The Global Week Ahead

Russia-Ukraine Peace Talks Begin Again, The BRICS Leaders’ Summit Gets Underway, the 81st UN General Assembly Starts with World Leaders Set to Arrive, and Markets Are Focused on ECB Rates and the U.S. PCE Report

September 6 - 13, 2026

After months of little diplomatic movement, it appears that efforts to find a peaceful end to the Russian War on Ukraine have begun again.  U.S. Special Envoys Jared Kushner and Steven Witkoff spent three hours with Russian President Vladimir Putin on Saturday before flying to Kyiv to meet with Ukrainian President Volodymyr Zelensky.  This is the first time Kushner and Witkoff have traveled to Kyiv for meetings.   While all sides said the meetings have gone “well,” there are few details emerging yet as to what is being discussed as possible outlines of a deal. 

However, Putin did inform Kushner and Witkoff that the battlefield situation is “difficult” but claimed Russian military forces are making “real progress” on the battlefield (which, by many accounts, is contrary to the facts on the ground).  The meeting comes after the recent surprise visit of CIA Director John Ratcliffe to Moscow.  We would also note it comes following a report in The Economist of Putin telling aides “they will hang me” if he fails to win control of the Donbas and wins the war.  While he did not specify, “they” is most likely a reference to his far-right/ultranationalist base.  According to recent polls, public sentiment in Russia is increasingly tense and souring on the war in the wake of growing Ukrainian drone attacks and a distinct lack of confidence in the country’s long-term future.

In the Americas this week, Canada begins its dollar-for-dollar counter-tariffs on Tuesday. They will hit a number of U.S. products with a range of 15% to 50%.  And the U.S. Congress is out for the Labor Day holiday.

Also this week, the BRICS Leaders’ Summit gets underway in New Delhi, India.  The agenda is packed, with talks likely to focus on harnessing greater cooperation among the Global South, trade, energy cooperation, and climate issues.  What will be particularly interesting is an expected sideline meeting between Indian Prime Minister Narendra Modi and Iranian President Masoud Pezeshkian.  Modi is keen to become more engaged in helping to find a solution to the ongoing Iran War to avoid damaging the Indian economy.  So far, India has been able to defy expectations that the war would damage the economy, reporting last week 7.8% growth between April and June, comfortably beating most forecasts; however, concerns over the spiking costs of diesel oil, natural gas, and fertilizers are worrying leaders in New Delhi.

In Europe, leaders this week will be trying to digest the implications of the German far-right AfD victory in the Saxony-Anhalt state elections.  Exit polls suggest the AfD won as much as 44.4% of the vote, with the right-of-center CDU winning 18.4% and the far-left Die Linke Party coming in with 9.3%.  Of particular note: voter participation was at a record high of 76.5%.  There are two more state elections in September in Germany, and the AfD is, so far, polling well in both those races.

 Looking at the global financial and economic radar screen this week, the big focus of markets will be the European Central Bank (ECB) meeting on rates on Thursday and U.S. PPI and CPI prints.

Despite it being a short week in the U.S. (Monday being the Labor Day holiday), it is going to be a big week for economic reports.  The August PPI is out on Thursday and the August CPI – which is closely watched by the Fed – is out on Friday.  Following Friday’s blowout jobs report, worries over persistent inflation, and rising energy costs (especially with diesel prices now over $6 a gallon and rising), the Federal Reserve is under growing pressure to raise interest rates at its September 15-16 meetings.  Amplifying his pressure campaign against the Fed, President Trump is now demanding the Fed cut rates, and if it does not, he is threatening to stop trading with any nation that has a deficit with the U.S.

Also this week in the U.S., the University of Michigan survey for September is out on Friday. And, notably, the U.S. Treasury begins its expanded long-end liquidity-support buybacks Wednesday.

As noted above, the ECB announces its decision on rates on Thursday, and the consensus is they impose a 25-basis-point hike, bringing the rate to 2.50%.  Also in Europe this week, Germany releases industrial production numbers on Monday, and its trade balance on Tuesday.  The UK releases its July GDP on Friday. 

In Asia this week,  China releases trade balance figures on Tuesday and its CPI and PPI on Wednesday.  Japan releases the August Economy Watchers Survey on Tuesday along with July labor cash earnings.  And on Friday, we will see Japan’s PPI print.

Below is our detailed report on all the other major geopolitical and economic events for the coming week:

Sunday, September 6, 2026

 Global

·       OPEC+ meets virtually to review market conditions.

·       The 3rd BRICS Sherpa/Sous-Sherpas’ meeting takes place in New Delhi, India through September 9th.

Americas

Political/Social Events –

·       Mexican Foreign Secretary Roberto Velasco Álvarez is in China for a two-day set of meetings with Chinese Foreign Minister Wang Yi's inv. He will then travel on to Chongqing to open a new Mexican consulate. One of the major issues being discussed is China’s role near-shoring in Mexico as part of the ongoing USMCA negotiations with the US and Canada.

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 –

·       Germany’s Saxony-Anhalt state hold elections for the state parliament and local district councils.  This election is attracting international attention as the far-right AfD Party is leading in the polls and have a good shot at winning.  If that happens, most observers believe it will likely give the AfD significant momentum for future national elections.

·       In London, Jamaican officials visit to lodge an unprecedented legal complaint calling for reparations for slavery.

·       There will be an informal meeting of EU Agriculture Ministers through September 8th in Dublin, Ireland.

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 –

·       Today is Independence Day in Swaziland, a holiday.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Monday, September 7, 2026

Global

·       In The Hague, the International Court of Justice will hold public hearings September 7-10 on the preliminary objections raised by Germany in the case concerning Alleged Breaches of Certain International Obligations in respect of the Occupied Palestinian Territory.  The charges were brought by Nicaragua.

·       The Board of Governors of the International Atomic Energy Agency will hold meetings through September 11th.

Americas

Political/Social Events –

·       It is Labor Day in Canada and the U.S. All financial markets and banks are closed.

·       Ukrainian President Zelensky travels to Toronto for meetings with Canadian Prime Minister Mark Carney.

·       Mexican Foreign Minister Alvaraz will travel to China for meeting with Chinese Foreign Minister Wang Yi.

Economic & Financial Reports/Events –

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

·       Mexico Auto Exports (August)/ Auto Production (August)

·       Colombia Inflation Rate (August)

·       Brazil BCB Focus Market Readout

Asia

Political/Social Events –

·       Vietnamese Secretary General To Lam travels to Moscow for meetings with President Vladimir Putin through September 9th.  They are expected to discuss energy, defense, security, and bilateral cooperation issues.  The Secretary General then travels on to Paris for meetings with President Emmanuel Macron and then on to New York to attend the UN General Assembly.

·       The U.S.-Korea-Japan joint military exercise “Freedom Edge” begins off the coast of South Korea and runs through September 13th.  The exercises are being held despite North Korea vowing to retaliate against U.S. hostilities and condemning the exercises. 

·       The Seoul Defense Dialogue begins in Seoul, South Korea and runs through September 9th.   The event is hosted by the Ministry of National Defense.

Economic & Financial Reports/Events –

·       Australia ANZ-Indeed Job Ads (August)

·       Indonesia Foreign Exchange Reserves (August)

·       Thailand Inflation Rate (August)

·       Japan Foreign Exchange Reserves (August)/ Coincident Index (July)/ Leading Economic Index (July)

·       Hong Kong Foreign Exchange Reserves (August)

·       Singapore Foreign Exchange Reserves (August)/ Retail Sales (July)

·       Turkey Treasury Cash Balance (August)

Europe

Political/Social Events –

The EU/UK/Ukraine New High-Level Group on Defense is expected to hold its first meeting in Brussels.  Created last week by the EU Chief Diplomat, Kaja Kallas, it is comprised of former political and military leaders to advise on how to better defend each entity in the face of growing Russian hostilities.

French President Emmanuel Macron and South Korean President Lee Jae Myung will co-host Lumiere Summit in Paris.  The event  is expected to bring together about 150 participants from more than 30 countries, including representatives from the film, audiovisual and video game industries.  Lee will then spend three more days in consultation with Macron on trade and mutual security issues.

Economic & Financial Reports/Events –

·       Germany Industrial Production (July)

·       Romania GDP Growth Rate 2nd Est Q2

·       UK Lloyds House Price Index / BBA Mortgage Rate (August)

·       Hungary Industrial Production (July)

·       France Foreign Exchange Reserves (August)

·       Switzerland Unemployment Rate (August)/ Foreign Exchange Reserves (August)

·       Euro Area Employment Change Final Q2/ GDP Growth Rate 3rd Est Q2

·       Greece Balance of Trade (July)/ GDP Growth Rate Q2

·       Poland Foreign Exchange Reserves (August)

·       Russia Foreign Exchange Reserves (August)

·       EARNINGS: Ashmore, Burkhalter, Gamma Communications, Sigma Roc, Standard Life

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Israel Business Confidence (August)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       South Africa Foreign Exchange Reserves (August)

Tuesday, September 8, 2026

 Global

·       The 81st UN General Assembly begins in New York.

·       In Geneva, the Outer Space Security Conference 2026, organized by the United Nations Institute for Disarmament Research (UNIDIR), will take place at the Palais des Nations through September 9th.

Americas

Political/Social Events –

·       Canada’s retaliatory tariffs against the U.S. come into effect.  The tariffs range in size from 15% to 50%, matching President Trump’s recently enacted tariffs dollar for dollar.  A full list of U.S. products subject to the counter tariffs can be found HERE.

·       Jury selection is due to begin in a New York court as Chinese telecommunications equipment giant Huawei faces a trial for alleged evasion of U.S. sanctions against Iran, intellectual property theft and other accusations. The company has pleaded not guilty in the case, which shook China's relations with both the U.S. and Canada.

·       New Hampshire holds primary elections.

Economic & Financial Reports/Events –

·       USA NFIB Business Optimism Index (August)/ ADP Employment Change Weekly/ Redbook  (September/05)/ Used Car Prices (August)/ Consumer Inflation Expectations (August)/ Consumer Credit Change (July)

·       Chile Inflation Rate (August)/ Interest Rate Decision

·       Argentina Industrial Production (July)

·       EARNINGS: ABM Industries, Braze

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       New Zealand Manufacturing Sales Q2

·       South Korea GDP Growth Rate Q2

·       Japan Average Cash Earnings (July)/ Overtime Pay (July)/ Current Account (July)/ GDP Growth Annualized Final Q2/ Bank Lending (August)/ GDP Capital Expenditure Q2/ GDP External Demand Q2/ GDP Price Index Q2/ GDP Private Consumption Q2/ Eco Watchers Survey Current (August)/ Eco Watchers Survey Outlook (August)

·       Australia Westpac Consumer Confidence Change (September)/ Westpac Consumer Confidence Index (September)/ NAB Business Confidence (August)/ Building Permits (July)/ Private House Approvals (July)/ RBA Hunter Speech/ RBA Hauser Speech         

·       Philippines Unemployment Rate (July)/ Foreign Exchange Reserves (August)

·       China Imports/Exports/Balance of Trade (August)/ Balance of Trade Yuan (August)/ Foreign Exchange Reserves (August)

·       Taiwan Inflation Rate (August)

Europe

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       European Central Bank Board Member Frank Elderson participates in a fireside chat at the Jacques Delors Centre in Berlin, Germany.

·       Bank of England Governor Andrew Bailey will speak before Parliament’s Treasury Select Committee on the August Monetary Policy Report.

