5月19日- 5月23日及以后：我们关注18份预览报告，其中4份在我们的观察名单上。

European Week Ahead: 19thMay – 23rd MayRestricted - External European Equity Product ManagementGroupRob Bate*+44 (0)20 7773 3576rob.bate@barclays.comBarclays, UKMaria Baig*+44 (0)20 3134 2747maria.baig@barclays.comBarclays, UKAnna Woodcock*+44 (0)20 7773 3935anna.woodcock@barclays.comBarclays, UK Macro Week Ahead (See Macro Calendar in attached spreadsheet)EventRichmond Fed President Barkin (FOMC non-voter) speaks at Vance-Granville Community College in Henderson,North CarolinaECB Executive Board Member Cipollone speaks at meeting of the Euro Cyber Resilience Board for pan-EuropeanFinancial Infrastructures in Frankfurt, GermanyReal GDP, 1st preliminary, % q/q"Final" CPI, % m/m (y/y)Trade balance sa, € bnHousing starts, k saar"Flash" U. of Michigan consumer sentiment, index"Flash" U. of Michigan 1 Yr. inflation, %Retail sales, % y/yIndustrial production, % y/yConstruction output, % m/m (y/y)"Flash" consumer confidence, % balCPI, % m/m (y/y)Retail price index"Flash" Manufacturing PMI, index"Flash" Manufacturing PMI, indexInitial jobless claims, k (4wma)"Flash" S&P Global manufacturing PMI, indexGfK consumer confidence, index"Final" GDP, % q/qRetail sales, % m/m (y/y)New home sales, k saarEquity StrategyMeaningful US-Chinatariffsde-escalation reduces recession risk. Low systematic positioningleaves room for upside, but more so in the US than Europe. We see catch-up potential forcyclical laggards & exporters. We add to Discretionary via Luxury, cut Staples and swapInsurance for Banks. (European Equity Strategy: Recalibratingtariffs& recession risk (14 May2025)). Analyst(s) Certification(s):Each research report excerpted herein was certified under SEC Regulation AC by the analyst primarily responsible for such report as follows: I herebycertify that: 1) the views expressed in this research report accurately reflect my personal views about any or all of the subject securities referred to inthis report and; 2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed inthis report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Materially Mentioned Stocks (Ticker, Date, Price)Marks & Spencer Group plc(MKS.L, 14-May-2025, GBP 3.55), Overweight/Neutral, J/K/NRichemont(CFR.S, 14-May-2025, CHF 155.50), Overweight/Neutral, J/K/NSalmar ASA(SALM.OL, 14-May-2025, NOK 500.00), Underweight/Neutral, JeasyJet(EZJ.L, 14-May-2025, GBP 5.47), Overweight/Neutral, CD/E/J/K/L/M/NUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosedofferof securities of the issuer in theprevious 12 months.B:An employee or non-executive director of Barclays PLC is a director of this issuer.CD:Barclays Bank PLC and/or anaffiliateis a market-ma