This week's key agenda overview
The USA has lost its last highest credit rating, Trump appears again, and is the rebound of the US stock market unstable?
Moody's rating agency downgraded the USA's credit rating from Aaa to Aa1 on Friday, depriving it of its last top credit rating, joining the ranks of Fitch Ratings and S&P Global Ratings, and lowering the world's largest economy's rating below the top AAA level. This downgrade comes more than a year after Moody's adjusted the outlook for the USA's rating to negative. The rating agency currently has a stable outlook.
Furthermore, Trump stated on Friday that within the next two to three weeks, the USA may unilaterally impose new tariff rates on many trading partners. At that time, he explained that the USA lacks the capacity to negotiate agreements with all trading partners.
In addition to tariffs, Trump also stated that he would talk to Putin on Monday (May 19) to discuss stopping the Russia-Ukraine conflict and trade-related issues; subsequently, he will speak with Zelensky and engage with multiple NATO member countries along with Zelensky.
Regarding Moody's downgrade of the USA's rating, Eric Beiley, Executive Director of Steward Partners Wealth Management, pointed out that this is a warning signal that the US stock market is about to peak after going through a much-anticipated rebound. The downgrade by Moody's may ultimately prompt fund managers to take profits following a significant rise in the stock market over the past month.
Federal Reserve officials 'mobilize', will there only be one interest rate cut this year?
This week, many Federal Reserve officials spoke, including Federal Reserve Vice Chairman Jefferson, New York Federal Reserve President Williams, and Atlanta Federal Reserve President Bostic.
The market expects that the vast majority of officials will continue to emphasize that the Federal Reserve needs to remain inactive, and that the April CPI may not be very significant; actions should wait until hard data becomes clearer.
Major events in the AI circle! Jensen Huang will attend the Taipei International Computer Show to give a speech, and Microsoft and Alphabet-A are successively holding developer conferences.
On Monday (May 19),$NVIDIA (NVDA.US)$Founder and CEO Jensen Huang attended the Taipei International Computer Show (Computex 2025) and delivered the opening keynote speech.
A previous announcement from the Taipei International Computer Show (COMPUTEX Taipei) indicated that Jensen Huang would deliver the keynote speech at 11 AM on May 19, sharing the latest breakthroughs and progress in AI and accelerated computing technology.
The organizers stated that NVIDIA, as a leader in the field of AI, is continuously accelerating breakthroughs in computation, physical AI, proxy AI, and scientific discovery, turning the impossible of the past into today’s reality. Attendees will have the opportunity to learn more about how NVIDIA shapes the future with AI and exchange ideas with industry leaders to create a better future.
This year's COMPUTEX 2025 will continue until May 23, focusing on "AI Next" with three major themes: "Smart Computing & Robotics," "Next Generation Technology," and "Future Mobility." It has been reported that this year’s Computex is also the first large-scale technology event held in Asia by global computer and chip industry giants since the USA announced new tariff policies.
In addition, from May 19 to May 22, $Microsoft (MSFT.US)$ the Build Developer Conference will be held.
During this event, Microsoft is expected to announce new AI integrations, services, and applications (including a version suitable for Windows).
Copilot will continue to be a highlight of this conference, and the market anticipates Microsoft will announce deeper integration of its Copilot generative AI with many of its software products (including both consumer and enterprise).
On May 20th, $Alphabet-A (GOOGL.US)$ Hold its annual I/O developer conference.
At that time, Google will announce the progress of various Software products and preview the latest features. According to publicly disclosed information, Google is expected to announce a wealth of news about Android, Chrome, Google Search, YouTube, and the AI chatbot Gemini, with the highlight being a systematic demonstration and multi-platform layout of Gemini 2.5.
Contemporary Amperex Technology and Jiangsu Hengrui Pharmaceuticals will list on the HKEX.
On Tuesday (May 20), $Contemporary Amperex Technology(03750.HK)$ they will be listed and start trading on the Main Board of the Hong Kong Stock Exchange.
On May 16, Contemporary Amperex Technology announced on the HKEX that the offering price has been set at HKD 263.00 per H share, effective from May 15, 2025, with H shares expected to begin trading on the Main Board at 9:00 AM (Hong Kong time) on May 20.
