Who will come out on top?

Global Macro Updates 

Trump’s Beijing blitz. On Wednesday, US President Donald Trump arrived in Beijing, China for two days of meetings with China’s Premier Xi Jinping. It is the first meeting in China by a US president in nine years. President Trump insisted that China “open up” the country to corporate America. Tesla CEO Elon Musk and Nvidia CEO Jensen Huang joined the President’s trip to help resolve some of those “opening up” issues. This visit is expected to help the US and China inch towards agreeing a managed trade mechanism for non-sensitive goods. There have been suggestions that each side may possibly identify some $30 billion worth of goods on ​which they could reduce tariffs and sell to each other without crossing national security red lines. US and Chinese economic and trade teams met in South Korea prior to Trump’s Beijing visit to negotiate and had, according to a readout by China’s foreign ministry, reached "overall balanced and positive outcomes." China continues to maintain significant barriers on the export of specific rare earth metals to the United States, acting as a major pressure point during ongoing high-level trade talks. However, the US administration’s ability to levy tariffs at will on Chinese exports has been limited by the US courts. In addition, the war with Iran has led to increased inflation in the US, greatly reducing Trump’s approval rating and increasing the likelihood that the Republican party could lose control of the House as well as the Senate in November's midterm elections.

During a two-hour meeting earlier today Xi also praised progress in trade talks and said there would be “no winners” in a tariff war. However, earlier today, Xi warned Trump that disagreement over Taiwan could send relations down a dangerous path and even lead to conflict if badly managed. According to the state news agency Xinhua, Xi said, “The Taiwan question is the most important issue in China - US relations. If mishandled, the two countries could face confrontation or even conflict, pushing the entire China-US relationship into a highly dangerous situation.” As noted by the Financial Times, there is a concern that Trump might reduce arms sales to Taiwan or even change the US diplomatic posture to “oppose” independence for Taiwan rather than the current stance of not supporting it. Last year the Trump administration approved a record $11.1 bn in arms sales for Taiwan, eclipsing the $8.4 bn provided by president Joe Biden, according to the US-Taiwan Business Council. It is also compiling another package expected to be worth at least $14 bn.

The new face of the Fed. On Wednesday, in a 54-45 vote, the Senate confirmed Kevin Warsh as the new chair of the Federal Reserve, replacing Jerome Powell, whose term as Fed chair expires on 15 May. He will remain a Fed governor. This was the slimmest confirmation margin ever, with only a single Democrat, John Fetterman of Pennsylvania, voting with the Republican majority. Prior to this, the most partisan vote on a Fed chair by the Senate was a 56-26 vote in 2014 for Janet Yellen, with 11 Republicans joining the Democratic majority. This slim margin on the Warsh vote reflects how polarised Congress is in reaction to a Trump nomination. Democrats fear that Warsh will succumb to political pressures from the Trump administration to rapidly lower interest rates. As noted by Reuters, his swearing-in to the four-year Fed chair term and a concurrent 14-year term as a Fed governor approved by the Senate on Tuesday awaits final White House signatures on paperwork sent by the Senate. Fed Governor Stephen Miran will vacate his spot on the ​board to make room for Warsh.

However, given that the latest CPI and PPI figures show intensifying inflation, with April CPI coming in at 3.8%, the highest since May 2023, and April PPI up 6%, the highest since December 2022, it will be very hard for Warsh to push through the interest-rate cuts that President Donald Trump has ‌demanded. During Warsh’s first meeting as Fed chair in June, Fed policymakers are scheduled to ​release new rate-path forecasts. A rate cut this year, as suggested in March's projections, looks highly unlikely. Inflation is expected to continue to rise as the secondary effects of the energy surge and tariffs filter through and the unemployment rate remains around 4.3%, indicating the labour market may not need the support of a rate cut. Several Fed policymakers including Susan Collins, Neel Kashkari and Beth Hammack, have suggested that the Fed may need to increase rates this year due to stubborn inflation. During the April meeting five FOMC members dissented from the official statement, requesting more hawkish language indicating that a rate increase is as likely as a rate cut in coming months.

Corporate Earnings Calendar

Thursday: Applied Materials
Monday: Baidu
Tuesday: Home Depot
Wednesday: Intuit, Nvidia

Global market indices

US Stock Indices Price Performance

Nasdaq 100 +6.98% MTD and +16.31% YTD
Dow Jones Industrial Average +0.08% MTD and +3.39% YTD
NYSE -0.74% MTD and +4.41% YTD
S&P 500 +3.26% MTD and +8.75% YTD

The S&P 500 is +1.07% over the past seven days, with 6 of the 11 sectors up MTD. The Equally Weighted version of the S&P 500 is -1.00% over this past week and +5.81% YTD.

