Global Week Ahead

Sep 22

Global Leaders Gather for the UN General Assembly, Canada, France, and the UK Recognize Palestinian Statehood, EU Defense Ministers Consider a “Drone Wall”, and Markets Brace for Global Flash PMIs and Lots of US Central Bank Speeches

September 21 - 28, 2025

New York will be the center of the geopolitical radar screen this coming week. The United Nations General Assembly’s High-Level General Debate begins on Tuesday, the 80th anniversary meeting, and world leaders will descend on the Big Apple to deliver speeches. But the truly big event at the UN this week will be the meeting on Palestinian statehood, co-sponsored by France and Saudi Arabia. French President Emmanuel Macron will use the event to formally recognize a Palestinian State, following Canada, the United Kingdom, and Australia in making the dramatic diplomatic policy move.

The move by major Western nations calling for a two-state solution shows the growing divide between them and Israel as Prime Minister Benjamin Netanyahu continues to oversee military action in the Gaza Strip and reportedly is considering annexing the West Bank – all as the US and other countries continue to gain the freedom of the Israeli hostages held by Hamas.

Also happening on the sidelines of the UN General Assembly will be a meeting between US Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov on the sidelines of the UN Assembly. The main issue they will discuss is efforts to secure a cease-fire in Ukraine, something Russian President Vladimir Putin has been resisting despite President Trump’s increasing threats of more stringent sanctions on Russian oil sales. Markets will be watching closely for any sign of a thaw that could delay Trump’s move toward stricter sanctions.

Overall, there are innumerable other meetings and conferences taking place on the sidelines of the Assembly. You can find the schedule of when leaders are speaking here, and for a listing of all the other meetings and conferences taking place, you can find them here .

While all this is going on, EU Defense Ministers will be meeting in Latvia to discuss the spike in Russian drone and fighter jet incursions into NATO airspace. The Ministers will consider creating a layered defense system of drones, radar, jamming stations, and other precision weapons to prevent future Russian incursions. The meeting is another sign of the growing tensions between European NATO members and Moscow as Russian President Putin grows either more aggressive or more reckless - or both - in his provocations of NATO.

Looking at the global financial and economic radar screen this week, the big event for markets will be the global flash PMI reports for any signs of growing inflation. In the Americas, markets will be listening closely to Federal Reserve Board Chair Jay Powell’s speech on Tuesday and watching for a number of key reports, including new home sales on Wednesday, existing home sales and durable goods orders on Thursday, and the August PCE print is out on Friday.

However, we would also note that this is going to be a hectic week for Fed governors “speechifying” – 14 Federal Reserve Board Governors and regional Fed presidents will be speaking in total. And in Canada, Reserve Bank Governor Tiff Macklin will give a speech and hold a press conference this week, too. And in Mexico, the Central Bank will meet on interest rates.

Looking at Europe, the European Central Bank releases its August consumer expectation survey on Friday. Germany’s Ifo survey is out on Wednesday, and consumer confidence surveys for Germany and France are out on Thursday.

Finally, in Asia, Japan releases September CPI figures on Friday, and China releases August inflation data on Wednesday.

Below is the rest of our detailed report of the major geopolitical and geoeconomic events in the coming week:

Sunday, September 21, 2025

Global

· Climate Week 2025 formally begins in New York City.

Americas

Political/Social Events –

· Today is Belize Independence Day.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· European Commission President Ursula von der Leyen, together with António Costa, President of the European Council, will meet with António Guterres, Secretary-General of the United Nations and João Lourenço, Chairperson of the African Union. Later in the day, she and Costa will meet with António Guterres.

· Today is Armenia's Independence Day.

· Today is Malta Independence Day.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· The Global Africa Business Initiative (GABI) will convene the 4th edition of Unstoppable Africa, on the sidelines of the 80th Session of the UN General Assembly at the Marriott Marquis Hotel in Mid-Town Manhattan, New York.

· Guinea holds a constitutional referendum on whether to establish a new constitution replacing the one approved in 2020 and mark the first step towards civilian rule.

Economic & Financial Reports/Events –

· Nothing significant to report.

Monday, September 22, 2025

Global

· At the United Nations, the 2nd World Summit on Palestine Statehood, bringing together numerous heads of state and sponsored by France and Saudi Arabia, will attempt to revive the long-stalled “two-State solution” to establish a Palestinian state and the “two-state solution.” France is expected to join Canada, Great Britain, and other countries in recognizing a Palestinian state.

