Calendar: May 12 – May 16

Monday May 12

China releases inflation data for April

2 pm ET: U.S. budget balance for April

Earnings include: Constellation Software Inc.; Denison Mines Corp.; Dentalcorp Holdings Ltd.; Exchange Income Corp.; Finning International Inc.; Hudbay Minerals Inc.; K92 Mining Inc.; Mag Silver Corp.; Simon Property Group Inc.

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Tuesday May 13

Germany releases business conditions survey. UK releases payrolls data

Canadian federal cabinet announced

6 am ET: U.S. NFIB small business economic trends survey

830 at ET: U.S. consumer prices for April. Consensus is for a 0.3% monthly increase, or 2.4% year over year. Excluding food and energy, a monthly increase of 0.3% is also expected

Earnings include: Aya Gold & Silver Inc.; CAE Inc.; Endeavour Silver Corp.; Freehold Royalties Ltd.; Innergex Renewable Energy Inc.; Keyera Corp.; Northland Power Inc.; Peyto Exploration & Development Corp.; Power Corp. of Canada; Wesdome Gold Mines Ltd.

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Wednesday May 14

Germany releases CPI data for April

830 am ET: Canada building permits for March

830 am ET: Canada new motor vehicle sales for March

Earnings include: Birchliff Energy Ltd.; Boralex Inc.; Cisco Systems Inc.; H&R REIT; Northwest Healthcare Properties REIT; Stantec Inc.

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Thursday May 15

Euro area and UK releases first quarter GDP data and March industrial production

815 am ET: Canadian housing starts for April. BMO expects a 5% increase to an annualized rate of 225,000

830 am ET: Canadian manufacturing sales and new orders for March. BMO forecasts a decline of 1.9% and 2.5%, respectively

830 am ET: Canadian wholesale trade for March. A decline of 0.3% is forecast

830 am ET: Initial U.S. weekly jobless claims

830 am ET: U.S. retail sales for April. BMO expects a rise of 0.1%

830 am ET: U.S. PPI final demand for April. A rise of 2.6% is expected from a year earlier

840 am ET: U.S. Fed Chair Jerome Powell speaks on “framework review” in Washington, DC

9 am ET: Canadian existing home sales for April. A decline of 11.5% is expected from a year earlier, with average selling prices down 4%. The MLS home price index is also expected, with a 3% year over year drop forecast

915 am ET: U.S. industrial production for April

10 am ET: NAHB housing market index and U.S. business inventories

Ontario budget released

Earnings include: Alibaba ADR; Canada Goose Holdings Inc.; Deere & Co.; InterRent REIT; Merck ADR; South Bow Corp.; Walmart Inc.

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Friday May 16

China releases GDP data for first quarter and industrial production for March

Euro area releases trade surplus for March

European commission spring economic forecasts released

830 am ET: International securities transactions for Canada for March

830 am ET: U.S. housing starts and building permits for April

830 am ET: U.S. import prices for April. Consensus is for a decline of 0.4% year over year

10 am ET: University of Michigan consumer sentiment survey

1030 am ET: BoC senior loan officer survey

No earnings of note