The Week Ahead - 19 - 23 May 2025

China – Last month’s trade war escalation is expected to have impacted April activity data due on Monday, particularly industrial production – following an acceleration in March helped by trade frontloading. On Tuesday, market expectation including ours is for a 10bp cut of the 1-year loan prime rate to 3.00%, following a similar cut of the 7-day reverse repo rate last week.