Sun: OPEC+ Mon: Holiday: UK May Bank Holiday, Holiday: Japan’s Greenery Day, Turkish Inflation (Apr), Global Manufacturing PMI (Apr), US Factory Orders (Mar) Tue: RBA Policy Announcement (May), BCB Minutes (Apr), Holiday: Japan’s Children’s Day, Swiss Inflation (Apr), US…
Sun: OPEC+ Mon: Holiday: UK May Bank Holiday, Holiday: Japan’s Greenery Day, Turkish Inflation (Apr), Global Manufacturing PMI (Apr), US Factory Orders (Mar) Tue: RBA Policy Announcement (May), BCB Minutes (Apr), Holiday: Japan’s Children’s Day, Swiss Inflation (Apr), US Building Permits Final (Mar), Canadian Balance of Trade (Mar), Canadian PMI (Apr), US PMI Final (Apr), US ISM Services (Apr), US JOLTS (Mar), US New Home Sales (Mar), US RCM/TIPP Economic Optimism (May), New Zealand Unemployment Rate (Q1) Wed: ECB Wage Tracker (May), Holiday: Japan’s Constitution Memorial Day, South Korean Inflation Rate (Apr), Chinese RatingDog PMI (Apr), Swedish Inflation (Apr), EU PMI Final (Apr), Italian Retail Sales (Mar), EZ PPI (Mar), Canadian Ivey PMI (Apr), US ADP Employment (Apr), US Treasury Refunding Announcement Thu: Norges Bank Policy Announcement (May), Riksbank Policy Announcement (May) CNB Policy Announcement (May), Banxico Policy Announcement (May), CBR Minutes (May), UK Local Election, BoJ Minutes (Mar), Australian Balance of Trade (Mar), German Factory Orders (Mar), French Balance of Trade (Mar), EZ Construction PMI (Apr), EZ Retail Sales (Mar), US Challenger Job Layoffs (Apr), Mexican Inflation (Apr), US Jobless Claims (May 2) Fri: Japanese Services PMI Final (Apr), German Balance of Trade (Mar), German Industrial Production (Mar), Brazilian Inflation (Apr), Canadian Jobs Report (Apr), US Jobs Report (Apr), University of Michigan Survey Prelim. (May) Week Ahead OPEC+ (Sun): Focus is on the 3rd May meeting after the UAE’s formal exit, effective 1st May, removed a key producer from quota constraints and weakened cohesion within the group. The remaining “OPEC-7” are expected to proceed with a modest June output increase of about 188k bpd, scaled down from about 206k bpd to reflect the UAE’s removal, though the move is largely symbolic given Strait of Hormuz disruptions that are limiting actual export capacity.
The core objective is to signal “business as usual”…