Next week's key agenda: Federal Reserve interest rate decision, China's CPI, import and export, and financial data, AMD and SMIC earnings report

A summary of major financial events from May 5 to May 11, all in Beijing time:

In terms of major events, the Federal Reserve and the Bank of England will announce their interest rate decisions, Canadian Prime Minister Carney will meet with Trump for the first time in the U.S., Musk's Grok 3.5 large model will debut, and Auntie Shanghai plans to list on the Hong Kong Stock Exchange on May 8.

In terms of data, focus on China's CPI and PPI inflation, foreign reserves, imports and exports, and financial data. In terms of earnings reports, pay attention to AMD, ARM, SMIC, and others.

Federal Reserve Interest Rate Decision

The Federal Reserve will announce its latest interest rate decision at midnight on Thursday, Beijing time, and is expected to remain on hold. However, a series of recent data has signaled a recession in the U.S. economy, and more troubling is that Trump has been urging Powell to lower interest rates, putting significant pressure on the Federal Reserve.

However, government data released last Friday showed that non-farm payrolls increased by 177,000 in April, which is good news. As long as the job market performs well, the Federal Reserve will have more confidence in keeping interest rates unchanged.

Additionally, the PCE price index, a favored inflation indicator of the Federal Reserve, shows that inflationary pressures are gradually easing. Generally speaking, this is something the Federal Reserve is pleased to see. However, Trump's tariff policy may complicate the inflation situation, potentially undermining the Federal Reserve's previous efforts.

The market is focused on Powell's speech following the interest rate decision announcement. Bloomberg's economic commentary states:

We expect Powell to push back against market pricing and suggest a renewed emphasis on price stability. Officials such as Richmond Fed President Thomas Barkin and Fed Governor Adriana Kugler have expressed concerns that inflation expectations may be declining. Coupled with robust employment data for April, there is little pressure for a rate cut in the short term.

China's Inflation, Foreign Reserves, Imports and Exports, Financial Data

On May 7, the National Bureau of Statistics will release foreign exchange reserve data, and on May 10, it will release monthly reports on CPI and PPI. On May 9, the General Administration of Customs will release April import and export data. From May 9 to 15, the People's Bank of China will release financial data such as social financing and credit at irregular intervals.

Previously released data showed that China's CPI in March fell by 0.1% year-on-year, with a significant narrowing of the decline, while PPI continued to decline, with positive price changes in some industries. China's exports in March increased by 12.4% year-on-year in U.S. dollar terms, while imports fell by 4.3%. China's social financing increased by 5.89 trillion yuan in March, with new RMB loans of 3.64 trillion yuan, and the M2-M1 spread narrowed.

Other Important Data, Meetings, and Events

Bank of England Interest Rate Decision

On Thursday, the Bank of England will announce its interest rate decision, meeting minutes, and monetary policy report, with the market expecting a 25 basis point rate cut.

Canadian Prime Minister Carney to Meet Trump for the First Time in the U.S.

According to China News Service, Canadian Prime Minister Carney will meet with U.S. President Trump in Washington on May 6. This will be Carney's first meeting with Trump since taking office as Prime Minister. The Prime Minister's office stated that the two sides will focus on current trade pressures and the broader economic and security relationship between Canada and the U.S. during the meeting The Ministry of Finance Plans to Reissue the Second Phase of the 2025 Ultra-Long-Term Special Government Bonds for the First Time

On May 9th, the Ministry of Finance plans to reissue the second phase of the 2025 ultra-long-term special government bonds for the first time. This reissued government bond is a 30-year fixed-rate interest-bearing bond. The total amount for competitive bidding is 71 billion yuan, and there will be no additional bidding from Class A members. The coupon rate for this reissued government bond is the same as that of the previously issued government bonds of the same period, which is 1.88%.

Beijing Stock Exchange Launches Pilot for Code Switching of Existing Listed Companies

The Beijing Stock Exchange (referred to as BSE) has completed overall preparations for the pilot code switching of existing listed companies and plans to officially launch on May 6th. Starting from May 6th, the BSE will enable new securities codes for the pilot stocks. After the pilot switching is completed, the other 242 existing listed company stocks will continue to use their existing securities codes. The BSE will unify the switching of securities codes for the other 242 existing listed company stocks after the pilot switching operates smoothly and has a solid foundation for overall switching.

