Week commencing 11 May 2026
Investors face a data‑heavy week as CPI releases, central bank signals and earnings reports test the durability of recent market gains.
US markets rally to fresh all-time highs
United States (US) equity markets delivered another impressive week, with both the S&P 500 and the Nasdaq 100 carving out fresh all‑time highs and remaining on track for a sixth consecutive week of gains. Solid corporate earnings, renewed enthusiasm for artificial intelligence (AI) exposure and resilient economic data enabled investors to largely shrug off the ongoing Middle East stalemate and elevated oil prices.
The week that was: highlights
- US factory orders for March rose 1.5% month‑on‑month (MoM), comfortably exceeding the 0.5% consensus forecast
- US Institute for Supply Management (ISM) services purchasing managers’ index (PMI) for April edged lower to 53.6, just missing the 53.7 consensus forecast, but still indicating expansion
- US Job Openings and Labor Turnover Survey (JOLTS) job openings for March fell to 6.866 million, coming in slightly above expectations of 6.84 million
- US ADP employment change for April showed a gain of 109,000 jobs, comfortably beating the 99,000 consensus estimate
- US initial jobless claims rose by 10,000 to 200,000 in the latest week, still below the 205,000 forecast
- China’s (CN) RatingDog services PMI for April came in at 52.6, rising from 52.1 previously and exceeding the 52.0 consensus forecast
- The RBA raised its official cash rate by 25 bp to 4.35%, in line with market expectations
- West Texas Intermediate (WTI) crude oil fell 4.67% to $97.15
- The US dollar index (DXY) traded flat at 98.22
- Bitcoin gained 1.87% to $80,025
- Gold rose 1.95% to $4703
- Wall Street’s gauge of fear, the volatility index (VIX), rose marginally to 17.07 from 16.98 the previous week.
Key dates for the week ahead
China & Japan
- CN – consumer price index (CPI), April: Monday, 11 May at 9.30am SGT
- CN – producer price index (PPI), April: Monday, 11 May at 9.30am SGT
- CN – new yuan loans, April: Thursday, 14 May at around 10.00am SGT
United States
- US –CPI, April: Tuesday, 12 May at 8.30pm SGT
- US – PPI, April: Wednesday, 13 May at 8.30pm SGT
- US – retail sales, April: Thursday, 14 May at 8.30pm SGT
- US – industrial production, April: Friday, 15 May at 9.15pm SGT
Europe & United Kingdom
- UK – gross domestic product (GDP) Q1: Thursday, 14 May at 2.00pm SGT
- UK – GDP March: Thursday, 14 May at 2.00pm SGT
Key events for the week ahead
CN: CPI
Date: Monday, 11 May at 9.30am SGT
China’s headline consumer price index rose 1.0% year‑on‑year (YoY) in March, below the 1.2% consensus and down from 1.3% in February. Core CPI, excluding food and energy, eased to 1.1% YoY from 1.8% the previous month, reflecting softer underlying price pressures following the Lunar New Year period.
The April reading will be closely watched for signs of renewed weakness. Consensus expects headline CPI to come in around 0.8% YoY. A softer‑than‑expected outcome would likely reinforce the case for further policy support from Beijing, especially as concerns over the property sector continue to linger. The sector remains a significant headwind for the broader economy, with weak buyer sentiment, falling home prices in many cities, and ongoing balance‑sheet pressures at developers continuing to weigh on consumption and investment.
China inflation rate chart
US: CPI
Date: Tuesday, 12 May at 8.30pm SGT
For March, US headline CPI rose 3.3% YoY, a sharp acceleration from February’s 2.4% and the highest reading in several months, driven largely by higher energy and shelter costs. Core CPI increased 2.6% YoY, only modestly higher than the previous month’s 2.5%.
Next Tuesday’s inflation update comes at a particularly sensitive time. At last week’s Federal Open Market Committee (FOMC) meeting, the Federal Reserve (Fed) kept rates unchanged but delivered its most divided vote since 1992. The removal of the ‘additional adjustments’ wording from the statement was interpreted as a clear pivot towards neutrality, making future rate hikes as plausible as cuts.
Markets will be watching closely for the impact of higher petrol prices stemming from the Middle East conflict. Consensus expects headline CPI to rise to 3.8% YoY, with core CPI climbing to 2.7%. A stronger‑than‑expected print would reinforce the hawkish tilt from the FOMC, while a softer outcome would help temper those concerns.
US core CPI chart
US Q1 2026 earnings
The US Q1 2026 earnings season continues next week with a more selective but still notable line‑up of reports from companies including JD.com, On Holding and Under Armour on Tuesday, Alibaba and Cisco on Wednesday, Robinhood Markets on Tuesday, Applied Materials and Figma on Thursday, and many more.
Important to know
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Connect with us
Disclaimers:
- All forms of investments carry risks, including the potential loss of all or part of your principal amount invested. The value of an investment product may rise or fall, and may also become valueless. Past performance is not indicative of future results. Please ensure that you fully understand, and are aware of, the risks and costs involved.
- Trading CFDs may not be suitable for everyone. CFDs are leveraged instruments and can result in losses that exceed deposits. Refer to the Risk Disclosure Statement and Risk Fact sheet.
- IG Asia Pte Ltd (Co. Reg. No. 200510021K)("IG") is regulated by the Monetary Authority of Singapore and holds a capital markets services licence.
- IG provides an execution-only service. The information in this advertisement does not contain (and should not be construed as containing) investment advice or an investment recommendation, or an offer of or solicitation for a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. You should consider your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
- The information on this site is not directed at residents of the United States or Belgium and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
- This advertisement has not been reviewed by the Monetary Authority of Singapore.