· At the United Nations, the High-level Meeting to Commemorate the 80th Anniversary of the United Nations will take place. This one-hour meeting will mark the 80th anniversary of the establishment of the United Nations, with UN officials and Heads of State and Government reflecting on the achievements of the past eight decades and the path ahead for a more inclusive and responsive multilateral system.

· The Board of Governors of the International Atomic Energy Agency holds a meeting in Vienna, Austria.

· Rosh Hashana – the Jewish New Year - commemorations begin.

· The Autum Equinox happens in the Northern Hemisphere (Summer is now officially over and its autumn).

Americas

Political/Social Events –

· The US House and Senate are out of session this week.

Economic & Financial Reports/Events –

· St. Louise Federal Reserve Bank President Alberto Musalem gives a speech on the outlook for the US economy and monetary policy at the Brookings Institution in Washington, D.C.

· Federal Reserve Board Governor Stephen I. Miran Non-Monetary Forces and Appropriate Monetary Policy at the Economic Club of New York Luncheon, New York, New York.

· New York Federal Reserve Bank President John Williams participates virtually in panel before the “Monetary Policy Frameworks: Recent Developments and Outlook An International Comparative View" event organized by the Bank for International Settlements, European Central Bank and SUERF.

· Cleveland Federal Reserve Bank President Beth Hammack speaks on “The Fed's Role in the Economy and Impact on Everyday Life" before a "Fed Talk" event.

· Richmond Federal Reserve Bank President Thomas Barkin speaks virtually on the economy before the Howard County (Maryland) Chamber of Commerce.

· Canada PPI (August)/ Raw Materials Prices (August)

· USA Chicago Fed National Activity Index

· Colombia Balance of Trade (July)/ Imports (July)

· Paraguay PPI (August)

· El Salvador Balance of Trade (August)

· Costa Rica Balance of Trade (August)

Asia

Political/Social Events –

· In Japan, the Liberal Democratic Party will begin a two-week leadership contest, with the vote to be held on October. 4. Though the LDP does not have a majority in the Diet, Japan's parliament, it is by far the largest party, so the new leader is most likely to become the next prime minister.

· Malaysia will host the 57th ASEAN Economic Ministers' Meeting and related sessions this year in Kuala Lumpur as the bloc's chair, with the summit running through Friday alongside the RCEP Ministers' Meeting. Officials will also hold consultations with dialogue partners, including U.S. Trade Representative Jamieson Greer and the European Union trade chief, to review market access, regional supply chains and the rules-based trading system.

· Reforms to India's complex consumption taxes will kick in as Prime Minister Narendra Modi tries to spur domestic consumption in a slowing economy. Under the reforms, most goods and services will be taxed in two tiers of 5% and 18%, with the government abolishing the 12% and 28% brackets. The reforms come just ahead of the crucial festive season between October and December, when Indians engage in the bulk of their yearly shopping.

Economic & Financial Reports/Events –

· Reserve Bank of Australia Governor Michele Bullock delivers the semi-annual testimony to a parliamentary panel in Canberra.

· China Loan Prime Rate 1Y & 5Y (September)

· Taiwan Unemployment Rate (August)

· Hong Kong Inflation Rate (August)

Europe

Political/Social Events –

· The EU Agriculture and Fisheries Council meets through September 23 in Brussels. The EU Commission will present its proposals for the common agricultural policy (CAP) post-2027, and agriculture ministers will have the opportunity to hold a first policy debate on the future CAP.

· EU President Ursula von der Leyen participates in the high-level meeting of the United Nations General Assembly to commemorate the 80th anniversary of the United Nations. Later, she will deliver a speech at the Global Renewables Summit and then participate in at the high-level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-States.

Economic & Financial Reports/Events –

· Bank of England Governor Andrew Bailey participates in a fireside chat at the London School of Economics.

· European Central Bank Board Member Philip R. Lane participates on a policy panel at BIS-ECB-SUERF high-level online workshop on Monetary policy frameworks: recent developments and outlook – an international comparative view.

· European Central Bank Board Member José Luis Escrivá speaks at an event in Madrid.

