【Weekly Outlook】: G7 Finance Ministers Meeting, China’s April Economic Data Released, Taipei International Computer Show Opens, Microsoft and Google H

TradingKey - Last week, U.S. stock indices posted a collective rebound, with the Dow rising 3.41%, the S&P gaining 5.27%, and the Nasdaq climbing 7.15%, boosted by unexpected results from U.S.-China tariff negotiations that lifted risk sentiment. This week, China announced that the total retail sales of consumer goods in April grew by 5.1%, below market expectations. On Tuesday, the G7 finance ministers and central bank governors meeting will be held in Canada, where ministers are expected to come together to collectively assess the impact of trade. The Taipei International Computer Show will open early this week, with NVIDIA founder and CEO Jensen Huang attending to deliver the first keynote speech. Microsoft’s annual Build developer conference will take place from May 19 to 22, where it is expected to announce new AI integrations, services, and applications. Google will hold its annual I/O developer conference to announce progress on various software products and preview new features.

U.S. Treasury Secretary Yellen to Attend G7 Finance Leaders Meeting, Trade Issues in Focus

On Tuesday, the G7 finance leaders meeting will be held in Canada, where U.S. Treasury Secretary Janet Yellen will attend and seek to refocus G7 discussions on resolving trade imbalances and non-market economic behaviors. A Treasury spokesperson indicated that Yellen will also discuss how to achieve more growth driven by the private sector.

Yellen vowed to "privatize" the American economy by cutting government spending and regulation, citing over-reliance on the public sector for growth. Japanese Finance Minister Shunichi Suzuki expressed his intention to meet with Yellen during the G7 meeting next week to discuss currency issues.

China’s Retail Sales Totaled 37.174 Trillion Yuan（($515.4 billion)） in April, Growing 5.1% Year-on-Year

China's National Bureau of Statistics released data showing that the total retail sales of consumer goods in April reached 37.174 trillion yuan（($515.4 billion)）, growing 5.1% year-on-year, below the analysts' expectation of 5.5%. Retail sales growth in the previous month was 5.9%. From January to April, equipment investment in China increased by 18.2% year-on-year, contributing 64.5% to total investment growth.

National Bureau of Statistics spokesperson Fu Linghui stated that overall, the effects of policies continue to manifest, and market sales are on an upward trend; however, the internal driving force of consumption still needs to be further enhanced. In the next stage, it is essential to implement special actions to boost consumption, continue to improve residents’ consumption capacity, increase the quality of supply, enhance the consumption environment, better unleash consumption potential, and promote healthy economic development and continuous improvement of people's livelihoods.

Taipei International Computer Show Opening — Global Tech Leaders Gather in Taipei

The Asia Pacific B2B technology event "COMPUTEX TAIPEI 2025" will be grandly held from May 20 to 23 at the Taipei Nangang Exhibition Center. This year’s exhibition theme is "AI NEXT," focusing on four major technological trends: AI computing, future mobility, next-generation communication, and green sustainability.

NVIDIA's CEO Jensen Huang delivered the first keynote speech at COMPUTEX, discussing NVIDIA's expansion in generative AI, deepening partnerships with Taiwanese companies such as Hon Hai and Quanta, and addressing rising tariff concerns. He also announced significant news regarding NVIDIA's operations in Taiwan.

Microsoft and Google Hold Developer Conferences

Microsoft's annual Build developer conference will be held from May 19 to 22 in Seattle, Washington. The event is expected to feature announcements regarding new AI integrations, services, and applications, including versions for Windows. Copilot will continue to be a highlight of the conference, with market expectations that Microsoft will announce deeper integrations of its generative AI with many of its software products (for both consumer and enterprise).

Google will host its 2025 annual I/O developer conference from May 20 to 21 at the Shoreline Amphitheatre in Mountain View, California. Google is expected to announce developments in various software products and preview new features. Publicly disclosed information indicates that Google plans to reveal a wealth of information regarding Android, Chrome, Google Search, YouTube, and its AI chatbot Gemini, with a focus on the systematic presentation and multi-platform layout of Gemini 2.5.

Selected Economic Data

Monday: China’s year-on-year retail sales total for April

Tuesday: Australia’s central bank interest rate decision on May 20

Thursday: U.S. preliminary May S&P Global Manufacturing PMI

This Week’s Key Events

Monday: NVIDIA CEO Jensen Huang to attend the Taipei International Computer Show and deliver a keynote address

Tuesday: The G7 finance ministers and central bank governors meeting, ongoing until May 22

Friday: FOMC permanent voter and New York Federal Reserve President John Williams to give a keynote speech at a monetary policy implementation seminar

Corporate Earnings Reports

Monday: Trip.com (TCOM.O)

Tuesday: Zoom (ZM.O), Bilibili (BILI.O), Weibo (WB.O)

Wednesday: Baidu (BIDU.O), Xiaopeng Motors (XPEV.N)