On the economic data front, the U.S. April PCE—the Federal Reserve’s preferred inflation gauge—and China’s official May Manufacturing PMI are set for release. Key financial events include speeches by multiple Fed officials; Trump stated that a U.S.-Iran deal is nearly finalized and the Strait of Hormuz will reopen. On the earnings front, the Q1 earnings season is drawing to a close, with Xiaomi, PDD Holdings, Kuaishou, XPeng, and Li Auto reporting back-to-back results in Hong Kong, while Marvell Technology and Salesforce are among those scheduled to report in the U.S. Additionally, the MSCI China Index rebalance will take effect.
Overview of Key Schedules for the New Week
U.S. PCE Inflation Report Looms; Markets Price in Potential Fed Rate Hike Later This Year
At 20:30 Beijing time on Thursday, May 28, the U.S. Bureau of Economic Analysis will release the April Personal Income and Outlays report, which includes the Federal Reserve’s most closely watched inflation indicator—the Personal Consumption Expenditures (PCE) price index. Given that both CPI and PPI data for the month came in hotter than expected, the PCE index faces upside risks.
Inflation concerns are increasingly influencing market expectations for central bank interest rates. Futures markets have now begun pricing in the possibility of a Fed rate hike later this year—shifting from early-year bets that the Fed would continue cutting rates. Minutes from the Fed’s April monetary policy meeting, released earlier this week, showed that most participants emphasized that some monetary tightening could be appropriate if U.S. inflation remains persistently above 2%.
Earnings Season Nears Conclusion; Xiaomi, PDD Holdings, Kuaishou, and Marvell Technology Set to Report Results
The Q1 earnings season is winding down. Following NVIDIA’s high-profile earnings report earlier this week, attention has quietly shifted to the Q1 results of major Chinese tech firms listed overseas. A concentrated wave of earnings releases is expected in the coming week, with particular focus on U.S.-listed Chinese companies.
On the Hong Kong market side, most core enterprises have already reported their earnings, $Xiaomi Group-W(01810.HK)$ 、$PDD Holdings (PDD.US)$ 、 $Kuaishou-W (01024.HK)$ 、 Xiaopeng Group-W (09868.HK) 、 $Li Auto-W(02015.HK)$ Q1 results will be released in quick succession, marking a critical period for verifying performance across AI applications, e-commerce, short-video platforms, and new energy sectors.
On the U.S. market side, over 90% of S&P 500 constituents have already reported results. According to LSEG IBES data, first-quarter earnings are projected to surge 29% year-over-year. In the coming week, several major retailers will report earnings, including $Costco (COST.US)$ 、 Best Buy (BBY.US) among others, investors will monitor whether high oil prices are eroding consumer spending in other areas.
Additionally, artificial intelligence will remain a market focal point, $Salesforce(CRM.US)$ 、 $Dell Technologies (DELL.US)$and$Marvell Technology (MRVL.US)$ will release earnings. NVIDIA reported stronger-than-expected results this week; although its share price dipped slightly, it drove significant gains for several of its partners.
Trump stated that a U.S.-Iran agreement has been largely finalized, including provisions to reopen the Strait of Hormuz.
Over the weekend, there was positive news regarding U.S.-Iran tensions. On Saturday afternoon, May 23 Eastern Time, U.S. President Trump announced that the United States and Iran have “largely finalized” a peace agreement that would reopen the Strait of Hormuz, with an official announcement expected soon. This development has renewed hopes that the Iran conflict—which has severely disrupted global energy markets and pushed U.S. inflation to multi-year highs—may be nearing an end.
Trump said that a U.S.-Iran agreement has been largely finalized and awaits finalization by both sides and relevant Islamic countries. He also spoke with Israeli Prime Minister Netanyahu. The final elements and details of the agreement are currently under discussion and will be announced shortly. Trump added that, among many other provisions, the Strait of Hormuz will be reopened as part of the deal.