In terms of fundraising scale, Contemporary Amperex Technology's IPO size has expanded to 4.6 billion USD, with the offering scale increasing to 0.1356 billion shares. If the overallotment option is exercised, the total fundraising amount could reach up to 5.3 billion USD. Achieving 5 billion USD will make this one of the largest IPOs in Hong Kong in recent years, and it is also expected to become the largest IPO globally this year.
At the same time, Contemporary Amperex Technology announced that monthly Options will launch on the same day as the listing, while weekly Options contracts will be introduced on June 2, 2025. After its listing on May 20 at the HKEX, Contemporary Amperex Technology will also be included in the list of securities eligible for Short Sell on the same day.
Friday (May 23), $Jiangsu Hengrui Pharmaceuticals (01276.HK)$ Listed on the Hong Kong Stock Exchange.
Jiangsu Hengrui Pharmaceuticals, known as the "King of Medicine in China," will start its IPO from May 15 to May 20, with plans to globally issue approximately 0.225 billion shares, raising a net amount of 9.4578 billion HKD. The issue price is set at 41.45-44.05 HKD per share, with each hand consisting of 200 shares and the subscription amount at 8898.95 HKD per hand, expected to be listed on May 23.
Retail giants + Chinese concept earnings reports set to bombard the market.
In terms of Earnings Reports, $Home Depot(HD.US)$ 、 $ Target (TGT.US) $ 、 $Lowe's Companies (LOW.US)$ Retail giants worth paying attention to. Generally speaking, large supermarkets at the end of the commodity supply chain may have a more direct experience regarding whether inflation is accelerating or decelerating.
Earlier, $Walmart (WMT.US)$reported strong quarterly sales and profit growth, but the company warned that tariff pressures and a turbulent economic environment are worsening, and even though the company is the largest global retailer, it expects to have to raise prices.
In response, Trump posted on social media that Walmart should no longer blame price increases on tariffs. He believes that Walmart made tens of billions of dollars last year and should "absorb the tariffs themselves."
Regarding China concept stocks, $Bilibili-W(09626.HK)$ 、 $Baidu (09888.HK)$ 、 $XIAOPENG MOTOR-W(09868.HK)$ 、 $MINISO (09896.HK)$ And so on.popular stocksThe company will also release its Earnings Reports.
China's economic data for April has been released, and May's LPR is expected to decrease by 10 basis points.
On Monday (May 19), the National Bureau of Statistics released data on China's April total retail sales of consumer goods year-on-year, value-added industrial output above designated size year-on-year, and urban surveyed unemployment rate.
Zhang Yu, Chief Macro Analyst at Huachuang Securities, believes that the economic indicators for April might reflect a state of "stable volume and weak price." It is expected that exports may still show certain resilience due to the impact of import competition from the USA, while consumption continues to benefit from "upgrading old for new," and investment in manufacturing and infrastructure continues to benefit from "dual weights" and "equipment updates."
At 10:00 am that morning, the State Council Information Office held a press conference on the operation of the national economy.
On Tuesday (May 20), China's central bank announced the May LPR Quote.
On May 7th, Pan Gongsheng, the president of the People's Bank of China, stated at a press conference held by the State Council Information Office that to further implement a moderately loose monetary policy, the central bank will strengthen macroeconomic control and introduce a package of monetary policy measures.
Pan Gongsheng announced that starting from May 8th, the policy interest rate (7-day reverse repurchase rate) will be reduced by 10 basis points to 1.4%, and it is expected to lead the LPR to also decrease by 10 basis points on May 20th.
Based on a decrease of 10 basis points, the LPR quotes for the one-year and five-year terms will drop from 3.1% and 3.6% to 3% and 3.5% respectively, ending the previous six months of stagnation.
Key earnings calendar for the new week.
Related reading:Popular Chinese concept stocks are releasing earnings reports in bunches! Weekly earnings reports express (5.19-5.23)
May 19th, Monday
Keywords: China's retail sales of consumer goods in April year-on-year, industrial added value above designated size in April year-on-year, Trump will successively speak with Putin, Zelensky and NATO member countries, Huang Renxun shares the latest progress and breakthroughs in "AI and accelerated computing technology", Federal Reserve officials speak.
On Monday, in terms of economic data, China will publish the year-on-year retail sales of consumer goods for April and the year-on-year industrial value added for above-scale enterprises for April; the USA will focus on the month-on-month leading indicators from the Conference Board for April.
In terms of financial events, Trump will sequentially speak with Putin, Zelensky, and NATO member countries; Federal Reserve officials Williams, Jefferson, and Bostic will also deliver speeches in turn.
