U.S. Non-Farm Payrolls, China Trade Balance; Trump Threatens to Raise EU-U.S. Auto Tariffs

1. Monday: ①Data: France, Germany, and Eurozone April Manufacturing PMI (Final); Eurozone May Sentix Investor Confidence Index; U.S. March Factory Orders (Monthly Rate). ②Holidays: Japan, the UK, and domestic markets closed; Hong Kong open as usual; Southbound and Northbound trading closed. ③Trump threatens to impose a 25% tariff on EU-made cars exported to the U.S. this week.
2. Tuesday: ①Data: May Reserve Bank of Australia interest rate decision; Switzerland April CPI; U.S. March Trade Balance, April S&P Global Services and Composite PMI (Final), ISM Non-Manufacturing PMI, March JOLTs job openings, New Home Sales (annualized total). ②Events: Fed Williams delivers a speech; Bank of Canada Governor Macklem and Senior Deputy Governor Rogers attend parliamentary hearings; RBA announces the interest rate decision and monetary policy statement, and Chairman Bullock holds a press conference; Saudi Aramco announces official crude oil prices around the 5th of each month. ③Holidays: South Korea, Japan, and domestic markets closed; Hong Kong open as usual; Southbound and Northbound trading closed. ④Earnings: Pfizer and AMD.
3. Wednesday: ①Data: U.S. API, EIA Weekly Crude Oil Report, April ADP; China April RatingDog Services PMI; UK, France, Germany, and Eurozone April Services PMI (Final); Eurozone March PPI. ②Events: Fed Moussaleem speaks on the economic outlook and monetary policy; the central bank will conduct CNY 300 billion 3-month buyout-style reverse repo operations. ③Holidays: Japan closed. ④Earnings: Walt Disney and ARM.
4. Thursday: ①Data: France March Trade Balance; Switzerland April seasonally adjusted unemployment rate; Eurozone March Retail Sales (Monthly Rate); U.S. April Challenger Job Cuts, initial jobless claims, March Construction Spending (Monthly Rate), EIA natural gas inventories, NY Fed 1-year inflation expectations; China April foreign exchange reserves. ②Events: Fed Goolsbee participates in a panel discussion at a meeting.
5. Friday: ①Data: Germany March seasonally adjusted industrial production (Monthly Rate) and Trade Balance; Switzerland April consumer confidence index; Canada April employment; U.S. April Non-Farm Payrolls; initial estimates of 1-year inflation rate expectations, University of Michigan consumer sentiment index, March wholesale sales (Monthly Rate). ②Events: Fed Harker and Williams deliver speeches; domestic refined oil products will open a new round of price adjustment window.
6. Saturday: ①Data: U.S. total weekly oil drilling rig count; China April Trade Balance. ②Events: Fed Goolsbee and Daly attend a special discussion session at the Hoover Institution’s 2026 Monetary Policy Conference; Putin will deliver an important speech at the Victory Day parade.