According to Al Arabiya television of Saudi Arabia on the 24th, sources revealed that the next round of talks between the United States and Iran may be held on June 5. (Xinhua News Agency)
Fed officials are speaking frequently, and the market is gauging the balance between hawkish and dovish voices.
As Walsh takes office, risks are highly concentrated. Inflation is rising, long-term U.S. Treasury yields are climbing, and an increasing number of investors believe the Fed’s next move may not be the rate cut Trump desires, but rather a rate hike.
A pivotal moment driving this shift in expectations came after Federal Reserve Governor Waller delivered a speech. Previously seen as dovish over the past year, he clearly stated on Friday that, given current inflation trends, the next policy statement should 'explicitly indicate that the likelihood of future rate cuts is no greater than that of rate hikes.' This remark directly prompted traders to increase their bets on a rate hike.
Looking ahead to next week, numerous Federal Reserve officials will deliver public remarks, allowing investors to continue assessing whether hawkish voices now dominate within the Fed.
At 20:55 on Thursday, John Williams, Permanent Voting Member of the FOMC and President of the Federal Reserve Bank of New York, delivered a keynote speech at a conference organized by the Central Bank of Iceland;
At 22:15 on Thursday, Alberto Musalem, 2028 FOMC Voting Member and President of the Federal Reserve Bank of St. Louis, gave a speech;
At 18:50 on Friday, Jeffrey Schmid, 2028 FOMC Voting Member and President of the Federal Reserve Bank of Kansas City, gave a speech;
At 21:10 on Friday, Federal Reserve Governor Michelle Bowman delivered remarks.
MSCI China Index rebalancing takes effect
On May 12, 2026, MSCI, the global index giant, announced the quarterly review results of its Global Standard Index, which will officially take effect after the market close on May 29.
This adjustment represents a significant overhaul of relevant indices in China: the MSCI China Index added 22 stocks and removed 24, while Hong Kong-listed and Taiwan-listed stocks simultaneously reduced weightings in traditional industries. The core of the adjustment is clear — advanced technology (especially optical communication) emerged as the biggest winner, while commercial real estate, traditional manufacturing, consumer electronics, and some financial targets were delisted. This likely reflects global capital's valuation logic regarding China's industrial upgrading.
On the Hong Kong stock market, international crude oil tanker operators$COSCO Shipping Energy Transportation (01138.HK)$and copper-clad laminate/PCB substrate operatorsJian滔 Laminates (01888.HK)were added to the index.
Key earnings calendar for the new week.
Monday (May 25)
Key term: Hong Kong and U.S. markets closed
Regarding market holidays, on May 25, U.S. markets were closed for Memorial Day. Trading in precious metals and crude oil futures contracts listed on the CME Group was suspended at 02:30 Beijing time on May 26. The Hong Kong Exchange was closed for Buddha's Birthday, with both Northbound and Southbound trading links suspended.
Tuesday (May 26)
Keywords: Xiaomi; Miniso; Shenyun Intelligence, Huaxida, Yunyinggu Technology (grey market)
On the economic data front, the U.S. Conference Board Consumer Confidence Index for May and the Dallas Fed Manufacturing Business Activity Index for May will be released.
22:00 U.S. Conference Board Consumer Confidence Index for May
22:30 Dallas Fed Manufacturing Business Activity Index for May
On the earnings front, Hong Kong-listed stocks $Xiaomi Group-W(01810.HK)$ 、 $Miniso Group (09896.HK)$ will release earnings reports, $Pony AI (PONY.US)$ 、 $21Vianet (VNET.US)$ released its earnings report before the US stock market opened, $SMTC Corporation (SMTC.US)$ 、 $Zscaler(ZS.US)$ will release earnings after the U.S. stock market closes.
Regarding IPOs, $Shenyun Intelligence (02723.HK)$ 、 $Huaxida (00901.HK)$ 、 $Yunyinggu Technology (03310.HK)$ Three companies will commence grey market trading.
