Economic Overview - May 22, 2026

Market Focus

On May 22, 2026, the economic calendar is relatively light, with investors primarily focused on the final consumer sentiment and inflation expectations data from the University of Michigan survey in the US. Additionally, Canadian retail sales and Producer Price Index (PPI) data are also on the radar.

European Economic Indicators

Recent business sentiment releases from Europe have exceeded expectations:

• France's overall business climate indicator remained stable at 94 points, aligning with market expectations and the previous reading.
• The manufacturing sentiment index in France increased to 102 points, surpassing forecasts of 99 and the previous figure of 100, indicating a positive trend in sector activity.
• Germany's IFO expectations index rose to 83.8 points, exceeding the consensus of 83.5 and the previous reading of 83.3.
• However, the IFO current conditions component fell to 86.1 points, compared to expectations of 85.1 and a previous reading of 85.4.
• The headline German IFO business climate index improved to 84.9 points, beating expectations of 84.2 and rising from the previous 84.4, suggesting a moderate enhancement in economic sentiment.

Upcoming Economic Releases

The following economic data releases are scheduled for today:

• 14:30 | Canada - Retail Sales (MoM)
  Consensus: 0.6% | Previous: 0.7%
• 14:30 | Canada - Core Retail Sales (MoM)
  Consensus: 0.9% | Previous: 0.5%
• 14:30 | Canada - PPI (MoM)
  Consensus: 1.3% | Previous: 2.4%
• 14:30 | Canada - Core PPI (YoY)
  Consensus: 7.8% | Previous: Not available
• 14:30 | US - Richmond Fed Manufacturing Index (MoM)
  Consensus: 2.6% | Previous: 12.0%
• 16:00 | US - University of Michigan Consumer Sentiment (Final)
  Consensus: 48.2 pts | Previous: 48.2 pts
• 16:00 | US - University of Michigan 5-Year Inflation Expectations (Final)
  Consensus: 3.4% | Previous: 3.4%
• 16:00 | US - University of Michigan 1-Year Inflation Expectations (Final)
  Consensus: 4.6% | Previous: 4.5%
• 16:00 | US - University of Michigan Consumer Expectations
  Consensus: 48.5 pts | Previous: 48.5 pts
• 16:00 | US - University of Michigan Current Conditions
  Consensus: 48 pts | Previous: 47.8 pts

Central Bank Speakers

Several central bank officials are scheduled to speak today:

• 13:30 | ECB - Boris Vujčić
• 13:30 | ECB - Muller
• 13:30 | ECB - Kazimir
• 16:00 | Fed - Christopher Waller