·       UK BRC Retail Sales Monitor (August)/ Chancellor John Healey Speech

·       Ireland Construction PMI (August)

·       Ukraine Foreign Exchange Reserves (August)

·       Germany Imports/Exports/Balance of Trade (July)

·       Hungary Inflation Rate (August)

·       France Imports/Exports/Balance of Trade (July)/ Current Account (July)

·       Slovakia Balance of Trade (July)

·       EARNINGS: Computacenter, Dunelm, Funding Circle, James Fisher and Sons, Rubis, Theon, Uniphar

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Israel Foreign Exchange Reserves (August)

·       Saudi Arabia GDP Growth Rate Q2

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Egypt Foreign Exchange Reserves (August)

·       South Africa GDP Growth Rate Q2 

Wednesday, September 9, 2026

Global

·       The 2nd BRICS meeting of Finance and Central Bank Governors meets in Mumbai, India.

·       The World Nuclear Symposium begins in London and runs through September 11th.

·       The International Space Summit, hosted by the French Ministry for Europe and Foreign Affairs, begins in Paris. The event is expected to bring together a large group of politicians, policy experts, scientists and astronauts.

Americas

Political/Social Events –

·       The Republican Midterm Convention opens in Dallas, Texas.  Vice President JD Vance is scheduled to speak.

·       Rhode Island holds a primary election.

·       Apple hosts an event unveiling the latest iPhone.

Economic & Financial Reports/Events –

·       Peter Routledge, Canada’s Superintendent of Financial Institutions, is speaking at the Scotia Bank Summit on September 9th and at the Economic Club of Canada on September 11th.

·       USA MBA 30-Year Mortgage Rate (September/04)/ MBA Mortgage Applications (September/04)/ MBA Mortgage Market Index (September/04)/ MBA Mortgage Refinance Index (September/04)/ MBA Purchase Index (September/04)/ API Crude Oil Stock Change (September/04)

·       Mexico Inflation Rate (August)/ PPI (August)/ Foreign Exchange Reserves (August)

·       Brazil Car Production (August)/ New Car Registrations (August)

·       El Salvador PPI (August)

·       Peru Balance of Trade (July)

·       EARNINGS: U.S. – American Eagle Outfitters, Chewy, Cooper Companies, Signet Jewelers

Asia

Political/Social Events –

·       The 11th Belt and Road Summit begins in Hong Kong and runs through September 10th.

·       The Manila Strategy Forum 2026 begins in Manila, the Philippines and runs through September 10th.  It is co-hosted by the U.S. Center for Strategic and International Studies (CSIS) and the Amador Research Services.

·       Hong Kong hosts BIOHK2026, a major four-day biotech conference. Speakers and exhibitors from around the world are due to showcase cutting-edge research and discuss policy trends and industrialization opportunities. The event comes as China's fast-growing biotech industry is increasingly in the spotlight.

Economic & Financial Reports/Events –

·       South Korea Unemployment Rate (August)

·       China Inflation Rate (August)/ PPI (August)

·       Indonesia Consumer Confidence (August)

·       Japan BoJ JGB Purchase/ Machine Tool Orders (August)

·       Sri Lanka Tourist Arrivals (August)

·       Malaysia Industrial Production (July)

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

Europe

Political/Social Events –

·       Norway holds a funeral for King Harald V in the Oslo Cathedral.

Economic & Financial Reports/Events –

·       The European Central Bank Governing Council begins meetings on interest rates at the Deutsche Bundesbank in Berlin, Germany.  ECB President Christine Lagarde will give a speech at an official dinner that evening.

·       Hungary Budget Balance (August)/ Monetary Policy Meeting Minutes

·       Spain Consumer Confidence (July)

·       Romania Balance of Trade (July)

·       France Industrial Production (July)

·       Slovakia Industrial Production (July)

·       Greece Harmonized Inflation Rate (August)/ Inflation Rate (August)

·       Ukraine Inflation Rate (August)

·       Poland Interest Rate Decision (September)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Israel Consumer Confidence (August)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Angola Inflation Rate (August)

·       Tanzania Inflation Rate (August)

Thursday, September 10, 2026

Global

·       The BRICS Business Council Annual meeting takes place in New Delhi, India.

·       The Speakers of  G7 Parliaments meeting begins in Paris and runs through September 12th.

·       OPEC Monthly Oil Production Report is released.

Americas

Political/Social Events –

·       President Trump will speak at the Republican Midterm Convention in Dallas, Texas.

·       Bloomberg hosts its Power Players Conference in New York.

Economic & Financial Reports/Events –

·       USA PPI (August)/ Initial Jobless Claims (September/05)/ Continuing Jobless Claims (August/29)/ Jobless Claims 4-week Average (September/05)/ PPI Ex Food, Energy and Trade (August)/ Existing Home Sales (August)/ Wholesale Inventories (July)/ EIA Natural Oil/Gasoline Stocks Change (September/04)/ 15-Year Mortgage Rate (September/10)/ 30-Year Mortgage Rate (September/10)/ Fed Balance Sheet (September/09)

·       Colombia Consumer Confidence (August)

·       Argentina Inflation Rate (August)

·       Peru Interest Rate Decision

·       EARNINGS: U.S. – Adobe, Macy’s, Oracle

Asia

Political/Social Events –

·       China hosts meeting of APEC Energy Ministerial meeting in Beijing.

·       The inaugural Luzern Economic Corridor (LEC) Investment Forum begins in Manila, the Philippines.  The event brings more than 600 investors, industry leaders, and senior government officials and is co-hosted by the Philippines, Japan, and the U.S.

·       The Ho Chi Minh City Friendship Dialogue  2026 (FD -2026) begins in Ho Chi Minh  City and runs through September 12th.  The event brings together more than 500 investors looking at investments in technology, manufacturing, and human resource development.

Economic & Financial Reports/Events –

·       Bank of Japan Member of the Policy Board Kazuyuki Masu speaks to local business leaders in Fukui, Japan.

·       Japan Stock Investment by Foreigners (September/05)

·       Australia Consumer Inflation Expectations (September)

·       Philippines Foreign Direct Investment (June)

·       Indonesia Retail Sales (July)/ Motorbike Sales (August)

·       Thailand Monetary Policy Meeting Minutes

·       Turkey Industrial Production (July)/ TCMB Interest Rate Decision/ Overnight Borrowing Rate (September)/ Overnight Lending Rate (September)/ Foreign Exchange Reserves (September/04)

Europe            

Political/Social Events –

The Riga Conference 2026 begins Riga, Latvia and runs through September 11th. The conference brings together regional and international foreign policy and defense experts, academics, journalists, and business leaders to discuss and assess the key challenges facing the transatlantic community.  Russia’s increasing hybrid warfare against Europe is expected to be a main topic of the event.

Economic & Financial Reports/Events –

·       The European Central Bank’s Governing Council concludes the 2nd day of meetings on interest rates.  There will be a press conference with President Lagarde following the announcement of the decision on rates.

·       The Bundesbank hosts the 21st Central Bank Conference on the Microstructure of Financial Markets through September 11th  in Eltville am Rhein, Germany.

·       UK RICS House Price Balance (August)/ New Conventional Gilt 2030

·       Germany Harmonized Inflation Rate (August)/ Inflation Rate Final (August)

·       Slovakia Construction Output (July)

·       Spain Industrial Production (July)

·       Italy Industrial Production (July)

·       Slovenia Industrial Production (July)

·       Greece Industrial Production (July)

·       Ireland Harmonized Inflation Rate (August)/ Inflation Rate (August)

·       Euro Area Deposit Facility Rate/ ECB Marginal Lending Rate

·       Belarus Inflation Rate (August)

·       EARNINGS: Associated British Foods, Currys, Fevertree Drinks, Genus, John Lwis Partnership, Playtech

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Saudi Arabia Industrial Production (July)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       South Africa Current Account Q2/ Gold Production (July)/ Mining Production (July)/ Manufacturing Production (July)

·       Ghana GDP Growth Rate Q2

Friday, September 11, 2026

Global

·       The International Energy Administration’s Monthly Oil Market Report is released.

·       France hosts G7 Parliamentary Speakers Summit 2026 in Paris. The event brings the Speakers of each G7 Parliament together to discuss “multilateral dialogue, democratic resilience, and global legislative cooperation.”

·       Rosh Hashana, the Jewish New Year, begins this evening.

Americas

Political/Social Events –

·       Today is the 25th anniversary of the al-Qaida attacks on New York City and the Pentagon in Washington, D.C.

Economic & Financial Reports/Events –

·       Brazil Inflation Rate (August)

·       Mexico Industrial Production (July)

·       USA Inflation Rate (August)/ CPI (August)/ CPI s.a (August)/ Michigan Consumer Sentiment (September)/ Michigan 5 Year Inflation Expectations (September)/ Michigan Consumer Expectations (September)/ Michigan Current Conditions (September)/ Michigan Inflation Expectations (September)/ WASDE Report/ Baker Hughes Oil Rig Count (September/11)/ Monthly Budget Statement (August)

·       Paraguay Balance of Trade (August)

·       Uruguay Industrial Production (July)

·       EARNINGS: Kroger (U.S.)

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       New Zealand Business NZ PMI (August)

·       Japan Reuters Tankan Index (September)/ BSI Large Manufacturing Q3/ PPI (August)

·       Thailand Consumer Confidence (August)/ Foreign Exchange Reserves (August)

·       Kazakhstan PPI (August)

·       Malaysia Retail Sales (July)/ Unemployment Rate (July)

·       Turkey Current Account (July)/ Retail Sales (July)

·       India Foreign Exchange Reserves (September/04)

·       Indonesia Car Sales (August)

·       China Vehicle Sales (August)

Europe

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       European Central Bank President Christine Lagarde participates in an on-stage interview at the Banque Populaire Caisse d’Epargne Group Executive Summer University.  Later, she will attend an event at Fête de la Pomme in Épreville-en-Lieuvin, France.

·       European Central Bank Chief Economist Philip R. Lane delivers the Richard Cantillon lecture at the 49th Dublin Economics Workshop Annual Economic Policy Conference 2026 in Wexford, Ireland.

·       Romania Inflation Rate (August)

·       UK GDP (July)/ GDP 3-Month Avg (July)/ Goods Trade Balance (July)/ Goods Trade Balance Non-EU (July)/ Industrial Production (July)/ Manufacturing Production (July)/ Balance of Trade (July)/ Construction Output (July)/ NIESR Monthly GDP Tracker (August)

·       Switzerland Consumer Confidence (August)

·       France IEA Oil Market Report

·       Serbia Inflation Rate (August)

·       Russia Interest Rate Decision/ CBR Press Conference/ Balance of Trade (July)/ Inflation Rate (August)/ GDP Growth Rate Q2

·       Germany Current Account (July)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Jordan Inflation Rate (August)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Egypt Inflation Rate (August)

·       Mozambique Inflation Rate (August)

·       Oman Inflation Rate (August)

Saturday, September 12, 2026

Global

·       The 18th BRICS Summit takes place in New Delhi, India through September 13th.   The theme of the meeting is “Building for Resilience, Innovation, Cooperation and Sustainability.”

Americas

Political/Social Events –

·       President Trump is scheduled to travel to Ireland for meetings with Irish President, Catherine Connolly.  He will also hold bilateral meetings with the Taoiseach Michael Martin before traveling to the Trump golf course in Doonbeg, County Clare.  Ireland is holding the Presidency of Council of the European Union through the end of 2026.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       China New Yuan Loans (August)/ M2 Money Supply (August)/ Outstanding Loan Growth (August)/ Total Social Financing (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 –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Sunday, September 13, 2026

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 –

·       Voting for the Okinawa gubernatorial election will take place. The race is between the incumbent governor, Denny Tamaki, who is backed by the opposition parties, and a challenger supported by parties including the ruling Liberal Democratic Party. The crucial election will influence the direction of the relocation of a U.S. military base within the prefecture.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Europe

Political/Social Events –

·       The UK’s Trade Unions Congress (TUC) begins in Brighton and runs through September 16th.   TUC brings together 47 member unions to discuss policy and advocacy positions, important to the ruling Labour Party agenda.

