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US Pending Home Sales (M/M) Apr: 1.4% (est 1.0%; prev 1.5%; prev R 1.7%) - Pending Home Sales NSA (Y/Y): 3.3% (est 2.1%; prev 1.8%)

Burnham is seen as the worst fiscal outcome for markets. The pound moves will come in stages. The by-election is on June 18th. If Burnham wins the seat and looks like he can win the leadership, that is when Sterling sells off in earnest. Until then, the market takes its foot off the gas.

US NAHB Housing Market Index May: 37 (est 34; prev 34)

The Fed Will Have To Raise Interest Rates In July To Appease ‘Bond Vigilantes,’ Yardeni Says – @CNBC cnbc.com/2026/05/18/the…

US 30-Year Freddie Mac Fixed Rate Mortgages 14-May Wk: 6.36% (prev 6.37%) - 15-Year Freddie Mac Fixed Rate Mortgages: 5.71% (prev 5.72%) freddiemac.com/pmms

BoE's Pill: Uncertainty ‘Not An Excuse’ For Inaction - ‘My View Is We Have To Keep Rates Up For Now’ - More Restriction Needed In System Than 2 Months Ago - Inflation Tends To Overshoot Target Vs Undershoot

US Atlanta Fed GDPNow Q2: 4.0% (prev 3.8%) atlantafed.org/-/media/Projec…

BoE's Pill: Disinflation Had Been Stalling Before War In Middle East - BoE’s Focus Should Be On Tackling Second-Round Effects - Concerned Second-Round Effects Could Be Stronger - Must Not Allow Ourselves To ‘Drift Off Into Deep Space’ Of Uncontrolled Inflation Dynamics - Not Expecting Second-Round Effects To Be As Strong As In 2022

Fed's Schmid: US Economy Has Shown 'Remarkable Resilience', Economic Fundamentals Sound - Most Pressing Risk To Economy Is Continued Inflation, Clear That It Is Still Too High - US Economy Is Less Vulnerable To Global Oil Disruptions Than Before - High Oil Prices Drain Household Spending Power, Raise Business Costs - Job Market Is 'Functioning Effectively'

US Business Inventories (M/M) Mar: 0.9% (est 0.9%; prev 0.4%)

US Import Price Index (M/M) May: 1.9% (est 1.0%; prev 0.8%; prevR 0.9%) - Import Price Index Ex-Petroleum (M/M): 0.7% (est 0.5%; prev 0.1%; prevR 0.0%) - Import Price Index (Y/Y): 4.2% (est 3.1%; prev 2.1%) - Export Price Index (M/M): 3.3% (est 1.2%; prev 1.6%; prevR 1.5%) - Export Price Index (Y/Y): 8.8% (est 7.0%; prev 5.6%)

US Initial Jobless Claims May-9th: 211K (est 205K; prev 200K; prevR 199K) - US Continuing Claims: 1.782M (est 1.780M; prev 1.766M; prevR 1.758M)

US Retail Sales Advance (M/M): Apr: 0.5% (est 0.5%; prev 1.7%; prevR 1.6%) - Retail Sales Ex Auto (M/M): 0.7% (est 0.7%; prev 1.9%) - Retail Sales Ex Auto and Gas (M/M): 0.5% (est 0.3%; prev 0.6%; prevR 0.7%) - Retail Sales Control Group (M/M): 0.5% (est 0.4%; prev 0.7%; prevR 0.8%)

China Aggregate Financing (CNY) Apr: 15.45T (est 16.08T; prev 14.83T) - New Yuan Loans (CNY): 8.59T (est 8.9T; prev 8.6T) - M2 Money Supply (Y/Y): 8.6% (est 8.5%; prev 8.5%) - M1 Money Supply (Y/Y): 5.0% (est 5.2%; prev 5.1%) - M0 Money Supply (Y/Y): 12.2% (prev 12.5%)

Canada Existing Home Sales (M/M) Apr: 0.7% (est 0.7%; prev -0.1%)

Spain CPI (Y/Y) Apr F: 3.2% (est 3.2%; prev 3.2%) - CPI (M/M): 0.4% (est 0.4%; prev 0.4%) - CPI EU H. (Y/Y): 3.5% (est 3.5%; prev 3.5%) - CPI EU H. (M/M): 0.7% (est 0.7%; prev 0.7%) - CPI Core (Y/Y): 2.8% (est 2.8%; prev 2.8%) - CPI Core (M/M): 0.8% (prev 0.7%)

UK Visible Trade Balance (GBP) Mar: -27.22B (prev -18.79B; prev R -22.78) - Trade Balance (GBP): -9.66B (est -2.00B; prev -0.72B; prev R -5.33B))

UK Construction Output (M/M) Mar: 1.5% (est -0.5%; prev 1.0%; prev R 0.5%) - Construction Output (Y/Y): -0.3% (est -2.5%; prev -1.0%; prev R -1.6%)

UK Industrial Production (M/M) Mar: -0.2% (est -0.2%; prev 0.5%; prev R 0.3%) - Industrial Production (Y/Y): 0.0% (est 0.3%; prev -0.4%; prev R -0.5%) - Manufacturing Production (M/M): 1.2% (est -0.1%; prev -0.1%; prev R -0.2%) - Manufacturing Production (Y/Y): 1.2% (est 0.2%; prev -0.5%; prev R -0.8%)

UK Exports (Q/Q) Q1 P: 0.1% (est 0.4%; prev -0.7%; prev R -0.3%) - Imports (Q/Q): 0.6% (est 0.3%; prev 0.7%; prev R 0.6%) - Total Business Investment (Q/Q): 0.7% (est 1.2%; prev -2.5%; prev R -2.9%) - Total Business Investment (Y/Y): -1.8% (prev 2.0%; prev R 1.8%)