The Week Ahead – Week Commencing 18 May 2026

Markets closed out another busy week on the back foot on Friday, as rising yields across most global markets led to a souring of what had been positive sentiment for most of the week. Inflationary concerns have been building since the conflict in the Middle East started, and data this week, particularly out of the US, saw markets start to react as the week wore on.

On the geopolitical front, President Trump’s trip to China concluded with little in the way of concrete updates for investors, despite plenty of positive rhetoric, while hopes of the ceasefire in the Middle East between the US and Iran continuing seem to be fading with each passing day.

The week ahead will see focus remain strongly on geopolitical updates in general, and the Middle East in particular, whilst on the data front there is little out of the US, although Fed Meeting Minutes should provide interesting reading midway through the week. However, we do have some key updates due from other major economies that should see moves in their respective markets.

Here is our usual day-by-day breakdown of the major risk events this week:

Monday
It’s a quiet start to the calendar week on Monday, with nothing of note scheduled across all three trading sessions. Canadian markets are closed for a bank holiday, which could affect liquidity later in the day, but overall expect market moves to be dominated by geopolitical updates.

Tuesday
There is little on the calendar in the Asian session on Tuesday, but we do have the first of some key UK data this week out shortly after the London open, with employment numbers being released. The initial focus in the New York session will be on Canadian markets, with the CPI data due out, while later in the day US Pending Home Sales numbers are scheduled.

Wednesday
The Asian session will see attention move to Chinese markets midway through the day, with the Loan Prime Rate updates due. The London session sees more key UK data out early in the day, this time the CPI and PPI data. The New York session has little in the way of data due out again, although the Weekly Crude Oil Inventory data will draw some attention. However, traders are expecting to see volatility towards the end of the session when the FOMC Meeting Minutes are released.

Thursday
It’s the busiest day of the week in terms of data releases on Thursday, with Flash Manufacturing and Services PMI numbers out from a variety of jurisdictions including Australia, France, Germany, the EU, the UK, and the US. Australian markets will be in focus early in the day, with key employment data due out, while the New York session sees the Philly Fed Manufacturing Index and Weekly Unemployment Claims numbers out later in the day.

Friday
It’s a relatively quiet calendar day to close out the trading week on Friday, although Retail Sales data out of both the UK and Canada may see some moves in their local markets in their respective sessions. Revised University of Michigan Consumer Sentiment data is also out in the US session. However, again traders are expecting news-led flows to dictate market moves into the weekend.

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Publication date:

18 May 2026 - 10:42 (GMT)