·       Sweden holds parliamentary elections.  All 349 members of the Riksdag are up for election.

·       The EU Arctic Summit begins in Rovaniemi, Finland.  Hosted by Finnish Prime Minister Petteri Orpo, the event runs through September 14th and brings together an invited group of EU leaders to discuss a common strategic approach to the Arctic region “as its geopolitical significance continues to grow rapidly.”  The Northern Sea Route (NSR), which runs along Russia’s Arctic coast, has seen a significant spike  (more than a 40% increase year over year) in commercial shipping through the area with the melting and breaking up of parts of the Arctic cap. 

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 –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Looking at the Weeks (and Months) Ahead

·       September 12 – 13:  The 18th BRICS Summit will be held in New Delhi, India.

·       September 14 – 16: There will be a G20 Energy Abundance Ministerial held in Houston, Texas.

·       September 18 – 20: Russia legislative (Duma) elections are to be held.

·       September 22 – 29: The UN General Assembly is held in New York.

·       September 24: Chinese President Xi Jinping is expected to visit Washington, DC for bilateral meetings with President Trump.

·       September 30 – October 1: There will be a G20 Trade Ministerial Meeting in Milwaukee, Wisconsin.

·       October (exact date TBD): Israel holds legislative elections.

·       October 1: The G20 Sherpa Meeting III will be held in Washington, D.C.

·       October 4: Brazil holds general elections.

·       October 12 – 18: The IMF and World Bank Meetings are held in Bangkok, Thailand.  There will be a finance ministers and central bank governors meeting on the sidelines of the IMF/World Bank meetings on October 15th.

·       October 11 – 13: The World Health Summit is held in Berlin, Germany.

·       October 30 – 31: The G20 Foreign Ministers meeting is held in Atlanta, Georgia.

·       November 3: The U.S. Midterm election is to be held.  All 435 members of the U.S. House of Representatives, 1/3 of the U.S. Senate, 36 governors, and 6,000 state legislative seats will be decided.

·       November 9 – 20: The United Nation’s COP31 Conference will be held in Antalya, Turkey.

·       November 18 – 19: The APEC Summit will be held in Shenzhen, China.

·       December 10: The G20 Sherpa Meeting IV will be held in Miami, Florida.

·       December 14 – 15: The G20 Leaders’ Summit will be held at the Trump National Doral in Miami, Florida.

2027

·       January 18 – 22: The World Economic Forum is held in Davos, Switzerland.

·       April 12 – 18: The IMF/World Bank Spring Meetings take place in Washington, D.C.

The Global Week Ahead

Putin and Xi Will Meet at the SCO, the G20 Finance Ministers and Central Bank Heads Gather in North Carolina, Germany and the EU Prepare Tough New Sanctions on Russia, and Germany Holds Important State Elections

August 30 - September 6, 2026

Goodbye, August (and Summer) 2026 - it seems we hardly got to know you.  From our perspective, this has been one of the busiest and most intense summers in memory. And from what we can see, looking out over the next six months, it is not going to slow down one bit.  This coming week, there are two big events markets need to focus on – one in North Carolina and the other almost 7,000 miles away in Kyrgyzstan.

The first is the G20 Finance Ministers and Central Bank Governors Ministerial in Asheville, North Carolina on Monday and Tuesday.  Treasury Secretary Scott Bessent is chairing the meetings, and the major themes will be growth, trade imbalances, and Iran sanctions.  A number of Wall Street CEOs and Fortune 100 CEOs are expected to be in attendance on the sidelines for meetings with officials.

Look for Bessent to push the G20 to support the Trump Administration’s recently announced “D-Day” sanctions on Iran in a bid to build a multi-nation coalition focused on cutting off Iran’s economic lifeline.  Additionally, Bessent will be talking about growth issues and the overall strength of the US economy as part of Trump Administration messaging in advance of the November mid-terms.

While this is going on, the Shanghai Cooperation Organization (SCO) will hold its 25th Heads of State meeting in Bishkek, Kyrgyzstan.  Among the attendees will be Chinese President Xi Jinping, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, and Iranian President Masoud Pezeshkian. 

The primary goals of the meeting are ambitious: Markets should watch for the signing of the Bishkek Declaration 2026.  Among the goals of the Declaration is the expanded use of national currencies within the SCO bloc to circumvent US and EU financial systems, broad pledges to build greater intra-energy systems, and possibly finalizing a long-sought-after SCO Development Bank to service the bloc’s economic growth.

 On the sidelines of the Summit, Putin and Xi are expected to meet one-on-one.  Paramount for Putin is finalizing with Xi the Power of Siberia 2 pipeline project. The pipeline – estimated to be 1,615 miles long and valued at $14 billion – would provide 50 billion cubic meters of natural gas to China.  But for a variety of reasons and to the great frustration of Putin, it has been put on hold multiple times since discussions about the project began in 2006.

Additionally, we are likely to see sideline meetings between Putin and possibly Xi with Iran’s President Pezeshkian.  Interestingly, Xi is then traveling from the SCO to Egypt – his first visit there in ten years – for talks on bilateral trade and security issues in the Middle East (firmly showing China’s determination to be a major player in any future peace deals and the rapidly reshaping political architecture of the region).

Also this week, we are watching for an announcement from German Chancellor Friedrich Merz blaming Russia for an attempted explosive drone attack at the Leipzig Airport last month.  Merz is expected to announce significant new sanctions on Russia that will reportedly go hand-in-hand with new EU sanctions (which may be announced at an EU Foreign Ministers meeting in Ireland on Tuesday).  It will be a significant new escalation of tensions between the EU and Russia but it is coming for a reason:  Russian hybrid attacks across the EU targeting critical underwater infrastructure, cyber-attacks, jamming of GPS for commercial airliners, sabotage of critical infrastructure, etc. have significantly increased in the last year, as outlined in a recently published Congressional Research Report (click HERE to read it).

Looking at the global economic and financial radar screen, the big events this week for markets – aside from the G20 Finance/Central Bank Ministerial and what comes out of the SCO Summit – will be the US August jobs report on Friday.

Other major US reports out this week include the JOLTS report and August ISM manufacturing index on Tuesday, the Fed’s Beige Book and ADP Private Payrolls on Wednesday, and Services numbers on Thursday.

The Bank of Canada meets on interest rates on Wednesday, trade data is out on Thursday, and the Canadian labor force survey for August is out on Friday. 

In Europe, flash August CPIs for Germany are on Monday and for Italy and the Eurozone on Tuesday.   Germany also reports July retail sales on Tuesday and factory orders on Friday. We will also see Eurozone PPIs on Thursday.  Markets are closed in the UK on Monday for a bank holiday.

Moving to Asia, the Reserve Bank of New Zealand meets on interest rates on Wednesday.  China reports PMIs on Monday while Japan releases July retail sales and industrial production figures on Monday.  Australia reports Q2 GDP on Wednesday.

Below is our detailed report on all the other major geopolitical and economic events for the coming week:

Sunday, August 30, 2026

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       The Nancy Grace Roman Space Telescope — named after the first Nasa chief astronomer, who is often dubbed “the mother of the Hubble Space Telescope” — launches aboard a SpaceX Falcon Heavy rocket.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       The Pacific Islands Forum Leaders Meeting will be held in Koror, Republic of Palau through September 4th.  The Forum convenes under the theme "Building Economies: Life. Action. Unity," with 18 members including Australia and New Zealand alongside the island states and territories.

·       Malaysia Prime Minister Anwar Ibrahim will address the country on the eve of National Day celebrations.

·       Today is Popular Consultation Day in East Timor, a public holiday.

Economic & Financial Reports/Events –

·       Bank of Japan Governor Ueda is traveling to the US to attend the G20 Finance Ministers and Central Bankers Ministerial in Asheville, North Carolina.  He will then travel on to Switzerland for meetings at the Bank for International Settlements Governors Meeting on September 5th.

Europe

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Turkey celebrates Victory Day, a national holiday.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Guinea-Bissau holds a constitutional referendum which will expand presidential powers.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Monday, August 31, 2026

Global

·       The G20 Finance Ministers and Central Bank Governors Ministerial meeting takes place in Asheville, North Carolina.  Treasury Secretary Scott Bessent is chairing. 

Americas

Political/Social Events –

·       The 28th Indo-Pacific Chiefs of Defense Conference takes place in Victoria, British Columbia through September 2nd.

·       The US House of Representatives returns from their August recess (the Senate does not return until September 14th). They are in session this week but will be off again next week for the Labor Day holiday. The big event for the House will be a vote on the Senate-passed stopgap extending government funding through December 11th.  House Leadership is bringing the measure up for a vote under suspension of the rules and backed by the White House, four weeks ahead of the September 30th deadline. The bipartisan intent is explicitly to avoid a shutdown fight before the midterms.  But this is likely to be a tough fight as House Republicans are split on whether to support the measure.

·       Today is Independence Day in Trinidad and Tobago, a national holiday.

Economic & Financial Reports/Events –

·       Brazil Gross Debt to GDP (July)/ Nominal Budget Balance (July)/ BCB Focus Market Readout

·       Chile Copper Production  (July)/ Industrial Production (July)/ Manufacturing Production  (July)/ Retail Sales (July)

·       USA Dallas Fed Manufacturing Index (August)

·       Colombia Unemployment Rate (July)/ Cement Production (July)

·       EARNINGS: SAIC

Asia

Political/Social Events –

·       The Shanghai Cooperation Organization (SCO) Heads of States Summit begins in Bishkek, Kyrgyzstan through September 1st.  Russian President Vladimir Putin, Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, and Iranian President Masoud Pezeshkian will be in attendance. UN Secretary General Antonio Gueterres will also attend.

·       In Indonesia, Super Garuda Shield begins – a joint US-Indonesian military exercise held in Bandung.  It will be the largest military drill of its kind in Southeast Asia.

·       The APEC Small and Medium Enterprises Ministerial meeting takes place in Guangzhou, China through September 4th.

·       Today is Independence Day in Malaysia.

·       Today is Independence Day, a national holiday in Kyrgyzstan.

Economic & Financial Reports/Events –

·       South Korea Industrial Production (July)/ Retail Sales (July)

·       Japan Industrial Production (July)/ Retail Sales (July)

·       Australia TD-MI Inflation Gauge (August)/ Company Gross Profits Q2/ Business Inventories  Q2/ Housing Credit (July)/ Private Sector Credit (July)

·       New Zealand ANZ Business Confidence (August)

·       China NBS Manufacturing PMI (August)/ NBS Non-Manufacturing PMI (August)/ NBS General PMI (August)

·       Thailand Current Account (July)/ Private Consumption (July)/ Private Investment (July)/ Retail Sales (June)

·       Turkey GDP Growth Rate Q2/ Unemployment Rate (July)/ Participation Rate (July)

·       Hong Kong Retail Sales (July)

·       India GDP Growth Rate Q2/ Government Budget Value (July)

Europe

Political/Social Events –

·       There will be an informal meeting of EU Defense Ministers through September 1st in Dublin, Ireland.

·       The Bled Strategic Forum takes place in Bled, Slovenia.  The Forum is organized by Slovenia's Foreign Ministry and the Centre for European Perspective under the title "Choosing The Future."

·       Today is the Late Summer Bank Holiday in the UK.  Financial markets are closed.

Economic & Financial Reports/Events –

·       European Central Bank Board President Christine Lagarde and Board Member Piero Cipollone will be attending the G20 Finance Ministers and Central Bank Governors Ministerial meeting in Asheville, North Carolina.