Shanghai LEGO Land Begins Selling Trial Operation Tickets

On May 6th, Shanghai LEGO Land will sell opening commemorative annual passes and hotel packages that include trial operation tickets to resort members. These projects are limited in quantity, and non-members will also be able to purchase starting from May 7th. According to the park's mini-program, the annual pass is priced at 1,399 yuan, and the hotel package is priced at 3,588 yuan.

Shanghai Launches the Fourth Batch of Land Auctions for 2025

On May 9th, Shanghai will launch the fourth batch of land auctions for 2025, involving residential land in Hongkou Sichuan North Road, Yangpu East Bund, Songjiang New City, and Qingpu Zhao Xiang, with a total land area of 10.11 hectares and a starting total price of approximately 8.41 billion yuan. Among them, the total transfer area of the residential land (hk196-08) in Hongkou District C080101 unit hk196-08, hk196-06 is 1.03 hectares, with a floor area ratio of 6.2 and a starting floor price of 87,997 yuan/square meter, setting a new record for the starting price in the area.

50th Anniversary of China-EU Diplomatic Relations

May 6th marks the 50th anniversary of the establishment of diplomatic relations between China and the European Union.

Starting May 6th, BSE Will Enable New Securities Codes for Pilot Stocks

The pilot code switching for existing listed companies on the BSE is set to officially launch on May 6, 2025. According to the notice, starting from May 6, 2025, the BSE will enable new securities codes for pilot stocks, and investors will use the switched securities codes for trading orders, market inquiries, and business handling related to pilot stocks.

Lenovo 2025 Innovation Technology Conference

The Lenovo 2025 Innovation Technology Conference will be held on May 7th at the Shanghai World Expo Center, where the Tianxi personal super intelligent agent is expected to be unveiled. According to insiders at Lenovo, based on the "cross-device, cross-ecosystem" capability, the Tianxi personal super intelligent agent will break the barriers between devices and major operating systems such as Windows, Android, iOS, and HarmonyOS, achieving interconnection and sharing of different ecological applications, software, and games.

27th China Beijing International Science and Technology Industry Expo

The 27th Beijing Science and Technology Expo will be held from May 8th to 11th at the National Convention Center, featuring six major exhibition areas: information technology, intelligent manufacturing, pharmaceutical health, green dual carbon, digital economy, and regional innovation 25th China Retail Industry Expo

The 25th China Retail Industry Expo will be held from May 9 to 11 at the Shenzhen International Convention and Exhibition Center, gathering over 600 premium product brands, including categories such as snacks, beverages, daily chemicals, dairy products, pet food and supplies, home goods, travel products, grains and oils, time-honored brands, and local specialty products.

Musk's Grok 3.5 Model Debuts

On Tuesday local time, Musk stated on social platform X that next week, an early test version of Grok 3.5 will be released exclusively to SuperGrok subscribers. It is the first artificial intelligence capable of accurately answering questions about rocket engines or electrochemical technology. Grok derives answers that do not fundamentally exist on the internet through first-principles reasoning.

Skype to Cease Operations on May 5

Microsoft's instant messaging software Skype will cease operations on May 5, with users migrating to another Microsoft instant messaging software, Teams. Public information shows that Skype was acquired by Microsoft in 2011, and its global user base once exceeded 660 million.

Hu Shang Ayi Plans to List on Hong Kong Stock Exchange on May 8

As of April 29, Hu Shang Ayi has received an oversubscription of 509 times and is expected to officially list on the Hong Kong Stock Exchange on May 8.

Zhang Xiaoquan's Major Shareholder's 18% Stake to Be Auctioned

A portion of the shares held by Zhang Xiaoquan's major shareholder, Hangzhou Zhang Xiaoquan Group Co., Ltd., will be publicly auctioned on Taobao from May 8 to 9, 2025.

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