The S&P 500 Information Technology is the leading sector so far this month, +9.57% MTD and +16.77% YTD, while Utilities is the weakest sector at -4.81% MTD and +4.44% YTD.

Over the past seven days, Information Technology outperformed within the S&P 500 at +3.82%, followed by Energy and Consumer Staples at +1.12% and +0.99%, respectively. Conversely, Utilities underperformed at -2.42%, followed by Industrials and Financials at -1.89% and -1.66%, respectively.

The equal-weight version of the S&P 500 was -0.43% on Wednesday, underperforming its cap-weighted counterpart by 1.01 percentage points. 

On Wednesday, the Dow Jones Industrial Average was -0.14%, or -67.36 points, to close at 49,693.20. The S&P 500 was +0.58%, or +43.29 points, to 7,444.15. The Nasdaq Composite rose +1.20%, or +314.14 points, to 26,402.34. Over the past seven days, the S&P 500 is up +1.07%, the Dow Jones Industrial Average was -0.44% and the Nasdaq Composite +2.18%.

In corporate news, Equinox Gold said on Wednesday that it would acquire Orla Mining in an all-stock transaction, creating a North American gold producer valued at approximately $18.5 billion. The deal comes amid a record rally in gold prices, which has strengthened miners’ cash flows and improved access to capital, prompting producers to expand reserves and increase their exposure to comparatively low-risk mining jurisdictions such as Canada and the US.

Under the terms of the agreement, Orla shareholders will receive one Equinox common share and a nominal cash payment for each share held, valuing the transaction at approximately CAD 7.02 billion. The merger would create the second-largest Canadian gold producer, anchored by Equinox’s Greenstone and Valentine mines and Orla’s Musselwhite mine in Ontario, which together are expected to produce about 685,000 ounces in 2026. Overall, the combined company is projected to produce approximately 1.1 million ounces of gold this year from six operating mines across Canada, the US, Mexico and Nicaragua.

Upon completion of the transaction, existing Equinox shareholders are expected to own approximately 67% of the combined company, while Orla shareholders will hold the remaining 33%. The transaction is expected to close in Q3, after which the combined entity will continue to operate under the Equinox Gold name.

Mega caps: The Magnificent Seven had a mostly positive performance over the past week. Over the last seven days, Tesla +11.67%, Nvidia +8.66%, Apple +3.95%, Alphabet +1.15% and Meta Platforms +0.61%, while Amazon -1.77% and Microsoft -2.11%.

Energy stocks had a mixed performance this week. The Energy sector itself was +1.12%. WTI and Brent prices are +4.76% and +3.77%, respectively, over the past week. Over the last seven days, ExxonMobil +1.94%, Occidental Petroleum +1.92%, Halliburton +1.53%, Marathon Petroleum +1.35%, Chevron +0.45% and Phillips 66 +0.06%, while ConocoPhillips -1.26% BP -1.31%, Baker Hughes -1.89%, Shell -2.06%, APA -3.47% and Energy Fuels -13.54%. 

Materials and Mining stocks also had a mixed performance this week, with the Materials sector itself -0.12%. Over the past seven days, Freeport-McMoRan +10.30%, CF Industries +4.79%, Albemarle +4.32%, Newmont Corporation +3.35% and Sibanye Stillwater +0.47%, while Yara International -0.68%, Nucor -0.80%, Mosaic -3.31% and Celanese Corporation -3.46%.

European Stock Indices Price Performance

Stoxx 600  +0.02% MTD and +3.25% YTD
DAX -0.64% MTD and -1.44% YTD
CAC 40 -1.32% MTD and -1.74% YTD
IBEX 35 -0.71% MTD and +2.01% YTD
FTSE MIB  +1.54% MTD and +9.00% YTD
FTSE 100 -0.52% MTD and +3.97% YTD

This week, the pan-European Stoxx Europe 600 index is -1.90%. It was +0.79% on Wednesday, closing at 611.42.

So far this month in the STOXX Europe 600 Basic Resources is the leading sector +10.03% MTD and +30.13% YTD, while Oil & Gas is the weakest at -3.40% MTD and +32.49% YTD.

