Investors will see a slow start to the week with Wesak day falling on Monday and Nuzul Quran on Wednesday. But, after the long weekend, it will be a busy week for most market participants as the earnings season kicks off.

Petronas Chemicals Group Bhd is one of the first few companies that will release their first-quarter (1QFY2019) earnings results. Others include IHH Healthcare Bhd, Axiata Group Bhd, MISC Bhd, IOI Corp Bhd and the listed companies of the Genting group.

Genting Malaysia Bhd and Genting Bhd will be closely watched as analysts assess the impact of the higher gaming tax introduced in Budget 2019. My EG Services Bhd will also be in focus as analysts will be looking at its margins to see if there was any impact from the change in government.

Investors will also be keeping an eye on the performance of consumer players such as Padini Holdings Bhd, AEON Co (M) Bhd  and Ajinomoto (M) Bhd to gauge the resilience of domestic consumption. After a sharp decline seen in Star Media Group Bhd’s latest quarterly results, attention will also be on Media Prima Bhd, the country’s largest integrated media group, which is  releasing its quarterly results this week.

Oil and gas players releasing their 1QFY2019 results will also be in the spotlight as investors look for signs of a turnaround with the recovery of oil prices.

The market will also be on the lookout for updates from a weekend meeting between a panel of Organization of Petroleum Exporting Countries and Russian ministers to assess oil market conditions. It is viewed as a preparatory meet-up ahead of the Opec+ meeting in Vienna next month, and could see a discussion on heightened US-Iran tensions as well as oil supply security in the Middle East.

There will be some economic data for investors to digest with Malaysia’s inflation data for April due on Friday. In March, the Consumer Price Index (CPI) edged 0.2% higher year on year, providing relief for investors concerned about deflation after negative inflation in January and February. Market participants will be watching to see if the CPI remains in positive territory for April.

On the global front, investors will turn their attention to the latest US economic indicators this week, with the release of the Markit US Manufacturing Purchasing Managers’ Index (PMI) for April on Thursday amid the uncertainty surrounding US-China trade war.  On the same day, the US is releasing April new home sales data as well as the initial jobless claims reports for the week ended May 17.

Most analysts will be keeping an eye on the numbers to see if the economic strength in the US can be sustained or if there are signs of weakening as market participants worry about the escalation in the tit-for-tat tariff battle between the US and China.

Last month, the US Manufacturing PMI number was unchanged from the pre­vious month at 52.4, signalling the weakest growth in the manufacturing sector since June 2017.

Stronger economic indicators would probably give President Donald Trump the confidence to push through with more trade restrictions against China while weaker-than-expected data might prompt him to reconsider imposing 25% tariffs on another US$325 billion in Chinese goods.

The market will also be keeping an eye on the minutes of the Federal Open Market Committee (FOMC) meeting for the US Federal Reserve’s stance on interest rates going forward. Last week, Trump called on the Fed to help in his fight against China.

Over in Europe, attention will be on the European elections. The UK has no choice but to participate after failing to leave the EU as expected in March. A new political party, led by British Eurosceptic Nigel Farage, appears to be on course to win more support in the elections for the European parliament than the UK’s two biggest parties combined. This would increase the risk of a no-deal Brexit given Farage’s advocacy for a hard Brexit.

In Asia, eyes will be on India’s general election, the biggest polls in the world. A six-week long election for 897.8 million eligible voters will conclude on Sunday, with the results expected to be announced this Thursday. Many see the election as a referendum on Indian prime minister Narendra Modi’s record for the past five years.

Aside from India, investors will also be looking out for the results of Australia’s federal election over the weekend. Australians went  to the polls on Saturday, with the results expected to be made public on Saturday evening itself or on Sunday morning. Investors will be hoping that the conclusion of the election will lift the political uncertainty in the country this week and pave the way for a potential policy rate cut by the Reserve Bank of Australia in its meeting next month.

Indonesia will also know the outcome of its presidential election on Wednesday. Incumbent Joko Widodo is asking for a second five-year term, running against Prabowo Subianto, a retired general. Jokowi is expected to clinch the election.

Thailand’s newly elected parliament will convene on Wednesday and a new prime minister will be elected. The incumbent, Prime Minister Prayuth Chan-Ocha from the army-backed party Palang Pracharath stands a good chance of retaining his post with strong backing from the senate.

The conclusion of some of these political developments will give investors some relief if things pan out as expected.