·       Hungary PPI (July)

·       Poland Inflation Rate (August)/ GDP Growth Rate Q2

·       Germany Baden Wuerttemberg CPI (August)/ Bavaria CPI (August)/ Brandenburg CPI  (August)/ Hesse CPI (August)/ North Rhine Westphalia CPI (August)/ Saxony CPI (August)/ Inflation Rate (August)/ Harmonized Inflation Rate (August)

·       Spain Current Account (June)

·       Slovenia Harmonized Inflation Rate (August)/ Inflation Rate (August)

·       Greece Retail Sales  (June)/ Unemployment Rate (July)

·       Ireland Harmonized Inflation Rate (August)

·       Serbia Balance of Trade (July)/ GDP Growth Rate Q2/ Industrial Production (July)

·       Ukraine Current Account (July)

·       UK BRC Shop Price Inflation (August)

Middle East

Political/Social Events –

·       Israel and Greece are set to sign an agreement in Tel Aviv formally launching the development of “Achilles Shield,” a $3.6 billion integrated air defense and missile protection network.

·       In Saudi Arabia, the LEAP Conference begins.  It is a four-day IT, tech, and AI exhibition.

Economic & Financial Reports/Events –

·       Saudi Arabia M3 Money Supply (July)/ Private Bank Lending (July)

Africa

Political/Social Events –

·       The Africa Food Systems Forum takes place in Kigali and runs through September 4th.

·       Morocco’s official election/campaign season begins for all 395 parliament seats in advance of elections of September 23rd.

Economic & Financial Reports/Events –

·       South Africa M3 Money Supply (July)/ Private Sector Credit (July)

Tuesday, September 1, 2026

Global

·       France takes the chair of the UN Security Council for the month of September.  French Ambassador Jérôme Bonnafont, Permanent Representative of France to the United Nations and President of the Security Council for the month of September, will brief reporters on the UN Security Council Program of Work for the month.

·       The G20 Innovation Ministers Meeting takes place in Raleigh-Durham, North Carolina.

Americas

Political/Social Events –

·       The second round of negotiations between the Venezuelan government and opposition groups led by Dinorah Figuera is scheduled to be held (Date TBD).

·       President Trump is expected to convene a meeting of US oil refining executives to discuss high gasoline prices.

·       Mexican President Claudia Sheinbaum presents second state of the nation government report.

·       Massachusetts holds a primary election between Senator Ed Markey and Representative Seth Moultan for who will be the Democratic nominee in November.

Economic & Financial Reports/Events –

·       Federal Reserve Board Governor Michael S. Barr gives a speech on the economic outlook and financial inclusion at the  Second Chance Lending Forum, hosted by Prosperity Now and the Collateral Consequences Resource Center, Washington D.C.

·       USA ABSA Manufacturing PMI (August)/ Redbook (August/29)/ S&P Global Manufacturing PMI (August)/ ISM Manufacturing PMI (August)/ JOLTs Job Openings (July)/ ISM Manufacturing Employment (August)/ Construction Spending (July)/ ISM Manufacturing New Orders (August)/ ISM Manufacturing Prices (August)/ JOLTs Job Quits (July)/ RCM/TIPP Economic Optimism Index (September)/ Dallas Fed Services Index (August)/ Dallas Fed Services Revenues Index (August)/ API Crude Oil Stock Change (August/28)

·       Brazil GDP Growth Rate Q2/ S&P Global Manufacturing PMI (August)

·       Mexico Business Confidence (August)/ S&P Global Manufacturing PMI (August)/ Fiscal Balance (July)

·       Chile IMACEC Economic Activity (July)

·       Canada S&P Global Manufacturing PMI (August)

·       Colombia Davivienda Manufacturing PMI (August)

·       Peru Inflation Rate (August)

·       Argentina Tax Revenue (August)

·       EARNINGS: Dell, Medtronic, MiniMed, Palo Alto Networks, ShopRite

Asia

Political/Social Events –

·       Today is Independence Day, a national holiday in Uzbekistan.

Economic & Financial Reports/Events –

·       Chinese fashion online retailer Shein goes public in Hong Kong.

·       Australia S&P Global Manufacturing PMI (August)/ Building Permits (July)/ Current Account Q2/ Net Exports Contribution to GDP Q2/ Private House Approvals (July)/ Commodity Prices (August)

·       Japan Capital Spending Q2/ S&P Global Manufacturing PMI (August)

·       South Korea Imports/Exports (August)/ S&P Global Manufacturing PMI (August)

·       Malaysia S&P Global Manufacturing PMI (August)

·       Philippines S&P Global Manufacturing PMI (August)

·       Taiwan S&P Global Manufacturing PMI (August)

·       Thailand S&P Global Manufacturing PMI (August)

·       China Rating Dog Manufacturing PMI (August)

·       Indonesia Balance of Trade (July)/ Inflation Rate (August)/ Imports/Exports (July)/ Tourist Arrivals (July)

·       India HSBC Manufacturing PMI (August)/ Current Account Q2

·       Turkey Istanbul Chamber of Industry Manufacturing PMI (August)

Europe

Political/Social Events –

·       There will be an informal meeting of EU Foreign Affairs Ministers – Gymnich, through September 2nd in Dublin, Ireland.

·       The UK House of Commons returns from summer recess.

·       The 11th Eastern Economic Forum begins in Vladivostok and runs through September 4th.   The theme of the event is “"The Far East: Development for the Benefit of People.”  Russian President Vladimir Putin is expected to attend and give a major speech.

·       The EU Arctic Forum, Indigenous Peoples’ Dialogue and Arctic Youth Dialogue begins in Brussels and runs through September 2nd.

Economic & Financial Reports/Events –

·       European Central Bank Board President Christine Lagarde and Board Member Piero Cipollone will be attending the G20 Finance Ministers and Central Bank Governors Ministerial meeting in Asheville, North Carolina.

·       European Central Bank Board Vice President Boris Vujčić will give a keynote speech at the inauguration ceremony of the Alexander von Humboldt Professorship at the European School of Management and Technology (ESMT) in Berlin, Germany.

·       Ireland S&P Global Manufacturing PMI (August)

·       Germany Retail Sales (July)/ S&P Global Manufacturing PMI (August)

·       Romania Unemployment Rate (July)

·       Russia S&P Global Manufacturing PMI (August)

·       UK Nationwide Housing Prices (August)/ BoE Consumer Credit (July)/ Mortgage Approvals (July)/ Mortgage Lending (July)/ M4 Money Supply (July)/ Net Lending to Individuals (July)/ S&P Global Manufacturing PMI (August)

·       Hungary GDP Growth Rate Q2/ HALPIM Manufacturing PMI (August)

·       Switzerland Retail Sales (July)/ S&P Global Manufacturing PMI (August)

·       Poland HALPIM Manufacturing PMI (August)

·       Spain Tourist Arrivals (July)/ S&P Global Manufacturing PMI (August)

·       Italy S&P Global Manufacturing PMI (August)/ GDP Growth Rate Q2/ Unemployment Rate (July)/ Inflation Rate (August)/ Harmonized Inflation Rate (August)

·       France S&P Global Manufacturing PMI (August)

·       Euro Area S&P Global Manufacturing PMI (August)/ Inflation Rate Flash (August)/ Unemployment Rate (July)/ CPI Flash (August)

·       Greece S&P Global Manufacturing PMI (August)

·       EARNINGS: Swiss Life Holdings

Middle East

Political/Social Events –

·       The next round of Israeli-Lebanese talks mediated by the US is scheduled to take place (but may be moved to later in the week).

Economic & Financial Reports/Events –

·       Israel Interest Rate Decision

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nigeria Foreign Exchange Reserves (August)/ Stanbic IBTC Bank Nigeria PMI (August)

·       Angola GDP Growth Rate Q2

·       South Africa ABSA Manufacturing PMI (August)

Wednesday, September 2, 2026

Global

• Nothing significant to report.

Americas

Political/Social Events –

·       The USS Abraham Lincoln, after more than 250 days at sea, including operations in the Middle East as part of the Iran War, makes a rest-and-recreation stop in the Thai city of Pattaya.  More than 5,000 sailors and Marines will come ashore for the rest of the week.

Economic & Financial Reports/Events –

·       The Bank of Canada meets on interest rates.  BoC Governor Tiff Macklem holds a press conference following the meeting at 9:45 a.m. Eastern Time.

·       Brazil IPC-Fipe Inflation (August)/ Industrial Production (July)

·       USA MBA 30-Year Mortgage Rate (August/28)/ MBA Mortgage Market Index (August/28)/ MBA Mortgage Refinance Index (August/28)/ MBA Purchase Index (August/28)/ ADP Employment Change (August)/ Factory Orders  (July)/ Factory Orders ex Transportation (July)/ EIA Crude Oil/Gasoline Stocks Change (August/28)/ Fed Beige Book/ Total Vehicle Sales (August)

·       Paraguay Inflation Rate (August)

·       EARNINGS: American Eagle, Broadcom, Brown-Foreman, Five Below, Hewlett Packard, NetApp, Ollie’s Bargain Outlet, Snowflake, PVH

Asia

Political/Social Events –

·       SEMICON, the largest semiconductor trade show in the industry, begins in Taipei, Taiwan and runs through September 4th.

·       Today is Independence Day in Vietnam, a national holiday. To help celebrate the day, dozens of infrastructure projects will be launched across the country.

Economic & Financial Reports/Events –

·       Bank of Japan Member of the Policy Board Hajime Takata gives a speech to a group of local leaders in Sapporo, Japan.

·       New Zealand Building Permits (July)/ RBNZ Interest Rate Decision/ RBNZ Press Conference/ Global Dairy Trade Price Index (September/01)

·       Australia Ai Group Industry Index (August)/ Ai Group Construction Index (August)/ Ai Group Manufacturing Index (August)/ GDP Growth Rate Q2/ GDP Capital Expenditure Q2/ GDP Chain Price Index Q2/ GDP Consumption Q2/ Cotality Dwelling Prices (August)

·       South Korea Inflation Rate (August)

·       Japan Monetary Base/ BoJ Takada Speech

·       Kazakhstan Inflation Rate (August)

·       Pakistan Inflation Rate (August)/ Wholesale Prices (August)

·       Thailand Business Confidence (August)

·       India M3 Money Supply (August/21)

·       Singapore SIPMM Manufacturing PMI (August)

Europe

Political/Social Events –

·       French President Emmanuel Macron will travel to London to attend the formal opening of the Bayeux Tapestry exhibition and meet with UK Prime Minister Andrew Burnham. This will be the first UK visit by a UK leader to meet with Burnham since he took office.

·       There will be an informal meeting of the EU General Affairs Council in Dublin, Ireland, through September 4th.

·       Estonia’s parliament convenes an extraordinary session to elect a new president.

·       Today is Ceuta Day, recognizing the Spanish autonomous city’s sovereignty.  Ceuta has been experiencing massive migrant waves and clashes with police and local residents in recent weeks trying to kick them out.

Economic & Financial Reports/Events –

·       European Central Bank Board Member Claudia Buch participates in a public panel "Future-proofing European banking discussion" at Bruegel Annual Meetings 2026 in Brussels, Belgium.

·       Spain New Car Sales (August)/ Unemployment Change (August)

·       Italy New Car Registrations (August)/ PPI (July)

·       Romania PPI (July)

·       France Budget Balance (July)

·       Slovakia Real Wages Q2

·       Ireland Unemployment Rate (August)

·       Poland Interest Rate Decision (September)

·       Russia Unemployment Rate (July)/ Business Confidence (August)/ Corporate Profits (June)/ Real Wage Growth (June)/ Retail Sales (July)

Middle East

Political/Social Events –

·       Chinese President Xi Jinping will make his first state visit to Egypt in ten years.  He will be in Egypt through September 3rd.  Xi will ​meet ⁠President Abdel Fattah al-Sisi and exchange views on bilateral ties and ⁠international ​and regional issues of ​common concern.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       The UN’s Office for Disaster Risk Reduction holds its Africa Early Warnings Forum in Addis Ababa, Ethiopia.

