Big week ahead: Global focus on China and the U.S.

May 11 - May 17 Weekly Major Financial Events Overview, all times Beijing Time:

Next week’s main themes:

Macroeconomic data, China and the US CPI data will be released soon. The market expects that the US April CPI may reach 3.8% year-on-year, driven by rising energy prices due to Middle East tensions. CICC predicts that China will show a divergence between domestic and external demand, with PPI possibly rising further amid Middle East conflicts.

Events and diplomacy, the Ministry of Foreign Affairs states that presidential diplomacy plays an irreplaceable strategic leading role in China-US relations. Both sides are maintaining communication regarding President Trump’s visit to China. Additionally, the Federal Reserve faces a historic moment—Chairman Powell’s term ends on May 15. Kevin Waugh’s nomination is expected to be finalized next week, shaping the Fed’s path over the next two years. Geopolitical developments in Iran also require close attention.

Corporate earnings, tech giants Tencent, Alibaba, JD.com, SMIC, and others will release their earnings, allowing the market to assess the recovery of AI and semiconductors. Other hot topics include: US Treasury’s $125 billion refinancing, Tencent Cloud’s CodeBuddy pricing increase to 316 RMB per person/month, Alibaba Cloud domain price adjustments, Shunwang Technology partnering with Huawei on cloud computing solutions, and the Hangzhou humanoid robot exhibition.

Economic Indicators

• China and US April CPI, PPI

On May 11, China will release April CPI and PPI data.

CICC expects that the growth rates of domestic and external demand in April may diverge, with marginal slowdown in consumption and investment, and a rebound in exports. Under Middle East tensions, PPI year-on-year growth may rise further to 1.8%, while CPI year-on-year growth remains around 1.0%, indicating that April’s GDP deflator growth could exceed 1%.

On May 12, the US will release April CPI data, and on May 13, PPI data.

Driven by rising energy prices due to Middle East tensions, market expects US inflation data to continue rising, with CPI year-on-year at around 3.8%. In March, US CPI surged 0.9% month-on-month—the largest increase since June 2022—and rose to 3.3% year-on-year, the highest since 2024. Gasoline prices hit a record high since 1967.

Financial Events

• Trump to visit China on May 14-15? The Foreign Ministry: Both sides are maintaining communication about this

In March, CCTV News reported that US President Trump planned to visit China in mid-May. On March 26, Foreign Ministry spokesperson Lin Jian said during a routine press conference that presidential diplomacy plays an irreplaceable strategic leading role in China-US relations, and both sides are maintaining communication regarding Trump’s visit.

According to recent media reports on May 7, the US government has invited CEOs of major companies like Nvidia, Apple, ExxonMobil, and Boeing to join.

• Continue monitoring Iran developments; Trump has indicated a possible agreement next week (Week of May 11)

The US-Iran situation remains complex, with “ongoing clashes, sanctions, and negotiations.” Previously, CCTV News reported that Pakistani sources said the US and Iran are close to reaching a ceasefire memorandum, and Trump indicated a possible agreement next week. However, the latest news shows direct clashes near the Strait of Hormuz, sharply escalating the crisis again.

• Powell’s Fed Chair term ends, Kevin Waugh expected to succeed

Powell’s term as Fed Chair ends on May 15. Kevin Waugh is expected to take over. He stated that after his term ends, he will continue serving as a Fed governor. His remaining term as a Fed governor is two years.

• Final confirmation vote for Waugh’s Fed Chair nomination to be held (all-week event)

According to reports, the US Senate Banking Committee approved Kevin Waugh’s nomination as Fed Chair on April 29, 2026, with a vote of 13 in favor and 11 against along party lines. The nomination will then be submitted to the full Senate, with a final confirmation vote expected during the week of May 11, to ensure he can chair the June policy meeting.

• US Treasury launches $125 billion quarterly refinancing operation

The US Treasury announced a $125 billion refinancing operation, expected to raise about $41.6 billion in new funds. Specifically: on May 11, issuing $58 billion in 3-year bonds; on May 12, $42 billion in 10-year bonds; on May 13, $25 billion in 30-year bonds.

• Multiple Fed officials, including Williams of NY Fed, to speak

On May 15, FOMC permanent voter and NY Fed President Williams will participate in a discussion. On April 26, FOMC voter and Cleveland Fed President Harker will give an opening speech at an online discussion on central bank independence.

On May 14, FOMC voter and Dallas Fed President Logan will join a dialogue on the energy sector. On May 13, FOMC voter and Minneapolis Fed President Kashkari will speak at a local business chamber.

