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Week's main events (September 21 - September 25)

This week, investors are focusing on the long-awaited summit between Donald Trump and Xi Jinping, whose outcome will shape prospects for international trade, the level of mutual tariffs, and global technology supply chains. Additional pressure on the stock market is coming from renewed discussion about slowing the pace of development and tightening regulation of artificial intelligence. This shift in rhetoric threatens the segment of tech giants and chipmakers that has long driven growth in stock indices, corporate lending, and demand for specialized raw materials. At the same time, markets will continue to adjust to the fallout from the Middle East crisis and the release of the latest macroeconomic data. The release of preliminary Purchasing Managers’ Index (PMI) figures for the US, the Eurozone, Japan, and Australia, as well as US durable goods orders data, will provide insight into the resilience of the global economy amid persistent inflationary risks. Stock and currency markets will also react to decisions by a whole group of central banks, including regulators in China, Switzerland, Sweden, Norway, Mexico, and Indonesia. Monday, September 21 On Monday, the international economic calendar starts quietly. Attention converges during the evening session as European Central Bank (ECB) President Christine Lagarde takes the podium, followed closely by Bank of Canada (BoC) Governor Tiff Macklem. Markets will carefully parse both speeches for nuanced commentary regarding ongoing inflation dynamics, economic resilience, and potential future policy adjustments, driving localized volatility for the Euro and the Canadian Dollar (CAD). Japan is on a bank holiday. Main events of the day: Eurozone ECB President Lagarde Speaks at 18:00 (GMT+3) – EUR (LOW) Canada BoC Gov Macklem Speaks at 18:05 (GMT+3) – CAD (LOW) Tuesday, September 22 On Tuesday, global financial markets also navigate a light data calendar. Market focus shifts toward high-level central bank commentary. Reserve Bank of Australia (RBA) Governor Michele Bullock delivers a public address, giving investors a chance to gauge the central bank’s evolving stance on domestic inflation and potential future rate adjustments after recent hawkish signals. Later in the European session, European Central Bank (ECB) President Christine Lagarde speaks. Markets will closely scrutinize her remarks for nuanced clues about the currency bloc’s growth resilience and the central bank’s measured, data-dependent policy path amid recent energy price volatility and shifting global bond yields. Japan is on a bank holiday. Main events of the day: Australia RBA Gov Bullock Speaks at 06:10 (GMT+3) – AUD (LOW) Eurozone ECB President Lagarde Speaks at 14:00 (GMT+3) – EUR (LOW) Wednesday, September 23 On Wednesday, flash PMIs will arrive: stronger-than-expected data would lift risk assets (EUR, GBP) and support commodity-linked FX (AUD). Inflationary pressure is expected to rise in Singapore, which could positively affect the SGD. EIA crude oil inventories affect energy markets. A decline in crude oil inventories usually raises WTI/Brent and commodity currencies (CAD, AUD). Japan is on a bank holiday. Main events of the day: Australia Manufacturing PMI (m/m) at 02:00 (GMT+3) – AUD (MED) Australia Services PMI (m/m) at 02:00 (GMT+3) – AUD (MED) Singapore Consumer Price Index (m/m) at 08:00 (GMT+3) – SGD (MED) German Manufacturing PMI (m/m) at 10:30 (GMT+3) – EUR (LOW) German Services PMI (m/m) at 10:30 (GMT+3) – EUR (LOW) Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+3) – EUR (MED) Eurozone Services PMI (m/m) at 11:00 (GMT+3) – EUR (MED) UK Manufacturing PMI (m/m) at 11:30 (GMT+3) – GBP (MED) UK Services PMI (m/m) at 11:30 (GMT+3) – GBP (MED) US Manufacturing PMI (m/m) at 16:45 (GMT+3) – USD (MED) US Services PMI (m/m) at 16:45 (GMT+3) – USD (MED) US Crude Oil Reserves (w/w) at 17:30 (GMT+3) – WTI (HIGH) Thursday, September 24 Thursday will be a busy day. The Swiss National Bank (SNB) will hold a monetary policy meeting. It’s widely expected to keep its rate anchored at 0% as inflation remains comfortably contained. Meanwhile, Sweden’s Riksbank and Norway’s Norges Bank will announce their interest rate decisions, with markets scrutinizing updated rate paths and policy statements for signals on whether regional central banks are preparing to shift borrowing costs amid fluctuating Scandinavian currencies. In Mexico, the central bank will also meet. According to polls, Banxico will hold rates at 6.5%. Main events of the day: Japan Manufacturing PMI (m/m) at 03:30 (GMT+3) – JPY (MED) Japan Services PMI (m/m) at 03:30 (GMT+3) – JPY (MED) Australia Unemployment Rate (m/m) at 04:30 (GMT+3) – AUD (MED) Switzerland SNB Policy Rate at 10:30 (GMT+3) – CHF (HIGH) Switzerland SNB Monetary Policy Assessment at 10:30 (GMT+3) – CHF (HIGH) Sweden Riksbank Interest Rate Decision at 10:30 (GMT+3) – SEK (HIGH) Norway Norges Bank Interest Rate Decision at 11:00 (GMT+3) – NOK (HIGH) German ifo Business Climate (m/m) at 11:00 (GMT+3) – EUR (LOW) Canada Retail Sales(m/m) at 15:30 (GMT+3) – CAD (MED) US Initial Jobless Claims (w/w) at 15:30 (GMT+3) – USD (MED) US New Home Sales (m/m) at 17:00 (GMT+3) – USD (MED) US Natural Gas Storage (w/w) at 17:30 (GMT+3) – XNG (HIGH) Mexico Banxico Interest Rate Decision at 22:00 (GMT+3) – MXN (HIGH) Friday, September 25 On Friday, the European morning opens with the release of the German GfK consumer confidence index, offering a key read on household willingness to spend and the economic outlook after recent soft readings. The focus shifts to North America in the afternoon with the release of US durable goods orders, which will measure business capital expenditure and manufacturing demand versus previous monthly prints. The data docket concludes with the final US Michigan consumer sentiment index, rounding out the week by offering a definitive look at consumer inflation expectations and overall sentiment. As a rule, rising inflation expectations are accompanied by a stronger dollar, which puts pressure on risk assets and gold. Main events of the day: German GfK Consumer Confidence (m/m) at 09:00 (GMT+3) – EUR (MED) UK BOE Gov Bailey Speaks at 12:15 (GMT+3) – GBP (LOW) US Durable Goods Orders (m/m) at 15:30 (GMT+3) – USD (MED) US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+3) – USD (MED)

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Publication date:

2026-09-21 10:43:03 (GMT)

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