech sentiment, the report could influence how markets assess the strength of the broader AI theme, especially across semiconductor and mega-cap technology stocks.

FOMC Minutes — Policy Details in Focus

The Federal Reserve will release the minutes from its April 28–29 FOMC meeting on Wednesday, offering more detail on how policymakers assessed inflation, growth, and the interest-rate outlook.

During the April meeting, the Fed kept interest rates unchanged at 3.75%. The minutes may provide additional context on the discussions behind that decision, including how officials viewed recent inflation pressures, labor market conditions, and overall economic uncertainty.

Flash PMIs — Global Growth Check

Thursday’s flash PMI reports from the eurozone, UK, and US will offer an early look at business activity across major economies in May.

The releases will cover both manufacturing and services, helping markets assess whether recent pressures are affecting demand, output, hiring, and price trends.

The previous readings showed a mixed picture. The eurozone composite PMI fell below 50, pointing to softer activity, while the UK and US remained in expansion territory.

This week’s reports will be watched to see whether that divergence continues, especially across services and manufacturing.

Get ready for an exciting week of trading! As always, if you have any questions, remember our dedicated team is here to support you along the way.