Over the past seven days, Basic Resources outperformed within the STOXX Europe 600, at +4.92%, followed by Telecommunications and Chemicals at +1.33% and -0.54%, respectively. Conversely, Retail underperformed at -4.85%, followed by Industrial Goods & Services and Construction & Materials at -4.55% and -4.30%, respectively.

Germany's DAX index was +0.76% on Wednesday, closing at 24,136.81. It is -3.14% over the past seven days. France's CAC 40 index was +0.35% Wednesday, closing at 8,007.97. It is -3.51% over the past week.

The UK's FTSE 100 index was -1.09% over the past week to 10,325.35. It was +0.58% on Wednesday.

In Wednesday's trading session, Basic Resources outperformed, supported by firmer commodity prices (with copper near all-time highs), Middle East supply concerns and continued enthusiasm around copper amid AI-linked industrial demand. BHP Group advanced following reports that the miner remains open to copper-focused M&A. Umicore rose after a Goldman Sachs upgrade, citing improved recycling economics and medium-term EBITDA upside. ArcelorMittal also traded higher after awarding an EPC management contract for its Dunkirk electric arc furnace project.

Technology and Telecom also outperformed, underpinned by AI optimism and expectations of easing US – China semiconductor tensions ahead of the Trump – Xi summit in Beijing. Chipmakers gained on reports that Nvidia’s CEO will join the China delegation, potentially reopening discussions around access to H200 chips. BELIMO Holding rose after Barclays initiated coverage at overweight, highlighting exposure to data-centre cooling and attractive EPS growth prospects. In Telecom, Deutsche Telekom advanced after reaffirming guidance on continued strength at T-Mobile.

Energy also advanced on geopolitical supply risks, despite softer crude prices intraday. The IEA cut its 2026 oil-demand growth forecast, but cautioned that supply may still struggle to meet demand amid potential disruptions related to conflict in Iran. Vallourec, alongside alternative-energy names SFC Energy and Verbio, moved higher following results and guidance updates. Insurance and Financial Services also traded higher, with Allianz, Zurich Insurance Group and ABN AMRO supported by robust Q1 earnings and resilient capital positions.

Construction & Materials underperformed amid concerns over rising input costs and shipping disruption linked to the Strait of Hormuz. Vistry Group shares declined after cutting FY26 guidance, while Eiffage missed consensus on revenue. Real Estate underperformed more broadly as markets priced a more hawkish ECB path. Travel & Leisure was pressured by fuel costs and geopolitical uncertainty, despite TUI Group reiterating guidance. Food & Beverage also lagged as Heineken shares fell following a JPMorgan downgrade. Retail declined on concerns over softer discretionary spending and persistent inflationary pressures.

Other Global Stock Indices Price Performance

MSCI World Index  +1.93% MTD and +7.23% YTD
Hang Seng  +2.37% MTD and +2.96% YTD

Over the past seven days, the MSCI World Index and Hang Seng Index are -0.06% and +0.67%, respectively.

Currencies

EUR -0.18% MTD and -0.30% YTD to $1.1745
GBP -0.61% MTD and +0.35% YTD to $1.3473

The dollar strengthened on Wednesday after reaching a two-week high, supported by a stronger-than-expected US inflation reading.

The dollar index rose +0.20% to 98.48 after touching 98.60 earlier in the session, its highest level since 30 April. Over the past week, the dollar index is +0.48%.

On Wednesday, the euro fell -0.22% to $1.1710, contributing to a decrease of -0.31% over the past week.

Sterling fell -0.11% to $1.3520 as political uncertainty in the UK intensified. Prime Minister Keir Starmer faced mounting pressure after reports that the UK Health minister was preparing to resign in an attempt to trigger a leadership contest, even as Starmer sought to refocus attention on his government’s agenda. Over the past week, the pound has declined -0.49% against the US dollar.

The Japanese yen weakened -0.19% against the dollar to ¥157.86. A sharp appreciation on Tuesday had fuelled speculation that authorities were conducting a rate check, a step often viewed as a precursor to currency intervention.

Former BoJ Governor Haruhiko Kuroda said Japan’s recent foreign-exchange intervention may have prevented the yen from weakening beyond ¥160 per dollar, but is unlikely to have a sustained impact.

Over the past week, the yen has declined -1.03% against the US dollar. The yen is down -0.84% MTD and -0.77% YTD.

