Trading Week Ahead: Nvidia's Earnings
U.S. stocks face renewed pressure as surging bond yields and $110 oil weigh on sentiment. Inflation fears are pushing borrowing costs to multi-month highs, compounded by weak economic data from China. Despite these headwinds, the AI-driven market rally holds strong but faces its ultimate test this week with Nvidia's highly anticipated earnings.
Brace for this week's three key economic events:
👉 EUR CPI MoM – 11:00 AM, Wednesday (GMT+2)
The flash estimate for April confirmed annual inflation at 3.0%, driven largely by energy inflation, which jumped by nearly 11%. The final data will be a crucial input for the ECB ahead of its June meeting, where markets are now pricing in rate hikes rather than cuts.
👉 U.S. FOMC Meeting Minutes – 8:00 PM, Wednesday (GMT+2)
The minutes from the Fed's April meeting will reveal the extent of the FOMC's division in holding rates at 3.50 to 3.75%. Since April, hotter inflation data have wiped out expectations for rate cuts, and investors will be looking for signs of whether the Fed views inflation as a temporary shock or a structural problem.
👉 U.S. Flash PMI – 3:45 PM, Thursday (GMT+2)
A quick look at the state of the U.S. economy in May forecasts a slight slowdown in manufacturing to 53.6 and stability in services at 51.1. Markets will closely monitor the report's pricing components, as any sign of accelerating input costs would provide a further argument for a tighter Fed policy.
Date
Time
Instrument
Event
Tuesday, May. 19
GDP
Claimant Count Change
CPI
Wednesday, May. 20
CPI
CPI
FOMC Meeting Minutes
Thursday, May. 21
Flash Manufacturing PMI
Flash Services PMI
Philadelphia Fed Manufacturing Index
Flash Manufacturing PMI
Flash Services PMI
Friday, May. 22
German GDP
Retail Sales
Retail Sales
*All times in the table are in CEST
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