Economic & Financial Reports/Events –

·       Egypt M2 Money Supply (July)

·       South Africa Total New Vehicle Sales (August)

Thursday, September 3, 2026

Global

• Nothing significant to report.

Americas

Political/Social Events –

·       Ontario, Canada holds local elections.

Economic & Financial Reports/Events –

·       Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the Reuters NEXT Newsmaker Interview (Virtual).

·       Cleveland Federal Reserve Bank President Beth Hammack gives opening remarks at the Opening Communities Webinar entitled “When Every Dollar Counts: Worker Perspectives on the Economy.”

·       USA Challenger Job Cuts (August)/ Imports/Exports/Balance of Trade (July)/ Initial Jobless Claims (August/29)/ Jobless Claims 4-week Average (August/29)/ Nonfarm Productivity Q2/ Unit Labour Costs Q2/ S&P Global Composite PMI  (August)/ S&P Global Services PMI (August)/ ISM Services PMI (August)/ ISM Services Business Activity (August)/ ISM Services Employment (August)/ ISM Services New Orders (August)/ ISM Services Prices (August)/ EIA Natural Gas Stocks Change (August/28)/15-Year Mortgage Rate (September/03)/ 30-Year Mortgage Rate (September/03)/ Fed Balance Sheet (September/02)/ Fed Hammack Speech

·       Mexico Consumer Confidence (August)

·       Canada Imports/Exports/Balance of Trade (July)/ Labor Productivity Q2/ S&P Global Composite PMI (August)/ S&P Global Services PMI (August)

·       Brazil S&P Global Services PMI (August)/ S&P Global Composite PMI (August)

·       Colombia Exports (July)

·       Uruguay Inflation Rate (August)

·       EARNINGS: Ciena, Wiley, Campbell’s Company, Toro, DocuSign, Lululemon, Smith & Wesson

Asia

Political/Social Events –

·       The Bangkok Business Summit 2026 begins.  The one-day event will bring together government and business leaders to showcase the country's economic potential and build international confidence ahead of the International Monetary Fund-World Bank annual meeting in October.

Economic & Financial Reports/Events –

·       New Zealand Import/Export Prices Q2/ Terms of Trade Q2

·       Australia S&P Global Composite PMI (August)/ S&P Global Services PMI (August)/ Imports/Exports/Balance of Trade (July)

·       Japan Stock Investment by Foreigners (August/29)

·       Hong Kong S&P Global PMI (August)/ S&P Global Composite PMI  (August)/ S&P Global Services PMI  (August)

·       Vietnam S&P Global Manufacturing PMI (August)/ Balance of Trade (August)/ Foreign Direct Investment (August)/ Industrial Production (August)/ Inflation Rate (August)/ Retail Sales (August)/ Tourist Arrivals (August)

·       Singapore S&P Global Services PMI (August)

·       China RatingDog Services PMI (August)/ RatingDog Composite PMI (August)

·       India HSBC Composite PMI (August)/ HSBC Services PMI (August)

·       Malaysia Interest Rate Decision

·       Turkey Inflation Rate (August)/ PPI (August)/ Foreign Exchange Reserves (August/28)

·       South Korea Foreign Exchange Reserves (August)

Europe            

Political/Social Events –

· Spanish Prime Minister Pedro Sánchez addresses the Spanish Congress on the Ceuta migrant crisis.

·       The Reform UK National Conference opens in Birmingham and runs through September 5th.

Economic & Financial Reports/Events –

·       Ireland AIB Services PMI (August)

·       France New Car Registrations (August)/ S&P Global Composite PMI (August)/ S&P Global Services PMI (August)

·       Russia GDP (July)/ S&P Global Composite PMI (August)/ S&P Global Services PMI (August)

·       Switzerland Inflation Rate (August)/ GDP Growth Rate Q2

·       Spain S&P Global Services PMI (August)/ S&P Global Composite PMI (August)

·       Italy S&P Global Services PMI (August)/ S&P Global Composite PMI (August)

·       Germany S&P Global Composite PMI (August)/ S&P Global Services PMI (August)/ New Car Registrations (August)

·       Euro Area S&P Global Composite PMI (August)/ S&P Global Services PMI (August)/ PPI  (July)

·       UK S&P Global Composite PMI (August)/ S&P Global Services PMI (August)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Saudi Arabia Riyad Bank PMI (August)

·       UAE S&P Global PMI (August)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Egypt S&P Global PMI (August)

·       South Africa S&P Global PMI (August)

Friday, September 4, 2026

Global

• World FAO Food Price Index (August)/ Global Supply Chain Pressure Index (August)

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Mexico Gross Fixed Investment (June)

·       Canada Unemployment Rate (August)/ Employment Change (August)/ Full-Time Employment Chg (August)/ Part Time Employment Chg (August)/ Participation Rate (August)/ Average Hourly Wages (August)/ Ivey PMI s.a (August)

·       USA Non-Farm Payrolls (August)/ Unemployment Rate (August)/ Average Hourly Earnings  (August)/ Participation Rate (August)/ Average Weekly Hours (August)/ Government Payrolls (August)/ Manufacturing Payrolls (August)/ Nonfarm Payrolls Private (August)/ U-6 Unemployment Rate (August)/ Baker Hughes Oil Rig Count (September/04)/ Baker Hughes Total Rigs Count (September/04)

·       Costa Rica Inflation Rate (August)

·       Brazil Balance of Trade (August)

·       Colombia PPI (August)

·       El Salvador Inflation Rate (August)

Asia

Political/Social Events –

·       The 8th Russian-Chinese meeting on energy is scheduled to take place on the sidelines of the Eastern Economic Forum in Vladivostok.  The main issue to be discussed will be strategic energy projects including a meeting between President Putin and Chinese Executive Vice Premier Ding Xuexiang on finalizing a deal on the Power of Siberia 2 natural gas pipeline.

·       In India, the Janmashtami festival is celebrated.  It marks the birth of Hindu god Krishna.

Economic & Financial Reports/Events –

·       New Zealand ANZ Roy Morgan Consumer Confidence (August)

·       South Korea Current Account (July)

·       Japan Household Spending  (July)/ Coincident Index (July)/ Leading Economic Index (July)

·       Philippines Inflation Rate (August)/ Industrial Production (July)/ Foreign Exchange Reserves (August)

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

·       Singapore Retail Sales (July)

·       Kazakhstan Interest Rate Decision

·       Taiwan Foreign Exchange Reserves (August)

·       Hong Kong Foreign Exchange Reserves (August)

·       India Foreign Exchange Reserves (August/28)

·       Pakistan Balance of Trade (August)

Europe

Political/Social Events –

·       The 52nd TEHA/Ambrosetti Forum (The Cernobbio Forum) begins in Milan, Italy, and runs through September 6th.  The event is held at Villa d'Este under the Chatham House Rule.  Representatives of nine governments attending including Ukraine, Italy, Croatia, Albania, Azerbaijan and US.  The first day agenda covers global economic, geopolitical and technological issues.  The second day focuses on Europe with officials from all major EU institutions.

·       Arctic Sentry, a NATO training mission being held in Greenland begins and runs through September 18th.

·       Today marks the day when Giorgia Meloni becomes the longest-lasting Italian prime minister in the republic’s history.

Economic & Financial Reports/Events –

·       Bank of England Governor Andrew Bailey gives a speech at the LSE TRIUM Anniversary Conference in London.

·       European Central Bank Chief Economist Philip R. Lane gives a keynote address on "Diversity in the European Central Bank" at Irish Society for Women in Economics (ISWE) Conference in Dublin, Ireland.

·       Romania Retail Sales  (July)

·       Germany Factory Orders (July)/ S&P Global Construction PMI (August)

·       Hungary Retail Sales (July)

·       Slovakia GDP Growth Rate Q2/ Retail Sales (July)

·       Euro Area S&P Global Construction PMI (August)/ Retail Sales (July)

·       France S&P Global Construction PMI (August)

·       Italy S&P Global Construction PMI (August)/ Retail Sales (July)

·       UK New Car Sales (August)/ S&P Global Construction PMI (August)/ DMP 1Y CPI Expectations (August)/ DMP 3M Output Price Expectations (August)/ BoE Gov Bailey Speech

·       Slovenia Balance of Trade (July)

·       Serbia PPI (August)

·       Poland Foreign Exchange Reserves (August)

·       Ireland PPI (August)/ GDP Growth Rate Q2/ GNP Q2

·       Russia Vehicle Sales (August)

·       EARNINGS: Vivendi, Ermenegildo Zegna, National Beverage

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Jordan PPI  (July)

·       Israel Tourist Arrivals  (August)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       South Africa Business Confidence Q3

Saturday, September 5, 2026

Global

·       The Bank for International Settlements Bimonthly Governors meeting will take place in Basel, Switzerland.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       The Global Impact Forum begins in Mumbai, India and runs through September 6th.   A number of senior Indian political officials and business leaders will be speaking and/or attending.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Europe

Political/Social Events –

·       Greece’s Prime Minister Kyriakos Mitsotakis makes annual economic policy speech at Thessaloniki trade fair.

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 –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Sunday, September 6, 2026

Global

·       OPEC+ meets virtually to review market conditions.

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 –

·       Germany’s Saxony-Anhalt state hold elections for the state parliament and local district councils.  This election is attracting international attention as the far-right AfD Party is leading in the polls and have a good shot at winning.  If that happens, most observers believe it will likely give the AfD significant momentum for future national elections.

·       In London, Jamaican officials visit to lodge an unprecedented legal complaint calling for reparations for slavery.

·       There will be an informal meeting of EU Agriculture Ministers through September 8th in Dublin, Ireland.

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 –

·       Today is Independence Day in Swaziland, a holiday.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Looking at the Weeks (and Months) Ahead

·       August 29 – 30: The G20 Finance and Central Bank Deputies Meeting, Asheville, North Carolina.

·       August 31 – September 1: the G20 Finance Ministers and Central Bank Governors Meeting, Asheville, North Carolina.

·       September 1 – 2: There will be a G20 Innovation Ministerial held in Raleigh-Durham, North Carolina.

·       September 12 – 13:  The 18th BRICS Summit will be held in New Delhi, India.

·       September 14 – 16: There will be a G20 Energy Abundance Ministerial held in Houston, Texas.

·       September 18 – 20: Russia legislative (Duma) elections are to be held.

·       September 22 – 29: The UN General Assembly is held in New York.

·       September 24: Chinese President Xi Jinping is expected to visit Washington, DC for bilateral meetings with President Trump.

·       September 30 – October 1: There will be a G20 Trade Ministerial Meeting in Milwaukee, Wisconsin.

·       October (exact date TBD): Israel holds legislative elections.

·       October 1: The G20 Sherpa Meeting III will be held in Washington, D.C.

·       October 4: Brazil holds general elections.

·       October 12 – 18: The IMF and World Bank Meetings are held in Bangkok, Thailand.  There will be a finance ministers and central bank governors meeting on the sidelines of the IMF/World Bank meetings on October 15th.

·       October 11 – 13: The World Health Summit is held in Berlin, Germany.

·       October 30 – 31: The G20 Foreign Ministers meeting is held in Atlanta, Georgia.

·       November 3: The US Midterm election is to be held.  All 435 members of the US House of Representatives, 1/3 of the US Senate, 36 governors, and 6,000 state legislative seats will be decided.

·       November 9 – 20: The United Nation’s COP31 Conference will be held in Antalya, Turkey.

·       November 18 – 19: The APEC Summit will be held in Shenzhen, China.

·       December 10: The G20 Sherpa Meeting IV will be held in Miami, Florida.

·       December 14 – 15: The G20 Leaders’ Summit will be held at the Trump National Doral in Miami, Florida.

2027

·       January 18 – 22: The World Economic Forum is held in Davos, Switzerland.

·       April 12 – 18: The IMF/World Bank Spring Meetings take place in Washington, D.C.