· Turkey Consumer Confidence (September)/ Central Government Debt (August)

· Poland Retail Sales (August)/ M3 Money Supply (August)

· Ireland Wholesale Prices (August)

· Euro Area Consumer Confidence Flash (September)

· Slovenia Unemployment Rate (July)

· Slovakia Unemployment Rate (August)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Lebanon Inflation Rate (August)

· Israel Inflation Expectations (September)

Africa

Political/Social Events –

· Today is Mali Independence Day, a national holiday.

Economic & Financial Reports/Events –

· Nothing significant to report.

Tuesday, September 23, 2025

Global

· The UN General Assembly begins in New York and runs through September 29th.

· The UN Security Council is scheduled to hold a high-level briefing on the situation of the Middle East, including the Palestinian Question. Later, the Council is scheduled to hold a High-Level briefing on Maintenance of peace and security of Ukraine.

· The OECD releases its Interim Economic Outlook Report for the global economy.

Americas

Political/Social Events –

· President Trump will address the UN General Assembly.

· Canadian Prime Minister Mark Carney and Ukrainian President Volodymyr Zelensky will host an event on Russia's abduction of children at the fringes of the U.N. General Assembly in New York.

· The Third Annual CAF / UNDP Conference on Governance for Development in Latin America and the Caribbean: Critical Natural Resources for Sustainable Development will be held at the United Nations.

· Ecuadorian unions will march in Quito over the government's elimination of a diesel subsidy.

Economic & Financial Reports/Events –

· Federal Reserve Board Chair Jerome H. Powell will give a speech on the economic outlook at the Greater Providence Chamber of Commerce 2025 Economic Outlook Luncheon, Warwick, Rhode Island.

· Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman will give a speech on the Economic Outlook at the 134th Annual Kentucky Bankers Association Convention (virtual).

· Atlanta Federal Reserve Bank President Raphael Bostic speaks on the economic outlook before a Macro Musings podcast live recording.

· Bank of Canada Governor Tiff Macklem speaks in Saskatoon, followed by a press conference.

· Brazil BCB Copom Meeting Minutes

· Mexico Economic Activity (July)/ Retail Sales (July)

· Canada New Housing Price Index (August)

· USA Current Account Q2/ Redbook (September/20)/ S&P Global Composite/ Services/ Manufacturing PMI Flash (September)/ Richmond Fed Manufacturing Index (September)/Money Supply (August)/ API Crude Oil Stock Change (September/19)

· Argentina Retail Sales (July)

· Paraguay Interest Rate Decision

· EARNINGS: Micron Technology, Costco, Autozone

Asia

Political/Social Events –

· China will host the Euro-Asia Economic Forum (under the Shanghai Cooperation Organization) in Xi'an through September 25.

· The Fifth Asia Finance Forum, hosted by the Asian Development Bank, begins in Manila, Philippines.

· Jakarta and Brussels will sign the Indonesia-EU Comprehensive Economic Partnership Agreement in Bali. The pact is expected to boost Indonesia's exports by over twofold, from a current trade value of around $30 billion. The deal comes after negotiations that spanned a decade, which concluded successfully in July.

· The S-Tron Conference begins in Shanghai. The two-day startup event allows start-up founders to pitch business plans they hope will become the next big thing.

Economic & Financial Reports/Events –

· Japanese financial markets are closed for the Autumn Equinox.

· South Korea PPI (August)

· Australia S&P Global Composite/ Services/ Manufacturing PMI Flash (September)

· Indonesia M2 Money Supply (August)

· Malaysia Inflation Rate (August)

· India HSBC Composite/ Services/ Manufacturing PMI Flash (September)

· Singapore Inflation Rate (August)

· Taiwan Export Orders (August)

· Thailand Imports/ Exports/ Balance of Trade (August)

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· European Central Bank Board Member Claudia Buch participates in a fireside chat and panel discussion at the Financial Market Authority's 16th annual supervisory conference in Vienna, Austria.

· Bank of England Chief Economist Huw Pill participates in a discussion at the Inaugural Pictet Research Institute Symposium in Geneva, Switzerland.