On May 12, FOMC permanent voter and NY Fed President Williams will join a monetary policy panel discussion.

• Create 2026 Baidu AI Developer Conference to be held May 13-14

Baidu announced that Create 2026 Baidu AI Developer Conference (“Create2026”) will be held in Beijing on May 13-14. It is expected that Baidu will unveil the latest developments in full-stack AI layout, industry applications, and AI ecosystem across “chip-cloud-model” areas.

• Tencent Cloud: Upgrading CodeBuddy and WorkBuddy billing plans

Tencent Cloud announced adjustments to billing plans for CodeBuddy and WorkBuddy, effective from May 15, 2026. The flagship enterprise version will be renamed “SaaS Enterprise Edition,” with the price changing from 78 RMB/person/month to 198 RMB/person/month. The enterprise exclusive version will be renamed “Proprietary Cloud Enterprise Edition,” with the price increasing from 158 RMB/person/month to 316 RMB/person/month.

• Alibaba Cloud domain product price adjustment on May 12

Due to increased costs from upstream domain registries, Alibaba Cloud has decided to adjust domain renewal and transfer prices starting at midnight on May 12, 2026. The new prices: .icu, .cyou, .bond renewal and transfer fees will be 125 RMB per year. After the end of promotional discounts for the “I Love You” suffix, registration, renewal, and transfer prices will revert to 175 RMB.

• Shunwang Technology to partner with Huawei to launch full optical millisecond cloud computing service solutions

Shunwang Technology and Huawei will hold a launch event on May 14, 2026, themed “Optical Computing Collaboration, Intelligent Network Empowerment” for the “Full Optical Millisecond Cloud Computing” solutions. Both parties will collaborate with telecom operators and industry partners to develop cloud gaming, education, campus, community, enterprise, and home scenarios, releasing full optical millisecond cloud computing solutions.

• 2026 China AIDC Energy Storage and Power Conference

The “2026 China AIDC Energy Storage and Power Conference & Exhibition” will be held in Hangzhou on May 15-16.

• Hangzhou Humanoid Robot Exhibition, First Hong Kong Industry Summit on Embodied Intelligence, and ZhiYuan APC2026

The second Hangzhou International Humanoid Robot and Robotics Technology Exhibition will take place at Hangzhou Convention Center from May 14-16, 2026. Additionally, on May 12, ZhiYuan (AGIBOT) and the Hong Kong Chinese United Association will host the “First Hong Kong Embodied Intelligence Industry Summit & ZhiYuan APC2026 (Hong Kong).”

Financial Reports

Next week, US stablecoin leader Circle, SoftBank, Bayer, Wufenda, and tech giants Cisco and Siemens, Deutsche Telekom, Applied Materials will release earnings.

In Hong Kong stocks, companies like JD.com, JD Logistics, Tencent, Alibaba, Huahong Semiconductor, SMIC, Leapmotor, and WeRide will report earnings.

• JD.com Q1 Earnings Conference Call

JD.com will release unaudited Q1 2026 financial results before the US market opens on May 12. Management will hold a conference call at 8:00 PM Beijing time / 8:00 AM Eastern.

• Tencent Q1 Earnings Conference Call

Tencent’s Q1 2026 results will be announced, with a conference call scheduled for May 13, 2026, at 8:00 PM Hong Kong time / 8:00 AM Eastern.

• Alibaba Q1 Earnings Conference Call

Alibaba will announce its results on May 13, 2026, with a conference call at 7:30 PM Beijing time on the same day.

• Kweichow Moutai FY2025 and Q1 2026 Earnings Briefing

Kweichow Moutai announced it will hold an online investor briefing on May 11, from 16:00 to 17:30, via panoramic roadshow, to discuss production and operations for FY2025 and Q1 2026.

• Guoyi Quantum’s Sci-Tech Innovation Board IPO hearing, Lumentum to join Nasdaq 100

Guoyi Quantum’s Sci-Tech Innovation Board IPO will be heard on May 11. Lumentum Holdings will be included in the Nasdaq 100 index on May 18, replacing CoStar Group.

Next week’s Hong Kong stock earnings disclosure dates:

A-shares Q1 earnings disclosure dates:

Risk Warning and Disclaimer

Market risks exist; investments should be cautious. This article does not constitute personal investment advice and does not consider individual user’s specific investment goals, financial situation, or needs. Users should evaluate whether any opinions, views, or conclusions herein are suitable for their circumstances. Investment is at your own risk.