Note: As of 5:00 pm EDT 13 May 2026

Cryptocurrencies

Bitcoin +4.52% MTD and -9.15% YTD to $79,668.20
Ethereum +0.30% MTD and -24.04% YTD to $2,262.64

Bitcoin was -2.28% over the last seven days and Ethereum was -3.86%. On Wednesday, Bitcoin was -1.11% and Ethereum -0.98%. Crypto has been down this week, driven by hotter than expected US inflation data after CPI came in above consensus forecasts at 3.8% annualised and PPI came in at 6% on annualised basis, strengthening expectations that the US Federal Reserve will keep interest rates higher for longer to combat inflation, which usually hurts risk assets. Cryptocurrencies were also down due to rising geopolitical tensions as President Trump rejected Iran’s peace offer, calling it “unacceptable” and stating that the “ceasefire is on life-support.” The drop below key support levels also triggered a wave of selling, with over $244 million in long positions being liquidated across the market on Wednesday, adding to the downward pressure. The week has also seen net outflows from US Spot Bitcoin and Ethereum ETFs, indicating a temporary cooling in institutional demand.

Crypto supporters will be very focussed on today’s introduction of Digital Asset Market Clarity Act or simply, The Clarity Act, the landmark bill that would create a US regulatory framework for the crypto industry, to the Senate for review and markup. Members of the Senate Banking committee have filed over 130 proposed amendments to the bill ahead of Thursday’s markup. 

Note: As of 5:00 pm EDT 13 May 2026

Fixed Income

US 10-year yield +9.9 bps MTD and +30.2 bps YTD to 4.474%
German 10-year yield bps +6.2 MTD and +24.3 bps YTD to 3.103%
UK 10-year yield +6.1 bps MTD and +60.6 bps YTD to 5.084%

Longer-dated Treasury yields rose to their highest levels since mid-2025 on Wednesday after April producer prices came in above expectations and Federal Reserve officials warned that persistent price pressures could warrant further rate increases.

US producer prices (PPI) recorded their largest increase since early 2022, following Tuesday’s consumer inflation data, which showed annual inflation accelerating at its fastest pace in three years.

The 2-year US Treasury yield, sensitive to expectations for the Fed funds rate, fell -0.8 bps to 2.718%. Earlier in the session, it reached 4.017%, its highest level since 27 March.

The yield on the 10-year US Treasury note rose +1.7 bps to 4.474%, after earlier touching 4.500%, its highest level since 11 June. At the long end, the 30-year yield was +1.0 bps higher at 5.028%.

Boston Fed President Susan Collins said the central bank may need to raise interest rates if inflation pressures fail to ease.

Minneapolis Fed President Neel Kashkari said the US labour market appeared somewhat stronger than earlier in the year, while the conflict involving Iran had added to inflation pressures that were already elevated, reinforcing his preference to keep the door open to possible rate hikes.

The US Senate on Wednesday confirmed Kevin Warsh as Fed chair. Investors will now watch closely for any shift toward a less dovish stance on future rate cuts in light of the recent rise in inflation.

Demand at the Treasury’s $25 billion 30-year bond auction on Wednesday was moderate, marking the final sale in this week’s $125 billion slate of coupon-bearing issuance.

The bonds were sold at a high yield of 5.046%, 0.5 bps above where they had traded before the auction. The bid-to-cover ratio was 2.30x, the weakest since November.

Earlier in the week, the Treasury’s $58 billion three-year note auction on Monday drew limited demand, while Tuesday’s $42 billion 10-year note sale was met with average interest.

The US Treasury yield curve, measured by the spread between yields on two- and 10-year Treasury notes, stood at 48.4 bps, 0.3 bps wider than the previous week’s 48.1 bps.

At the front-end, the 2-year yield was +12.0 bps higher over the past seven days, the 10-year yield advanced by +12.3 bps, and at the longer end, the 30-year yield traded +10.0 bps higher.

According to CME Group's FedWatch Tool, Fed funds futures traders are now pricing in a 1.0% probability of a 25 bps rate cut at June’s FOMC meeting, compared to 5.4% from last week. Fed funds futures traders are pricing in 9.3 bps of rate hikes in 2026, higher than the 0.8 bps of rate hikes priced in a week ago.

Across the Atlantic, in the UK, on Wednesday the 10-year gilt declined -2.3 bps to 5.084%. Over the past seven days, it has increased by +13.6 bps.

German government bond yields edged lower on Wednesday after four consecutive sessions of increases, as investors continued to expect the ECB to deliver 75 bps of rate hikes by year-end to counter energy-driven inflation. Prospects for a durable peace agreement in the Middle East have faded significantly, as Tehran attempted to tighten its control over the Strait of Hormuz.

