The market will face between May 25 and 29 a especially sensitive week to measure if the US economy begins to lose strength and if inflation continues to resist disappearing. The main focus will be on the United States, where on Thursday the second reading of GDP for the first quarter and the core PCE index for April, the Federal Reserve’s favorite inflation benchmark. THE EUROPEAN G4 CPI WILL TEST THE ECB In Europe, the week will clearly go from less to more. On Monday there will be hardly any relevant references, but on Tuesday Spain will publish its April production price indexa data especially monitored because it can anticipate new inflationary tensions derived from oil and gas. On Thursday attention will turn to eurozone consumer confidencewhich continues to deteriorate after several consecutive months of economic weakness, while France and Italy will announce their production price indices in a context marked by increasing energy costs and disruptions in global supply chains. Furthermore, in Spain retail sales for April will be knowna key reference to check whether consumption continues to resist despite the deterioration of the macroeconomic environment. But the real European highlight will arrive on Friday with the publication of the preliminary inflation data for May in Germany, France, Spain and Italy. The market will especially observe whether the energy shock begins to be transmitted more intensely to the European consumer. That same day the German unemployment for May and final first quarter GDP figures in France and Italy. In Spain, in addition, the March current account balance. All of this will compose a fairly accurate photograph of the real state of the European economy before entering the summer. WALL STREET EXAMINES GROWTH AND PRICES In the United States, the week will start with Wall Street closed on Monday for Memorial Dayon a day of low global activity in which they will also remain markets such as the United Kingdom, Hong Kong and Switzerland closed. Already on Tuesday, the Conference Board consumer confidenceafter several months of gradual recovery despite geopolitical uncertainty. They will also be published Case-Shiller housing price index and the Dallas Fed manufacturing indicator. However, the bulk of the attention will be focused on Thursday. At 2:30 p.m. they will arrive practically at the same time. First Quarter GDP, April PCE Core Index, Personal Income and Spending, Durable Goods Orders, and Weekly Jobless Claims. It will be a particularly intense session because it will allow growth, inflation, consumption and industrial activity to be evaluated simultaneously. On Friday, the wholesale inventories and the Chicago PMI They will complete a decisive week to gauge whether the US economy maintains enough inertia to sustain the stock market rally. JAPAN MEASURES THE PULSE OF ASIAN CONSUMPTION In Asia-Pacificthe main focus will be on Japan. On Friday the April retail sales, along with the unemployment rate and industrial production. The consumption data will be especially relevant because it will allow us to measure whether Japanese households are beginning to regain dynamism or continue to suffer from price pressure. Furthermore, on Wednesday Reserve Bank of New Zealand to announce interest rate decisionin an event closely followed by the market to see if the region’s central banks are beginning to adopt a more prudent tone in the face of the deterioration of the global environment.
India It will also provide a relevant reference with the publication of its industrial production for April. Furthermore, the week will be conditioned by various festivities in Hong Kong, India, Indonesia and Singapore.
SALESFORCE AND RENEWABLES TAKE THE BUSINESS RELAY At the business level, Salesforce will be one of the main protagonists of the week along with Dell Technologies, Costco and NetAppin a new batch of results closely linked to technology and corporate spending. In Spain, the market will closely follow the accounts of Grenergy Renewables and eDreams ODIGEOtwo very different companies but equally sensitive to the economic cycle and investment appetite. Companies such as Marvell, Synopsys, HP, Agilent Technologies, Autodesk, Dollar Tree or Lululemon. At the same time, the week will include several relevant shareholder meetingsamong them those of Iberdrola, Tubacex, Elecnor, Clínica Baviera or Coca-Cola Europacific Partners, in addition to the payment of dividends from Merlin Properties, Mapfre, Banco Sabadell and Coca-Cola Europacific Partners.
We detail all these quotes below:
MONDAY, MAY 25:
– Stock market holiday in the United States, United Kingdom, Switzerland and Hong Kong.
– General Meeting of Shareholders Iberpapel Gestión. Dividend (payment date): Merlin Properties 0.0151 euros gross per share. – Abivax results. TUESDAY, MAY 26: – April Spain production price index. – Case-Shiller House Price Index March United States. – Consumer confidence May United States. – Dallas Fed May manufacturing index United States. – AutoZone, Zscaler results. WEDNESDAY, MAY 27: – Stock market holidays Indonesia, Singapore. – Reserve Bank of New Zealand rate decision. – Weekly mortgage applications in the United States. – Elecnor General Shareholders’ Meeting, Clínica Baviera. – Dividend (payment date) Coca-Cola Europacific Partners: 0.820 euros gross per share. – Results Grenergy RenewablesMarvell, SalesforcePDD Holdings, Synopsys, Agilent Technologies, HP, Best Buy. THURSDAY, MAY 28: – Industrial production April India. – April France production price index. – Retail sales April Spain. – Consumer confidence in May final eurozone. – April Italy production price index. – Applications for unemployment benefits United States. – April PCE price index United States.
– Personal income April United States. – Personal expenses April United States. – Preliminary April durable goods orders in the United States. – GDP first quarter second reading United States. – Personal consumption first quarter second reading United States. – April new home sales in the United States. – General Meeting of Shareholders Coca-Cola Europacific Partners, Tubacex. – Mapfre dividend (payment date): 0.1104 gross euros per share. – Results eDreams ODIGEOORLEN, Johnson Matthey, Dell Technologies, Costco Wholesale, Autodesk, NetApp, Dollar Tree, Lululemon Athletica, Hormel Foods, SSE. FRIDAY, MAY 29: – April Japan unemployment rate. – Preliminary April industrial production Japan. – April Japan retail sales.
– Preliminary May CPI Spain, Germany, France, Italy. – Final first quarter GDP France, Italy. – May unemployment rate Germany. – March current account balance in Spain. – Preliminary April wholesale inventories in the United States. – Chicago PMI May United States. – General Meeting of Shareholders Iberdrola, Puig Brands, and Naturhouse Health. – Banco Sabadell dividend (payment date): 0.50 euros gross per share.