The Global Week Ahead

The US-Iran MOU Expires with the US Promising Tougher Economic Sanctions, The US and Canada Close in on a Tariff Deal, China and India Hold High-Level Security Talks, and Markets Await Global Inflation Reports

August 16 - 23, 2026

So much for hopes of a quiet August.  The US-Iran 15 Point Memorandum of Understanding (MOU) is set to expire Monday, with little hope of revival.  US Treasury Secretary Scott Bessent will now move to impose new economic sanctions on Iran that will be “unprecedented.”  President Trump also said in a speech last week that the measures that are coming as soon as this week will be on a scale that has “Never been seen.”  

As to the specifics of the forthcoming sanctions, speculation has focused on the US imposing sanctions on Chinese independent oil refineries known as “teapots.”  They reportedly account for more than 25 percent of all Chinese refinery capacity, and China has traditionally purchased more than 80 percent of Iran's shipped oil.  Also reported to be in Trump's focus are Chinese banks that have funded the processing of Iranian oil for production and shipment. 

The big question is whether President Trump is willing to announce such tough sanctions on Chinese entities in advance of Chinese President Xi Jinping's planned visit to the US in September, risking the cancellation of the summit? 

Additionally, Treasury is considering imposing sanctions on any land-based trade, focusing on Iraq, Turkey, Pakistan, Afghanistan, Turkmenistan, Azerbaijan, and Armenia.   In the face of such sanctions, Iran hit two tankers this weekend with drones, and the risk of more strikes is likely to increase if and when the sanctions are announced.

Meanwhile, Washington and Ottawa are racing to strike a trade deal before Wednesday when President Trump’s new 50 percent tariffs on Canadian goods goes into effect.  Reports suggest the outlines of a deal are close, with Canadian concessions including new trade in oil, gas, critical minerals, and promises to increase defense spending.  

New Delhi will be a busy place this week as Chinese Foreign Minister Wang Yi arrives for talks with Indian officials to participate in the 24th round of talks on the Indian-Chinese border.  But there will be separate side talks between Wang and Indian Foreign Minister S. Jaishankar on trade and investment issues. China sees an opportunity to improve historically chilly relations with India as the US and India have yet to finalize a trade deal and India wants to ensure “strategic autonomy”, so the country is not too dependent on either the US or China.  Additionally, the talks are seen as a way for China to help shape the agenda for the upcoming BRICS Leaders’ Summit in New Delhi next month.

Wang then flies to South Korea for talks – the first time a Chinese foreign minister has visited Seoul in over five years.  Wang will discuss North Korea’s nuclear program and broader security issues on the Korean Peninsula.   The meetings take place just as the US and South Korean military drills – Ulchi Freedom Shield exercises – were set to begin this week and run through the rest of the month. However, late Sunday President Trump tweeted out on his Truth Social account that, “Based on my very good relationship with Kim Jong Un, of North Korea…” he was not happy with the US participating in joint military exercises with South Korea.  He cited two reasons: the cost and South Korea’s supposed lack of support for the US war with Iran.

Looking at the global economic and financial market radar screen this week, the big focus of markets will be the global flash PMIs this Friday for the US, Germany, France, the UK, and Japan.  

Looking regionally, the US Federal Reserve releases the July FOMC minutes on Wednesday. Also, out this week in the US are housing starts and permits and July industrial production, both out on Tuesday. Canada’s July inflation data is out Monday, and June retail sales figures are out Friday.

In Asia this week, markets will be watching for Japan’s Q2 GDP figures on Monday (the expectations being the economy grew by 0.5%) and national CPI on Friday. We will also get Japan’s machinery orders for June on Wednesday, trade balance numbers on Thursday, and nationwide July consumer price figures on Friday.  

China releases retail sales, industrial sales (watching for a slowdown), housing prices, and fixed-asset investment numbers reports on Monday.   And China’s loan prime rates will be set on Thursday (no change expected).

In Europe this week, the flash August PMIs for Germany, France, and the Eurozone are out on Friday. Germany’s ZEW Survey is out on Tuesday.  Also out on Friday is the European Central Bank’s July Consumer expectations survey. The UK releases a flood of data this week, the biggest being the labor market data on Tuesday, July inflation figures on Wednesday, and flash August PMI and retail sales on Friday. Sweden’s Riksbank is out with its interest rate decision on Thursday.

Finally, we are moving toward the home stretch of major corporate earnings this week with Home Depot, Target, Walmart, John Deere, and Analog Devices all reporting in the US and Alibaba and Baidu reporting in China.

Below is our detailed report on all the other major geopolitical and economic events for the coming week:

Sunday, August 16, 2026

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Brazil’s 2026 election campaign season formally begins (the elections are in October).

·       Today is Restoration Day in the Dominican Republic, a national holiday.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       In Malaysia, the Democratic Action Party will vote on whether to leave Prime Minister Anwar Ibrahim's government.

Economic & Financial Reports/Events –

·       Nothing significant to report.

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 –

·       In Durban, South Africa, the 46th Southern African Development Community (SADC) summit of heads of state and government.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Monday, August 17, 2026 

Global

·       The June US-Iran Memorandum of Understanding and ceasefire are set to expire.

·       The BRICS Youth Energy Summit (virtual) runs through August 18th.

Americas

Political/Social Events –

·       White House Special Envoy for Peace Jared Kushner traveled to Egypt Sunday for meetings with Hamas leadership and then on to Israel today to discuss the situation in Gaza.   The announcement came from a spokesman for the for the Board of Peace.  Kushner is expected to meet with Israeli Prime Minister Benjamin Netanyahu.  Accompanying Kushner will be former British Prime Minister Tony Blair and Gaza Board of Peace Head Nickolay Mladenov.   The meetings come following Israel’s rejection of the Board’s 15-point peace plan, stating that until Hamas “truly disarmed” Israel could not accept a deal.

·       The annual Wyoming Blockchain Symposium begins in Jackson Hole, running until Thursday. The invitation-only, 500-person event brings together investors, entrepreneurs and policymakers involved in digital assets. Speakers include SEC Chair Paul Atkins.

·       Today is San Martin Day in Argentina, honoring José de San Martín.  It is a national holiday and financial markets are closed.

Economic & Financial Reports/Events –

·       Brazil IGP-10 Inflation (August)/ IBC-BR Economic Activity (June)/ BCB Focus Market Readout

·       Canada Inflation Rate (July)/ CPI Common (July)/ CPI Median (July)/ CPI Trimmed-Mean (July)/ Foreign Securities Purchases (June)/ Foreign Securities Purchases by Canadians (June)

·       USA NY Empire State Manufacturing Index (August)/ NAHB Housing Market Index (August)/ NOPA Crush Report/ Net Long-term TIC Flows (June)/ Overall Net Capital Flows (June)

·       Ecuador Inflation Rate (July)

Asia

Political/Social Events –

·       In China, The Ministry for Foreign Affairs resumes its routine daily press briefings. The briefings had gone into hiatus from August 3-14 for the annual closed-door Beidaihe leadership retreat — the informal Chinese Communist Party conclave where senior and retired leaders discuss personnel and policy. Reporting suggests this year's discussions centered on Party discipline, economic headwinds, and preparation for the October Fifth Plenary Session (focused on "comprehensive and strict governance of the Party") ahead of the 21st Party Congress next year.

·       The US and South Korea hold their joint Ulchi Freedom Shield exercise which runs through August 27th. Approximately 8,000 Republic of Korea (ROK) troops plus personnel from 11 other UN Command member states will participate. While this is a US-ROK drill, Japan is expected to be on heightened alert throughout this timeframe Japanese Prime Minister Sanae Takaichi has already activated emergency response protocols for recent North Korean missile launches (which were fired off on August 6th and 11th, respectively), in the event Pyongyang tests again during the exercise period, which is historically likely.

·       Today is Liberation Day in South Korea, a national holiday.  Financial markets are closed.

·       Today is Independence Day in Indonesia, a national holiday.

·       South Korea’s Democratic Party is expected to elect its next party leader.  So far, Kim Min-seok is leading the Democratic Party's leadership race with a cumulative 52.21% of votes cast in regional primaries.

·       Thailand’s Prime Minister Anutin Charnvirakul will begin a trip to Australia and New Zealand.

·       The Thailand-U.S. Trade & Investment Summit takes place in Bangkok.

Economic & Financial Reports/Events –

·       New Zealand Composite NZ PCI (July)/ Services NZ PSI (July)/ Electronic Retail Card Spending (July)/ Food Inflation (July)

·       Japan GDP Growth Rate Q2/ GDP Growth Annualized Q2/ GDP Capital Expenditure Q2 / GDP External Demand Q2/ GDP Price Index Q2/ GDP Private Consumption Q2/ Capacity Utilization (June)/ Industrial Production (June) / Tertiary Industry Index (June)

·       Singapore Balance of Trade (July)/ Non-Oil Exports (July)

·       China House Price Index (July)/ Industrial Production (July)/ Retail Sales (July)/ Fixed Asset Investment (YTD) (July)/ Unemployment Rate (July)

·       Thailand GDP Growth Rate Q2

·       Malaysia Inflation Rate (July)

·       India Unemployment Rate (July)

·       EARNINGS: BitFuFu, HTHT, Geely Automobile Holdings, National Australia Bank, Aurizon

Europe

Political/Social Events –

·       Russian FM Sergey Lavrov will hold talks with Ghana Foreign Minister Samuel Okudzeto Ablakwa in Moscow.  Ablakwa is there for a working visit through August 19th.

Economic & Financial Reports/Events –

·       European Central Bank Chief Economist Philip R. Lane participates on a panel "Europe’s Defense Build-Up: Macroeconomic, Fiscal, and Financial Stability Challenges" at Annual Congress of the European Economic Association in Dublin, Ireland.

·       Belarus Industrial Production (July)

·       EARNINGS: BHP Group

Middle East

Political/Social Events –

·       Israel’s Likud Party holds its primary to choose Knesset members.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Today is Independence Day in Gabon, a national holiday.

Economic & Financial Reports/Events –

·      Nothing significant to report.

Tuesday, August 18, 2026

Global

·       The UN Security Council is scheduled to hold a briefing, followed by consultations, on the UN Support Mission in Libya (UNSMIL) and Libya sanctions.

·       The UN General Assembly will hold a solemn session in tribute to the memory of His Highness the Father Amir of the State of Qatar, Sheikh Hamad bin Khalifa Al-Thani, convened at the request of the Mission of Qatar.

Americas

Political/Social Events –

·       There will be primaries in Florida, Alaska and Wyoming, Special election in California’s 14th Congressional District.

·       In Oakland, California, opening statements are due to be made in a landmark federal court trial brought by 29 states, alleging Meta improperly captured data from minors, designed its social media platforms to addict children and misled the public about their safety.

Economic & Financial Reports/Events –

·       Canada Housing Starts (July)

·       USA Housing Starts (July)/ Building Permits (July)/ Import/Export Prices (July)/ Industrial Production (July)/ Capacity Utilization (July)/ Manufacturing Production (July)/ Pending Home Sales (July)/ NY Fed Services Activity Index (August)/ Redbook (August/15)/ ADP Employment Change Weekly/ API Crude Oil Stock Change (August/14)

·       Chile Current Account Q2/ GDP Growth Rate Q2

·       Colombia GDP Growth Rate Q2/ ISE Economic Activity (June)

·       El Salvador PPI (July)

·       Uruguay Interest Rate Decision

·       EARNINGS: Home Depot, Toll Brothers, Sociedad Química y Minera de Chile 

Asia

Political/Social Events –

·       China’s Foreign Minister Wang Yi travels to India for the 24th round of the Special Representatives' Talks on the China-India Boundary Question with Indian National Security Advisor Ajit Doval, plus a separate bilateral meeting with Indian Minister of External Affairs S. Jaishankar. This is Wang's first India trip in roughly a year and comes as Beijing and New Delhi work to stabilize ties after prior border tensions — notable timing given it lands right alongside the BRICS Tourism Ministers' meetings in Jaipur.