Germany’s 2-year yield, which is particularly sensitive to policy-rate expectations, was -1.0 bps lower at 2.718%.

Germany’s 10-year government bond yield was -0.6 bps lower at 3.103%. At the long end, the 30-year yield slipped -0.1 bps to 3.631%.

Earlier in the session, euro zone yields were modestly lower, but later rose in tandem with US Treasuries after data showed US produce prices in April recorded their largest monthly increase since early 2022.

Money markets priced the ECB deposit facility rate at around 2.75% by year-end, up from the current 2%, and implied a 90% probability of an initial 25 bps increase next month.

During the past week, the German yield curve bear flattened. Over the course of the past seven days, the two-year Schatz yield traded +13.9 bps higher, while yield on the 10-year bund advanced by +9.8 bps. At the longer end of the spectrum, the 30-year German yield moved +8.7 bps higher.

Italy’s 10-year government bond yield was +0.5 bps higher on the day at 3.866%. The 10-year Italian BTP–Bund spread widened by 2.9 bps over the past week to 76.3 bps, from 73.4 bps, while Italy’s 10-year yield rose +12.7 bps.

Over the course of the week, France’s 10-year OAT yield advanced +13.1 bps. The spread between the French OAT 10-year yield and the German Bund 10-year yield stood at 64.6 bps, 3.3 bps higher than last week’s 61.3 bps.

In the UK, investors remained focused on political developments that could influence gilts, after 10-year yields hit their highest level since the 2008 financial crisis on Tuesday. However, 10-year gilt yields fell on Wednesday, down -2.3 bps to 5.084%, after reaching 5.130% in Tuesday’s session. 

PM Keir Starmer, facing mounting political pressure, said on Wednesday that he would continue to pursue plans to reform Britain and warned of potential instability if he were removed. Over the past seven days, the yield of 10-year Gilts advanced +13.6 bps.

The yield spread between German Bunds and 10-year UK gilts reached 198.1 bps on Wednesday, an increase of 3.8 bps over the past seven days.

The spread between US 10-year Treasuries and German Bunds is now 137.1 bps, an increase of 2.5 bps from last week’s 134.6 bps.

Commodities

Gold spot +1.48% MTD and +8.72% YTD to $4,690.18 per ounce
Silver spot +18.60% MTD and +22.72% YTD to $87.45 per ounce
West Texas Intermediate crude -4.38% MTD and +75.56% YTD to $100.79 a barrel
Brent crude -7.21% MTD and +73.80% YTD to $105.86 a barrel

Gold prices fell for a second straight session on Wednesday. Spot gold was down -0.50% at $4,690.18 per ounce. Over the past week, gold prices edged higher +0.02%.

Spot silver rose +1.05% to $87.45 per ounce after reaching a two-month high. Over the past week, silver prices advanced +13.09%.

India duty hike sends gold discounts to record. Gold discounts in India widened to a record of more than $200 an ounce on Wednesday, as a surge in prices after the import duty hike triggered investor selling in an already weak demand environment, bullion dealers told Reuters.

India on Wednesday raised import tariffs on gold and silver to 15.0% from 6.0% as part of efforts to curb overseas purchases of the metals and ease pressure on the country's foreign exchange reserves.

Dealers in India offered discounts of up to $207 an ounce over official domestic prices on Wednesday, inclusive of 15% import and 3% sales levies, up from the $17 an ounce on Tuesday.

The duty hike triggered a sharp rise in local gold prices, prompting some investors to cash in on gains by offloading gold, even at heavy discounts.

Gold futures in the world's second biggest consuming market jumped 7.20% on Wednesday to 164,497 rupees per 10 grams, the highest level in more than two months.

Oil prices settled lower on Wednesday as markets awaited further developments from the summit in Beijing between US President Donald Trump and Chinese President Xi Jinping.

Brent crude futures settled down $1.59, or -1.48%, at $105.86 a barrel, while US WTI crude futures fell $1.26, or -1.23%, to $100.79 a barrel. Over the past week, WTI is +4.76% and Brent is +3.77%.

The session was shaped by updated forecasts from both OPEC and the IEA. OPEC lowered its outlook for global oil demand growth in 2026, while the IEA said global oil supply is expected to remain below demand this year as the conflict continues to disrupt Middle East production.