Additionally, a series of significant events in the AI circle are coming: NVIDIA CEO Jensen Huang will attend the Taipei International Computer Show and deliver a speech, sharing the latest developments and breakthroughs in "AI and Accelerated Computing Technology"; Microsoft is holding the Build Developer Conference until May 22.
In terms of earnings reports, the Hong Kong stock market. Ali Health ($00241.HK$) 、 $LEAPMOTOR (09863.HK)$ Publish the latest performance results.
May 20, Tuesday
Keywords: China's one-year loan market quote rate as of May 20, Contemporary Amperex Technology listed in Hong Kong, Google holding its annual I/O developer conference, Bilibili/GDS Holdings/Pony.ai announcing earnings.
On Tuesday, regarding economic data, China's one-year loan market quote rate was released as of May 20.
In terms of financial events, the Reserve Bank of Australia announced its interest rate decision, followed by a monetary policy press conference held by RBA Governor Philip Lowe; Federal Reserve officials Logan, Bostic, and Barkin delivered speeches one after another. Additionally, Google held its annual I/O developer conference.
In terms of earnings reports, the Hong Kong stock market. $TRIP.COM-S (09961.HK)$ Performance will be announced; US stocks. $Home Depot(HD.US)$ 、 $Bilibili(BILI.US)$ 、 $GDS Holdings (GDS.US)$ 、 $NEBIUS(NBIS.US)$ 、 $Pony.ai (PONY.US)$ will announce its performance before the market opens.
Regarding new stocks, $Contemporary Amperex Technology(03750.HK)$ Will be listed on the HKEX.
May 21, Wednesday.
Keywords: St. Louis Federal Reserve Chairman Musalem speaks on economic outlook and monetary policy, Bostic of the Federal Reserve chaired the meeting, ticket committee members Hamark & Daly deliver keynote speeches, Baidu/Xiapeng Motors/Wenyan Zhixing announce performance.
On Wednesday, in terms of economic data, API crude oil inventory for the week ending May 16 in the USA, and EIA crude oil inventory data for the week ending May 16 in the USA were released.
In terms of financial events, St. Louis Federal Reserve Chairman Musalem speaks on economic outlook and monetary policy, Bostic of the Federal Reserve chaired the meeting, ticket committee members Hamark and Daly deliver keynote speeches.
In terms of Earnings Reports, $Baidu (BIDU.US)$ 、 $XPeng Inc. (XPEV.US)$ 、 $WeRide (WRD.US)$ 、 $iQIYI(IQ.US)$ The performance will be announced before the market opens. $Snowflake(SNOW.US)$ 、 $Zoom Communications (ZM.US)$ It will be announced after the market closes.
May 22, Thursday
Keywords: the number of initial unemployment claims in the USA for the week ending May 17, and the preliminary values of the S&P Global Manufacturing/Services/Composite PMI for May.
On Thursday, in terms of economic data, the USA will announce the initial unemployment claims and the preliminary values of the S&P Global Manufacturing/Services/Composite PMI for May, among other data.
In terms of financial events, Richmond Fed President Barkin attended an event called "Fed Listens", and the European Central Bank released the minutes from the April monetary policy meeting.
In terms of earnings reports, the Hong Kong stock market. $LENOVO GROUP (00992.HK)$ 、 KANZHUN-W(02076.HK) Performance will be announced; US stocks.$Intuit (INTU.US)$ 、 $Workday(WDAY.US)$ 、 $Copart (CPRT.US)$ Announced earnings after market close.
May 23, Friday
Keywords: USA April new home sales total annualized data, Federal Reserve officials' speeches, Jiangsu Hengrui Pharmaceuticals listed in Hong Kong.
On Friday, economic data will be released including Japan's April core CPI year-on-year and USA's April new home sales total annualized data.
In terms of financial events, FOMC permanent voting member and New York Federal Reserve President Williams will give a keynote speech at the monetary policy implementation seminar.
In terms of Earnings Reports, $TONGCHENGTRAVEL(00780.HK)$ 、 $Buckle Inc (BKE.US)$ 、 $MINISO (MNSO.US)$ will announce the latest performance.
In terms of new stocks, the leading pharmaceutical company in the A-shares. $Jiangsu Hengrui Pharmaceuticals (01276.HK)$ Listed in Hong Kong.
In the new week, wishing mooers a successful investment!
Editor/Somer