Economic & Financial Reports/Events –

·       Australia Westpac Consumer Confidence Change (August)/ Westpac Consumer Confidence Index (August)

·       Turkey Auto Production (July)/ Auto Sales (July)

·       Kazakhstan Industrial Production (July)

·       EARNINGS: Baidu, VNET

Europe

Political/Social Events –

·       Ukraine’s Parliament returns from a month-long recess.  This will be the body’s first chance to formally appoint a new permanent defense minister following Mykhailo Fedorov's dismissal in July.  Acting Defense Minister Maj. Gen. Yevhenii Khmara is the likely replacement but there is some question as to whether he is ready to leave active military duty yet.

·       Russia's President Vladimir Putin will hold talks with President of Myanmar Min Aung Hlaing, who will be on an official visit to Russia.

Economic & Financial Reports/Events –

·       European Central Bank Chief Economist Philip R. Lane participates on an EEA-ECB panel "Monetary Policy in a Geopolitically Fragmented World" at Annual Congress of the European Economic Association in Ireland, Dublin.

·       UK Unemployment Rate (June)/ Average Earnings incl. Bonus (3Mo/Yr) (June)/ Employment Change (June)/ Average Earnings excl. Bonus (3Mo/Yr) (June)/ Claimant Count Change (July)/ HMRC Payrolls Change (July)/ Labour Productivity Q2

·       Germany ZEW Economic Sentiment Index (August)/ ZEW Current Conditions (August)

·       Euro Area ZEW Economic Sentiment Index (August)

·       Spain Balance of Trade (June)

·       Ireland Balance of Trade (June)

·       EARNINGS: Klarna

Middle East

Political/Social Events –

·       Japanese Foreign Minister Toshimitsu Motegi is scheduled to visit Saudi Arabia (arriving in Riyadh on August 18) and Oman (arriving in Muscat on August 20th) from August 17th to 22nd.  He will meet with Saudi Foreign Minister Prince Faisal bin Farhan Al-Saud and Omani Foreign Minister Sayyid Badr bin Hamad al-Busaidi to address regional maritime security and de-escalation.

Economic & Financial Reports/Events –

·       Israel Unemployment Rate (July)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nigeria Food Inflation (July)/ Inflation Rate (July)

Wednesday, August 19, 2026

 Global

·       The UN  Economic Commission for Latin America and the Caribbean (ECLAC)  is expected to launch their Panorama of Productive Development Policies in Latin America and the Caribbean annual report.

·       The UN Security Council is scheduled to hold its annual open debate on working methods. The meeting will focus on the implementation of Danish presidential note S/2024/507 to enhance transparency, inclusivity, and efficiency.

·       The 2nd BRICS Tourism Working Group Meeting takes place in Jaipur, India.  The meeting will focus on focused on AI in tourism, sustainable/responsible tourism, skills development, and travel facilitation.

Americas

Political/Social Events –

·       The US’ 50% tariff on over 500 Canadian products worth close to $20 billion goes into effect.  Since President Trump threatened the tariffs, trade talks have intensified sharply between Ottawa and Washington.  Canadian Trade Minister Dominic LeBlanc met US Trade Representative Jamieson Greer in Washington on August 11th — their third meeting in as many weeks.  As of now, it appears a possible emerging framework to avoid the draconian tariffs would have the US roll back the 50% threat and reduce Section 232 tariffs on steel, aluminum, autos, and lumber, in exchange for Canada eliminating retaliatory auto tariffs, easing provincial restrictions on US alcohol sales, and reworking dairy quota arrangements.  Canadian Prime Minister Mark Carney has repeatedly said Canada "will not accept a bad deal," while maintaining talks are "constructive." Analysts we have spoken to caution a comprehensive deal likely requires direct Carney-Trump engagement rather than being finalized at the negotiator level — worth watching for a leaders' call or meeting this week as the deadline lands.

Economic & Financial Reports/Events –

·       Federal Reserve Board FOMC Minutes released

·       USA MBA 30-Year Mortgage Rate (August/14)/ MBA Mortgage Applications (August/14)/ MBA Mortgage Market Index (August/14)/ MBA Mortgage Refinance Index (August/14)/ MBA Purchase Index (August/14)/ EIA Crude Oil/Gasoline Stocks Change (August/14)

·       Ecuador Balance of Trade (June)

·       Colombia Imports/Balance of Trade (June)

·       EARNINGS: Analog Devices, Target, Lowe’s, Estee Lauder, Viking, Carlyle Group, TJX Cos.

Asia

Political/Social Events –

·       Chinese Foreign Minister Wang Yi is expected to begin a two-day visit to South Korea through August 20th.  This is the first time a Chinese foreign minister has traveled to South Korea for bilateral talks in five years. South Korea plans to urge Beijing to reaffirm the denuclearization of the Korean Peninsula and help encourage Pyongyang to return to dialogue, following recent high-level exchanges between China and North Korea. Discussions will cover strategic cooperation, trade, and managing regional stability amidst broader U.S.-China dynamics.  But the meeting will also see China use the occasion to reiterate its position on the "one China" principle, while Seoul may raise maritime boundary and Yellow Sea structure concerns.

·       In Beijing, the World Robot Conference begins, running until Sunday.  The event showcases the latest advances in humanoid robots and other high-tech machines. According to Nikkei Asia, with government backing, China is making a major push to cement itself as the leading force in the emerging field. Another robotics event, the World Humanoid Robot Games, is scheduled to start Saturday in the Chinese capital, featuring a record 2,056 robots from 666 teams, according to state media. The highly anticipated Shanghai IPO of leading humanoid maker Unitree is expected during the week as well.

·       Today is Revolution Day in Vietnam, marking the historic 1945 August Revolution led by Ho Chi Minh.

·       The AI Summit Seoul & Expo takes place and runs through Aug. 21st.

Economic & Financial Reports/Events –

·       Reserve Bank of Australia Deputy Governor Andrew Hauser speaks at the Queensland Futures Institute Annual Regions Summit in Brisbane.

·       Japan Machinery Orders (June)/ BoJ JGB Purchase

·       Australia Wage Price Index Q2/ RBA Hauser Speech

·       Indonesia Interest Rate Decision (August)/ Deposit Facility Rate (August)/ Lending Facility Rate (August)/ Loan Growth (July)

·       New Zealand PPI Input Q2/ New Zealand PPI Output Q2/ Global Dairy Trade Price Index (August/18)

·       EARNINGS: Weibo, Toyo Solar, Full Truck Alliance, Hong Kong Exchanges and Clearing

Europe

Political/Social Events –

·       Hungarian President-elect Andras Baka takes office after his election by parliament, succeeding the Viktor Orban-allied predecessor, who was ousted less than halfway through his five-year term.

Economic & Financial Reports/Events –

·       European Central Bank President Christine Lagarde participates on a panel discussion titled "Global Economic Outlook" at the World Economic Forum's International Business Council (IBC) meeting in Geneva, Switzerland.  Lagarde’s attendance is expected to prompt renewed speculation she may exit the ECB early.

·       UK Inflation Rate (July)/ PPI Output (July)/ PPI Input (July)/ Retail Price Index (July)

·       Euro Area Current Account (June)/ Current Account s.a (June)/ CPI (July)/ Inflation Rate (July)/ ECB

·       Italy Current Account (June)

·       Russia PPI (July)

·       Belarus GDP (July)

·       Switzerland Industrial Production Q2

·       Slovakia Harmonized Inflation Rate (July)

·       Poland Consumer Confidence (August)

·       Serbia Current Account (June)

·       Ireland Residential Property Prices (June)

·       EARNINGS: Carlsberg

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 Inflation Rate (July)/ Retail Sales (June)

·       Angola Foreign Exchange Reserves (July)/ M3 Money Supply (July)

Thursday, August 20, 2026

Global

·       The UN Security Council (UNSC) is scheduled to hold closed consultations to discuss the 90-day report on the work of the 1718 Committee | Security Council - the United Nations (the Democratic People's Republic of Korea Sanctions Committee).

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Brazil BCB National Monetary Council Meeting

·       Canada New Housing Price Index (July)/ PPI (July)/ Raw Materials Prices (July)

·       USA Initial Jobless Claims (August/15)/ Continuing Jobless Claims (August/08)/ Jobless Claims 4-week Average (August/15)/ Philadelphia Fed Manufacturing Index (August)/ Philly Fed Business Conditions (August)/ Philly Fed CAPEX Index (August)/ Philly Fed Employment (August)/ Philly Fed New Orders (August)/ Philly Fed Prices Paid (August)/ CB Leading Index (July)/ Fed Balance Sheet (August/19)/ EIA Natural Gas Stocks Change (August/14)/ 15-Year Mortgage Rate (August/20)/ 30-Year Mortgage Rate (August/20) 

·       Mexico Monetary Policy Meeting Minutes

·       Argentina Consumer Confidence (August)/ Balance of Trade (July)/ Economic Activity (June)/ Leading Indicator (July)

·       Peru Current Account Q2

·       EARNINGS: Walmart, Ross Stores, John Deere, Advanced Auto Parts, Flux Power

Asia

Political/Social Events –

·       Bangladesh holds presidential elections.

Economic & Financial Reports/Events –

·       China Loan Prime Rate 1Y (August)/ Loan Prime Rate 5Y (August)

·       India Infrastructure Output (July)/ HSBC Composite PMI Flash (August)/ HSBC Manufacturing PMI Flash (August)/ HSBC Services PMI Flash (August)

·       Australia Consumer Inflation Expectations (August)/ Employment Change (July)/ Full Time Employment Chg (July)/ Unemployment Rate (July)/ Part Time Employment Chg (July)/ Participation Rate (July)

·       Turkey Foreign Exchange Reserves (August/14)/ Central Government Debt (July)

·       Japan Imports/Exports/Balance of Trade (July)/ Stock Investment by Foreigners (August/15)

·       Malaysia Imports/Exports/Balance of Trade (July)

·       Taiwan Export Orders (July)/ Current Account Q2

·       Hong Kong Inflation Rate (July)/ Unemployment Rate (July)

·       EARNINGS: Alibaba, Futu, ATHM, Dago New Energy, AIA

Europe

Political/Social Events –

·       Today is National Day in Hungary – also known as St. Stephen’s Day – commemorating the founding of the Hungarian state and the canonization of its first king, Stephen I.  It is a national holiday and financial markets are closed.

Economic & Financial Reports/Events –

·       UK CBI Industrial Trends Orders (August)/ GfK Consumer Confidence (August)

·       Germany PPI (July)

·       Euro Area Construction Output (June)/ Labor Cost Index Flash Q2/ ECB Monetary Policy Meeting Accounts

·       Slovakia Current Account (June)

·       Switzerland Balance of Trade (July)

·       Poland Corporate Sector Wages (July)/ Employment Growth (July)/ Industrial Production (July)/ PPI (July)

·       Greece Current Account (June)

·       EARNINGS: Fortescue, Hays

Middle East

Political/Social Events –

·       The annual meeting of the Egyptian-Qatari Joint Higher Committee, co-chaired by Qatari Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman Al Thani and Egyptian Minister of Foreign Affairs Dr. Badr Abdelatty, is scheduled to be held in El Alamein, Egypt. The meeting will review progress on economic ties, trade, and strategic investments between Egypt and Qatar. It will also seek to coordinate joint diplomatic efforts to de-escalate Middle East tensions, ensure energy security, and maintain freedom of navigation in the Strait of Hormuz. 