· Switzerland Current Account Q2

· France HCOB Composite/ Services/ Manufacturing PMI Flash (September)

· Germany HCOB Composite/ Services/ Manufacturing PMI Flash (September)

· Euro Area HCOB Composite/ Services/ Manufacturing PMI Flash (September)

· Poland Unemployment Rate (August)

· Spain Balance of Trade (July)

· Great Britain S&P Global HCOB Composite/ Services/ Manufacturing PMI Flash (September)/ CBI Industrial Trends Orders (September)

· Hungary Deposit Interest Rate (September)/ Interest Rate Decision

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Africa Leading Business Cycle Indicator (July)

· Nigeria Interest Rate Decision

Wednesday, September 24, 2025

Global

· The UN Security Council is scheduled to hold an open debate on maintenance of international peace and security: Artificial Intelligence and international peace and security.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· San Francisco Federal Reserve Bank President Mary Daly speaks on the economic outlook before the annual Spencer Fox Eccles Convocation presented by the National Association of Corporate Directors, Utah Chapter.

· Brazil FGV Consumer Confidence (September)

· USA MBA 30-Year Mortgage Rate (September/19)/ MBA Mortgage Market Index (September/19)/ MBA Purchase Index (September/19)/ New Home Sales (August)/ EIA Crude Oil & Gasoline Stocks Change (September/19)/Building Permits (August)

· Mexico Mid-month Inflation Rate (September)

· Chile PPI (August)

· Colombia Business Confidence (August)

· Argentina Economic Activity (July)

· EARNINGS: KB Home, Cintas

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Korea Consumer Confidence (September)

· Japan S&P Global Composite/ Services/ Manufacturing PMI Flash (September)/ BoJ JGB Purchases

· Australia Monthly CPI Indicator (August)/ RBA Payments System Board Annual

· Sri Lanka Interest Rate Decision

· Malaysia Coincident Index (July)/ Leading Index (July)

· Taiwan Industrial Production (August)

· Philippines Budget Balance (August)

· Thailand New Car Sales (August)

Europe

Political/Social Events –

· EU President Ursula von der Leyen delivers a speech at the United Nations Climate Summit 2025.

Economic & Financial Reports/Events –

· European Central Bank Board Member Piero Cipollone participates in a fireside chat at Bloomberg's Future of Finance conference in Frankfurt, Germany.

· European Central Bank Board Member Pedro Machado gives opening remarks at the Supervision Innovators Conference 2025 'AI in action: Shaping the future of banking and banking supervision' in Frankfurt, Germany.

· Bank of England Member of the Monetary Policy Committee Member Megan Greene gives a speech at the Glasgow Business School on “Supply Shocks and Monetary Policy.”

· European Central Bank Non-Monetary Policy Meeting

· Spain PPI (August)

· Turkey Business Confidence (September)/ Capacity Utilization (September)/ Tourist Arrivals (August)

· Germany Ifo Business Climate (September)/ Ifo Current Conditions (September)/ Ifo Expectations (September)

· Switzerland Economic Sentiment Index (September)

· Slovenia Business Confidence (September)

· Russia Summary of the Key Rate Discussion/ Corporate Profits (July)/ Industrial Production (August)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Thursday, September 25, 2025

Global

· The World Bank/ODI Conference on Global Finance begins in London, where researchers and practitioners will discuss frontier research on public finance, with a focus on low and middle-income countries.

· BP launches an annual Energy Outlook, looking at the long-term trends and projections for global oil and gas markets to 2050.

Americas

Political/Social Events –

· President Donald Trump will host Turkish President Recep Erdogan in Washington for talks.

Economic & Financial Reports/Events –

· Federal Reserve Governor Michael S. Barr participates in a conversation on bank stress testing at the Peterson Institute for International Economics, Washington, D.C.

· Richmond Federal Reserve Bank President Tom Barkin participates in a conversation with Roger Ferguson at the Peterson Institute for International Economics.

· Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gives a speech entitled “Approach to Monetary Policy Decision-Making” at the Cornell Club of New York, New York City, New York.

· Federal Reserve Bank of Kansas City President Jeff Schmid speaks about monetary policy and the economic and banking outlook at the Mid-Sized Bank Coalition of America in Dallas.

· Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before Crain's Power Lunch, "The Fed and the Economy: Trends for West Michigan.”

· New York Federal Reserve Bank President John Williams gives welcome remarks before the Fourth Annual International Roles of the U.S. Dollar Conference hosted by the Federal Reserve Bank of New York and the Federal Reserve Board.

· San Francisco Federal Reserve Bank President Mary Daly participates in conversation before the Federal Reserve Bank of San Francisco 2025 Western Bankers Forum.

