Americas

The first-quarter earnings season kicks into a higher gear next week, starting with Tesla’s highly anticipated report on Tuesday. Other major earnings updates will follow from tech giant Alphabet, along with Procter & Gamble, PepsiCo, Intel, Boeing, Merck, Philip Morris International, IBM, AT&T, Verizon, T-Mobile, Comcast, Intuitive Surgical, ServiceNow, Thermo Fisher Scientific, AbbVie, Gilead Sciences, CME Group, Newmont, and Fizerv. Beyond earnings, investors will be watching speeches from Fed officials Philip Jefferson, Adriana Kugler, Christopher Waller, Patrick Harker, and Austan Goolsbee. Markets will also monitor potential developments in US tariff policy, including potential retaliation to Asian protectionism and signals of trade deals by President Trump. On the data front, the US economic calendar will be relatively light. March’s durable goods orders are expected to have grown sharply for a third month, while existing home sales are expected to have contracted. Additionally, the flash S&P Global PMI survey for April is due to unveil insights on the impact of reciprocal tariff threats on businesses. Additional indicators include the Chicago Fed National Activity Index and the final reading of the University of Michigan Consumer Sentiment Index. Elsewhere in America, Canada is set to release data on retail sales and new housing prices.

Europe

The key focus in Europe next week will be the flash PMI data for April, offering an early read on how business activity and sentiment are responding to recent trade developments. Forecasts suggest manufacturing activity will remain in contraction in the Euro Area, Germany, France, and the UK. In services, a slowdown is expected in the Euro Area, Germany, and the UK, while France may see a deeper contraction. Beyond PMIs, UK retail sales data will be closely watched. After two months of gains, sales are expected to have dipped in March. Germany’s Ifo business climate index, due Thursday, is forecast to decline to a three-month low, reflecting rising concerns over trade uncertainty. Similarly, France’s business and consumer confidence indicators are expected to weaken, with business morale seen at a six-month low and consumer sentiment at a four-month low. In the UK, GfK consumer confidence is projected to fall to a three-month low. Other data releases include Eurozone new car registrations, flash consumer sentiment, balance of trade, and general government deficit and debt figures.

Asia Pacific

No major economic releases are scheduled in China, allowing investors to solely focus on developments around Beijing's economic policy after President Xi concluded multiple visits to ASEAN members to coordinate a response to tariffs by the US. In the meantime, the PBoC is expected to hold its loan prime rates unchanged next week, but markets currently expect the central bank to ease other key interest rates before delivering cuts to LPRs still this quarter. PMIs will take the spotlight in the rest of the Asia-Pacific region, with Japan, Australia, and India posting flash results for April. Japan's Tokyo CPI will also be scrutinized for hints on the BoJ's policy outlook. In South Korea, an important week of economic data will be headlined by the Q1 GDP release, in addition to consumer and business confidence surveys for April. Elsewhere, trade balances for New Zealand, Indonesia, and Thailand will be eyed for the impact of US tariff threats. Indonesia is also due to hold its key policy rate unchanged.