Economic calendar: services ISM in the shadow of trade talks (05.05.2025)

Due to a public holiday across most Asian markets and in the United Kingdom, today’s trading session is expected to be marked by low volatility. Trade negotiations and potential deals expected later this week will remain the central focus until the central bank season begins on Wednesday.

On the other hand, talks surrounding the most important deal with China from the markets’ perspective may slow down, as Donald Trump announced he does not plan to meet with Xi Jinping this week. This will put more weight on Chinese PMIs overnight, as the Chinese Comunist Party did not revise down its growth targets despite unfolding trade tensions. The macroeconomic calendar remains light, so PMI and ISM data for the U.S. services sector will take center stage.

Economic calendar for today:

07:30 AM BST, Switzerland - Inflation Data for April:

• CPI: actual 0.0% MoM; forecast 0.2% MoM; previous 0.0% MoM;

• CPI: actual 0.0% YoY; previous 0.3% YoY;

02:45 PM BST, United States - PMI Data for April:

• S&P Global Services PMI: forecast 51.4; previous 54.4;

• S&P Global Composite PMI: forecast 51.2; previous 53.5;

03:00 PM BST, United States - ISM Data for April:

• ISM Non-Manufacturing PMI: forecast 50.2; previous 50.8;

• ISM Non-Manufacturing New Orders: previous 50.4;

• ISM Non-Manufacturing Prices: previous 60.9;

• ISM Non-Manufacturing Business Activity: previous 55.9;

03:00 PM BST, United States - Employment Data for April:

• CB Employment Trends Index: previous 109.03;

03:00 PM BST, United States - ISM Data for April:

• ISM Non-Manufacturing Employment: previous 46.2;

04:00 PM BST, Germany - German Buba Mauderer Speaks

06:00 PM BST, United States - 3-Year Note Auction:

• previous 3.784%;

12:01 AM BST, United Kingdom - Retail Sales Data:

• BRC Retail Sales Monitor: previous 0.9% YoY;

02:30 AM BST, Australia - Building Approvals for March:

• forecast 9.10% YoY; previous 9.10% YoY;

02:30 AM BST, Australia - Building Approvals for March:

• forecast -1.7% MoM; previous -0.3% MoM;

02:30 AM BST, Australia - Private House Approvals for March:

• previous 1.0%;

02:45 AM BST, China - PMI Data for April:

• Caixin Services PMI: forecast 51.7; previous 51.9;