· Brazil IPCA mid-month CPI (September)

· USA Durable Goods Orders (August)/ GDP Growth Rate Q2/ GDP Price Index Q2/ Goods Trade Balance Adv (August)/ Initial Jobless Claims (September/20)/ Wholesale Inventories (August)/ PCE Prices Q2/ Corporate Profits Q2/ GDP Sales Q2/ Existing Home Sales (August)/ EIA Natural Gas Stocks Change (September)/ Kansas Fed Manufacturing & Composite Index (September)/ 15- & 30-Year Mortgage Rate (September/25)/ Fed Balance Sheet (September/24)

· Canada Average Weekly Earnings (July)

· Mexico Interest Rate Decision

· EARNINGS: Accenture, CarMax

Asia

Political/Social Events –

· The Tokyo Game Show will be held for four days through September 28 at the Makuhari Messe convention center east of Tokyo. First held in 1996, it is one of the world's leading game events.

Economic & Financial Reports/Events –

· Japan Bank of Japan Monetary Policy Meeting Minutes are released.

· Taiwan Retail Sales (August)

· Hong Kong Imports/ Exports/ Balance of Trade (August)

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Great Britain Car Production (August)/ CBI Distributive Trades (September)

· The European Central Bank releases its Economic Bulletin

· EU New Car Registrations (August)

· Germany GfK Consumer Confidence (October)

· Hungary Current Account Q2/ Unemployment Rate (August)

· France Consumer Confidence (September)

· Switzerland SNB Interest Rate Decision

· Euro Area Loans to Companies & Households (August)/ M3 Money Supply (August)

· Slovenia Tourist Arrivals (August)

· Greece Total Credit (August)

· Turkey Foreign Exchange Reserves (September/19)

· Ireland Consumer Confidence (September)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Saudi Arabia Imports/ Exports/ Balance of Trade (July)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Africa Consumer Confidence Q3/ PPI (August)

Friday, September 26, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Richmond Federal Reserve Bank President Tom Barkin participates in a conversation with Roger Ferguson at the Peterson Institute for International Economics.

· Brazil Current Account (August)/ Foreign Direct Investment (August)

· Mexico Balance of Trade (August)

· Canada GDP (July)/ Wholesale Sales (August)/ Budget Balance (July)

· USA PCE Price Index (August)/ Personal Income & Spending (August)/ Michigan Consumer Sentiment/ Baker Hughes Total Rigs Count (September/26)

· Uruguay Unemployment Rate (August)

· Paraguay GDP Growth Rate Q2

· Panama Current Account Q2

Asia

Political/Social Events –

· The Pacific Islands Forum (PIF) will be held at the United Nations.

Economic & Financial Reports/Events –

· The HKIB Annual Banking Conference is held in Hong Kong with Financial Secretary Paul Chan giving an opening keynote address.

· South Korea Business Confidence (September)

· New Zealand ANZ Roy Morgan Consumer Confidence

· Japan Tokyo CPI (September)/ Foreign Bond Investment (September/20)/ Stock Investment by Foreigners (September/20)

· Singapore Industrial Production (August)

· Thailand Industrial Production (August)

· Philippines Business Confidence Q3/ Consumer Confidence Q3

· India Bank Loan Growth (September/12)/ Deposit Growth (September/12)/ Foreign Exchange Reserves (September/19)

Europe

Political/Social Events –

· Latvia hosts a two-day NATO military committee conference beginning in Riga.

Economic & Financial Reports/Events –

· European Central Bank Board Member Piero Cipollone gives the keynote speech at the joint ECB-CEPR-Bocconi conference hosted by the University of Bocconi in Milan, Italy.

· Spain GDP Growth Rate Q2

· Italy Business Confidence (September)/ Consumer Confidence (September)

· ECB Consumer Inflation Expectation

· France Unemployment Benefit Claims (August)/ Jobseekers Total (August)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Saturday, September 27, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Today is Turkmenistan Independence Day.

Economic & Financial Reports/Events –

· China Industrial Profits (YTD) (August)

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Gabon holds national assembly elections.

· The Seychelles holds presidential and parliamentary elections.

Economic & Financial Reports/Events –

· Nothing significant to report.

Sunday, September 28, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Moldova holds parliamentary elections.

· Switzerland holds referendums on whether to accept a new version of a national electronic identity (e-ID) scheme, and separately a constitutional amendment to allow cantons to tax second homes for personal use.

Global Week Ahead

U.S. Financial Regulatory Week Ahead

Recommended Weekend Reads