Wednesday, May 27
Keywords: PDD Holdings; Kuaishou; Marvell Technology; ADP
On the economic data front, the Reserve Bank of New Zealand will announce its interest rate decision; China will release the year-on-year growth rate of profits for industrial enterprises above designated size in April; the U.S. will publish the ADP employment change for the week ending May 9; and the Richmond Fed will release its Manufacturing Index for May.
09:30 Year-on-year growth rate of profits for China's industrial enterprises above designated size in April
10:00 Reserve Bank of New Zealand interest rate decision
20:15 U.S. ADP employment change (in 10,000s) for the week ending May 9
22:00 U.S. Richmond Fed Manufacturing Index for May
On the major events front, at 08:00, Kazuo Ueda, Governor of the Bank of Japan, will deliver a speech at a monetary policy conference hosted by the Bank of Japan.
On the earnings front, Hong Kong-listed stocks $Kuaishou-W (01024.HK)$ 、 $RoboSense (02498.HK)$ will release earnings reports, Kingsoft Cloud (KC.US) 、 $PDD Holdings (PDD.US)$ released its earnings report before the US stock market opened, $Marvell Technology (MRVL.US)$、 $Salesforce(CRM.US)$ 、 $Snowflake(SNOW.US)$ 、 $Synopsys (SNPS.US)$ will release earnings after the U.S. stock market closes.
In terms of new stocks,$Shenyun Intelligence (02723.HK)$ 、 $Huaxida (00901.HK)$ 、 $Yunyinggu Technology (03310.HK)$ Officially listed on the Hong Kong Stock Exchange.
Thursday (May 28)
Keywords: PCE; Li Auto; XPeng; Meta Platforms shareholder meeting
On the economic data front, the U.S. April core PCE price index year-over-year, initial jobless claims for the week ending May 23, the revised Q1 2024 real GDP annualized quarterly growth rate, and the U.S. April core PCE price index month-over-month will be released.
20:30 U.S. April core PCE price index year-over-year
20:30 Initial jobless claims for the week ending May 23 (in 10,000s)
20:30 US Q1 Real GDP Annualized Quarter-over-Quarter Growth Rate (Revised)
20:30 US April Core PCE Price Index Month-over-Month
On the major events front, the Bank of Korea will announce its policy rate decision at a time to be determined.
01:00， $Meta Platforms(META.US)$The 2026 Annual General Meeting will be held at 10:00 a.m. PT on May 27, which corresponds to 1:00 a.m. Beijing time on the following day.
At 20:55, John Williams, Permanent FOMC Voter and President of the Federal Reserve Bank of New York, will deliver a keynote speech at a conference organized by the Central Bank of Iceland; at 22:15, Alberto G. Musalem, FOMC Voter for 2028 and President of the Federal Reserve Bank of St. Louis, will speak.
Earnings reports: Li Auto (LI.US)、 Futu Holdings Ltd (FUTU.US)、 Xpeng Group (XPEV.US) released its earnings report before the US stock market opened, $Costco (COST.US)$ 、 $Dell Technologies (DELL.US)$ will release earnings after the U.S. stock market closes.
Regarding IPOs, $Creality (03388.HK)$ Will open for grey market trading.
Friday (May 29)
Keywords: US May Chicago PMI; Creality
On the economic data front, Japan's unemployment rate for April and the U.S. Chicago PMI for May will be released.
07:30 Japan's unemployment rate for April
21:45 U.S. Chicago PMI for May
On the key events front, at 18:50, Kansas City Fed President Jeffrey Schmid, a voting member of the 2028 FOMC, will deliver remarks; at 21:10, Federal Reserve Board Governor Michelle Bowman will speak.
In terms of new stocks,$Creality (03388.HK)$ Officially listed on the Hong Kong Stock Exchange.
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