WTI and Brent gave back their intraday gains as markets absorbed the DOE Weekly Petroleum Status Report, the latest monthly oil market reports, developments surrounding Trump’s trip to China and comments from Vice President JD Vance indicating that Washington remains focused on a diplomatic approach toward Iran.

Iran-related headlines were relatively limited, with negotiations still appearing to be at an impasse. However, some market participants continued to speculate that the Trump – Xi meetings could help advance discussions by increasing pressure on Tehran. Vice President JD Vance said progress had been made with Iran since his departure from Pakistan and reiterated that the administration remains committed, for now, to a diplomatic route. Separate reports also indicated that China opposes any move by Iran to impose tolls on transit through the Strait of Hormuz.

The IEA’s May Oil Market Report projected that global oil demand in 2026 will contract by 420,000 bpd, compared with a decline of 80,000 bpd in the previous report. The agency also expects global supply to contract by 3.9 million bpd this year and estimated that a closure of the Strait of Hormuz would result in supply losses of more than 1.0 billion barrels.

OPEC’s Monthly Oil Market Report forecast global demand growth of 1.2 million bpd in 2026, down from 1.4 million bpd in the April report. For 2027, OPEC expects demand growth of about 1.5 million bpd, versus 1.3 million bpd previously. Non-DoC (Declaration of Cooperation) supply growth for both 2026 and 2027 was estimated at about 600,000 bpd, unchanged from last month, while OPEC production fell by more than 1.7 million bpd in May from the previous month. Output from non-OPEC countries participating in the DoC was broadly unchanged m/o/m.

Updated weekly data also showed that product stockpiles at Fujairah fell to a new record low of 6.497 million barrels.

EIA report. The latest US Energy Information Agency (EIA) report, released on Wednesday, showed that US crude and gasoline inventories declined last week amid stronger exports, as the conflict involving Iran continued to unsettle oil markets and increase reliance on US supply. 

Crude inventories fell by 4.3 million barrels to 452.9 million barrels in the week ended 8 May, according to the EIA. Crude stocks at the Cushing, Oklahoma, delivery hub declined by 1.7 million barrels over the same period.

Crude exports rose by 742,000 barrels per day (bpd) to 5.49 million bpd during the week, while net US crude imports fell by 318,000 bpd.

Refinery crude runs increased by 370,000 bpd during the week, the EIA said, while utilisation rates rose by 1.6 percentage points to 91.7%.

US gasoline inventories fell by 4.1 million barrels during the week to 215.7 million barrels, the EIA said. Gasoline exports increased by 192,000 bpd to 1.05 million bpd over the same period.

Distillate inventories, which include diesel and heating oil, rose by 200,000 barrels during the week to 102.5 million barrels, according to EIA data.

Total product supplied, a proxy for demand, fell by 407,000 bpd to 19.89 million bpd. Gasoline consumption declined by 59,000 bpd to 8.75 million bpd.

Note: As of 5:00 pm EDT 13 May 2026

Key data to move markets

EUROPE

Thursday: Spanish Harmonised Index of Consumer Prices and a speech by ECB President Christine Lagarde
Friday: Italian CPI
Monday: German Bundesbank “Buba” Monthly Report
Wednesday: Non-monetary Policy ECB Meeting, Eurozone Harmonised Index of Consumer Prices and Core Harmonised Index of Consumer Prices

UK

Thursday: GDP, Industrial Production. Manufacturing Production and a speech by BoE Chief Economist Huw Pill
Monday: Speeches by BoE External members Megan Greene and Catherine Mann
Tuesday: Average Earnings, Claimant Count, Employment Change, ILO Unemployment Rate and a speech by BoE Deputy Governor for Financial Stability Sarah Breeden
Wednesday: CPI, PPI and RPI

USA

Thursday: Initial and Continuing Jobless Claims, Retail Sales and speeches by Kansas City Fed President Jeff Schmid, Cleveland Fed President Beth Hammack, New York Fed President John Williams and Federal Reserve Bank Governor Michael Barr
Friday: NY Empire State Manufacturing Index and Industrial Production
Tuesday: ADP Employment Change 4-week Average, Pending Home Sales and a speech by Philadelphia Fed President Anna Paulson
Wednesday: FOMC Minutes

JAPAN

Monday: GDP and GDP Product Deflator
Wednesday: Exports, Imports and Merchandise Trade Balance

CHINA

Monday: Industrial Production and Retail Sales
Wednesday: PBoC Interest Rate Decision

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