This article first appeared in The Edge Malaysia Weekly on May 18, 2026 - May 24, 2026

Malaysia’s April Consumer Price Index (CPI) data will be released on May 19. The announcement will be closely followed given concerns that daily costs have risen in the wake of the Middle East war that began at the end of February and has significantly bumped up oil prices among others. Bloomberg and UOB have already pencilled in an increase with their estimate of inflation at 2% year on year (y-o-y) from 1.7% in March.

On May 20, April trade will be released, and UOB projects exports at 9% y-o-y while Bloomberg’s estimates are higher at 11% y-o-y, from 8.3% in March. For imports, UOB estimates -2.5% and Bloomberg -0.4% from 10.4% y-o-y in March.

On May 18, Singapore’s April non-oil domestic export data will be available with estimates by Bloomberg at 11.6% y-o-y and UOB at 11.7% from 15.3% in March. Singapore’s final 1Q2026 gross domestic product (GDP) is expected to be released on May 22. UOB expects growth to be revised upwards to around 5.2% while Bloomberg estimates it at 5.4% from the advance estimates of -0.3% quarter on quarter (q-o-q) and 4.6% y-o-y. In 4Q2025, it was 1.3% q-o-q and 5% y-o-y.

The fixing of China’s one-year and five-year loan prime rates (LPRs) is scheduled on May 20. A Bloomberg poll as of May 15 shows all 14 economists projecting that the one-year LPR and the five-year LPR will be left unchanged at 3% and 3.5% respectively. “While we maintain our baseline forecast of a 10bps (basis points) cut to the policy interest rates, we have pushed back the timing to 3Q2026 from 2Q2026 due to the heightened uncertainties from developments in the Middle East,” UOB says.

Among other key data releases from China are April industrial production, retail sales, property investment year to date and surveyed jobless rate as well as new home and used home prices.

Indonesia is due a key rate decision this week. According to a Bloomberg poll (as of May 15), four out of the five economists polled expect the Bank of Indonesia (BI) will hold at 4.75% its seven-day reverse repo rate while one economist expects a 25bps hike to 5%. UOB economist Enrico Tanuwidjaja is aligned with the majority, expecting no change at the meeting. He expects the central bank to maintain a hawkish hold throughout this year given the rising global uncertainties. “However, policy adjustments remain possible should rupiah pressures intensify. The baseline view is for the policy rate to remain at 4.75% through end-2026, with changes contingent on global geopolitical developments.”

Thailand’s 1Q2026 GDP will be released on May 18. Bloomberg estimates growth at 0.6% q-o-q and 2.3% y-o-y while UOB estimates 2.2% y-o-y from 1.9% q-o-q and 2.5% y-o-y in 4Q2025. Thailand’s April trade data is expected to be released between May 21 and 26.

In Australia, the Reserve Bank of Australia will release the minutes of its May policy meeting on May 19. The country’s April employment report will be available on May 21 with Bloomberg estimating its employment change at 17,500 from 17,900 in March while the unemployment rate is expected to remain at 4.3%, unchanged from March.

Over in Japan, its 1Q2026 GDP will be released on May 19. Other data releases include its March tertiary index (May 19), April trade (May 21), March core machine orders (May 21) and its April CPI (May 22). Bloomberg estimates April CPI at 1.6% from 1.5% in March.

Canadian markets will be closed on May 18 for Victoria Day. It will also be a long weekend for both the US and the UK as the US celebrates Memorial Day while the UK enjoys the Spring Bank Holiday, both on May 25.

On the corporate front, Pharmaniaga Bhd (KL:PHARMA) will hold its 28th annual general meeting (AGM) and extraordinary general meeting (EGM) on May 19. The EGM is to seek shareholder approval for its proposed 5-to-1 share consolidation. The capital restructuring is timed to follow the completion of the group’s regularisation plan to officially exit PN17 status. Also on the same day is Malayan Flour Mill Bhd’s (KL:MFLOUR) AGM.

AGMs to be held on May 21 include those of HHRG Bhd (KL:HHRG), Duopharma Biotech Bhd (KL:DPHARMA) and Magnum Bhd (KL:MAGNUM). Pos Malaysia Bhd’s (KL:POS) AGM is scheduled the day after on May 22.

Over in the US, the number of US firms reporting corporate earnings is down to 412 this week, out of which, only 18 are listed in the S&P 500. The focus will be on the last of the Magnificent Seven (Mag7), Nvidia, and the key US big-box retailers. Other US data to be released this week include New York Fed services activity for May on May 18 while May 19 will see releases of housing data including the National Association of Home Builders (NAHB) Housing Market Index for May and April pending home sales. US initial jobless claims are expected to be made available on May 21.

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