Economic & Financial Reports/Events –

·       Israel Inflation Expectations (August)

Africa

Political/Social Events –

·       European Central Bank Governing Council member Olaf Sleijpen gives a speech on The Importance of Independent Central Banks in an Unstable World in Paramaribo, Suriname.

Economic & Financial Reports/Events –

·       South Africa Building Permits (June)

·       Egypt Interest Rate Decision/ Overnight Lending Rate

Friday, August 21, 2026

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Canada CFIB Business Barometer (August)/ Retail Sales (June)/ Retail Sales (July)/ Retail Sales Ex Autos (June)/ Senior Loan Officer Survey

·       USA S&P Global Composite/Manufacturing/Services PMI Flash (August)/ Baker Hughes Oil Rig Count (August/21)/ Baker Hughes Total Rigs Count (August/21)

·       Argentina Retail Sales (June)

·       Mexico Retail Sales (June)

·       Costa Rica Balance of Trade (July)

·       Peru GDP Growth Rate Q2

·       EARNINGS: BJ’s

Asia

Political/Social Events –

·       India's annual Economic Times World Leaders Forum will take place in New Delhi.  Prime Minister Narendra Modi will address the conference as well as a number of major international business leaders including SunLife CEO Kevin Strain, Boston Consulting Group CEO Christoph Schweizer, and former UK Prime Minister Boris Johnson.

Economic & Financial Reports/Events –

·       India HSBC Composite PMI Flash (August)/ HSBC Manufacturing PMI Flash (August)/ HSBC Services PMI Flash (August)/ Bank Loan Growth (August/07)/ Deposit Growth (August/07)/ Foreign Exchange Reserves (August/14)

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

·       South Korea PPI (July)

·       Indonesia Current Account Q2/ M2 Money Supply (July)

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

·       New Zealand Imports/Exports/Balance of Trade (July)/ Credit Card Spending (July)

·       Japan Inflation Rate (July)/ Inflation Rate Ex-Food and Energy (July)/ S&P Global Manufacturing/Services/Composite PMI Flash (August)

·       EARNINGS: Beke, Ping An Insurance

Europe

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       UK Retail Sales (July)/ Public Sector Net Borrowing Ex Banks (July)/ Retail Sales ex Fuel (July)/ S&P Global Manufacturing/Composite/Services PMI Flash (August)/ GfK Consumer Confidence (August)

·       Germany S&P Global Manufacturing/Composite/Services PMI Flash (August)

·       France Business Confidence (August)/ Business Climate Indicator (August)/ S&P Global Composite/Manufacturing/Services PMI Flash (August)

·       Euro Area S&P Global Manufacturing/Composite/Services PMI Flash (August)/ Consumer Confidence Flash (August)/ Negotiated Wage Growth Q2

·       Ireland Average Weekly Earnings Q2/ Wholesale Prices (July)

·       Slovakia Unemployment Rate (July)

·       Poland Business Confidence (August)

·       Slovenia Consumer Confidence (August)/ PPI (July)/ Unemployment Rate (June)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Lebanon Inflation Rate (July)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Mozambique GDP Growth Rate Q2

Saturday, August 22, 2026

Global

·       Pope Leo XIV is scheduled to make a half-day visit to the Republic of San Marino.  He will then travel on to Rimini, Italy to participate in a “Meeting for Friendship Among Peoples,” an annual Catholic cultural festival.

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 –

·       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 –

·       Saudi Arabia Construction Cost Index (July)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Sunday, August 23, 2026

 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 –

·       In Kazakhstan, legislative elections are held for all 145 seats of their  parliament (Kurultai).

·       Singapore Prime Minister Lawrence Wong will make an annual address to mark the independence of the city-state. Seen as his keynote political speech for the year, Wong is expected to address how his government can further support families as the Southeast Asian financial hub struggles with raising its birth rate.

Economic & Financial Reports/Events –

·       Nothing significant to report.

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 –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Looking at the Weeks (and Months) Ahead

·       August 27 – 29: The 2026 Jackson Hole Economic Policy Symposium will be held in Jackson Hole, Wyoming.

·       August 29 – 30: The G20 Finance and Central Bank Deputies Meeting, Asheville, North Carolina.

·       August 31 – September 1: The G20 Finance Ministers and Central Bank Governors Meeting, Asheville, North Carolina.

·       September 1 – 2: There will be a G20 Innovation Ministerial held in Raleigh-Durham, North Carolina.

·       September 12 – 13:  The 18th BRICS Summit will be held in New Delhi, India.

·       September 14 – 16: There will be a G20 Energy Abundance Ministerial held in Houston, Texas.

·       September 18 – 20: Russia legislative (Duma) elections are to be held.

·       September 22 – 29: The UN General Assembly is held in New York.

·       September 24: Chinese President Xi Jinping is expected to visit Washington, DC for bilateral meetings with President Trump.

·       September 30 – October 1: There will be a G20 Trade Ministerial Meeting in Milwaukee, Wisconsin.

·       October (exact date TBD): Israel holds legislative elections.

·       October 1: The G20 Sherpa Meeting III will be held in Washington, D.C.

·       October 4: Brazil holds general elections.

·       October 12 – 18: The IMF and World Bank Meetings are held in Bangkok, Thailand.  There will be a finance ministers and central bank governors meeting on the sidelines of the IMF/World Bank meetings on October 15th.

·       October 30 – 31: The G20 Foreign Ministers meeting is held in Atlanta, Georgia.

·       November 3: The US Midterm election is to be held.  All 435 members of the US House of Representatives, 1/3 of the US Senate, 36 governors, and 6,000 state legislative seats will be decided.

·       November 9 – 20: The United Nation’s COP31 Conference will be held in Antalya, Turkey.

·       November 18 – 19: The APEC Summit will be held in Shenzhen, China.

·       December 10: The G20 Sherpa Meeting IV will be held in Miami, Florida.

·       December 14 – 15: The G20 Leaders’ Summit will be held at the Trump National Doral in Miami, Florida.

The Global Week Ahead

Talks To Reopen the Strait of Hormuz Continue, Senior Chinese Officials Gather for Domestic Policy Talks, A New Defense Alliance Forms in the Middle East, and Markets Focus on Inflation Reports

August 9 - 16, 2026

It will be a relatively quiet week ahead geopolitically.  Most major capitals are quiet as political leaders and parliaments are out for the August holidays.  The one major issue that will continue to keep markets focused is the negotiations between Iran and Oman to establish a temporary framework to reopen the Strait of Hormuz.   But Iranian leaders made clear this past weekend that for the Strait to reopen, the US must commit to a series of concessions.

For now, the US is not directly part of the talks with Oman and Iran.  Those talks are focused on creating a system whereby Iran and Oman would control the entry and exit points for commercial shipping. Iran is reportedly demanding a return to the June 17th Memorandum of Understanding signed by the US, which would give Iran the opportunity to see economic sanctions lifted, ending the naval blockade, and eventually seeing Iran’s frozen assets released.  But Iran also wants the US to give Iran compensation for damages caused by the war so far.

 But tensions in the Strait of Hormuz are not the only major news coming out of the Middle East.  Last week, Saudi Arabia, Pakistan, and Turkey signed a joint mutual defense agreement in Mecca, Saudi Arabia.  The pact was created out of a joint sense of concern over how the US-Iran War has impacted their respective economies.  While the announcement did not give specifics of what each country was committing or how the pact would develop, it is considered a major move by the three countries for the region. And it will be interesting to see how – if at all – ongoing Houthi attacks on Saudi shipping and oil facilities might trigger assistance from Turkey and Pakistan.

 Elsewhere, senior Chinese leaders are gathered in Beidaihe (a popular beach resort area on China’s Bohai Sea) for two weeks of discussions on domestic political and economic priorities and concerns – including chronic challenges with the Chinese property market crisis, youth unemployment, industrial overcapacity, and low household consumption. 

Looking at the global economic and financial radar screen this week, it is a fairly quiet week for economic reports.  The big focus will be on inflation reports, the biggest being the US’ July CPI report out on Wednesday.  Other major releases this week in the US include the University of Michigan Consumer Survey on Friday as well as the July retail report.

In Europe, the UK sees Q2 GDP figures released on Thursday.  And in Asia, China releases inflation data on Sunday, and Japan publishes the Economy Watchers Survey on Monday.  The Reserve Bank of Australia meets on Tuesday on interest rates, and the Bank of Japan releases its summary of opinions from its July meeting on Monday.

Below is our detailed report on major geopolitical and economic events for the coming week:

Sunday, August 9, 2026

 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 National Day in Singapore, a national holiday celebrating the country’s independence.

Economic & Financial Reports/Events –

·       China Inflation Rate (July)/ PPI (July)

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 –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Monday, August 10, 2026

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       The American Meteorological Society publishes The State of the Climate in 2025, its annual peer-reviewed report on global warming.

·       Ecuador celebrates Independence Day, a national holiday.

·       The US Congress is out of session until early September.

Economic & Financial Reports/Events –

·       Colombia Inflation Rate (July)

·       Brazil BCB Focus Market Readout

·       EARNINGS: NuSkin, GoPro, Barrick, Embraer

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       The Bank of Japan releases its Summary of Opinions from the last meeting.  Japan’s Current Account (June)/ Bank Lending (July)/ Eco Watchers Survey Current (July)/ Eco Watchers Survey Outlook (July)

·       Indonesia Consumer Confidence (July)

Europe

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Romania Balance of Trade (June)/ Interest Rate Decision

·       Slovakia Industrial Production (June)

·       Turkey Industrial Production (June)

·       Slovenia Industrial Production (June)

·       Greece Industrial Production (June)

·       Belarus Inflation Rate (July)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Saudi Arabia Industrial Production (June)

·       Israel Consumer Confidence (July)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Tuesday, August 11, 2026

Global

·       The UN Global Compact Forward Faster Now | APAC Conference 2026  begins in Colombo, Sri Lanka and runs through August 12th.  The conference brings together political and business leaders to discuss sustainability issues.

Americas

Political/Social Events –

·       South Carolina holds a primary vote to pick contenders for the Senate seat formerly held by Republican Senator Lindsey Graham, who died last month.  Other primary elections are being held in the states of Connecticut, Minnesota, Vermont, and Wisconsin.

Economic & Financial Reports/Events –

·       USA NFIB Business Optimism Index (July)/ADP Employment Change Weekly/Redbook (August/08)/ NY Fed Bill Purchases 1 to 4 months/ Existing Home Sales (July)/ Total Household Debt Q2/ API Crude Oil/ Gasoline Stock Change (August/07)

·       Brazil BCB Copom Meeting Minutes/ Inflation Rate (July)

·       México Industrial Production (June)

·       Uruguay Industrial Production (June)

Asia

Political/Social Events –

·       Vietnam’s President To Lam travels to Australia and New Zealand. Talks expected to focus on deepening economic and strategic ties. Building on the Vietnam-Australia Comprehensive Strategic Partnership established in 2024, the trip is expected to prioritize cooperation in science and technology, innovation, digital transformation and resilient supply chains, while also advancing collaboration in energy, infrastructure, food security, trade, investment and education. Bilateral trade between Vietnam and Australia reached $8.1 billion in the first half of 2026, up nearly 22% from a year earlier.

·       Japan celebrates Mountain Day, a national holiday.  Financial markets are closed.

Economic & Financial Reports/Events –

·       The Reserve Bank of Australia meets on interest rates.  A press conference follows the meeting.

·       Australia NAB Business Confidence (July)

·       Indonesia Retail Sales (June)/ Motorbike Sales (July)

·       Kazakhstan PPI (July)

·       Malaysia Industrial Production (June)/ Unemployment Rate (June)

Europe

Political/Social Events –

·       A Swiss parliamentary committee is expected to make its first recommendation on proposed tougher capital rules for UBS.

·       Hungarian legislators meet to appoint a new candidate to the figurehead post of president.

Economic & Financial Reports/Events –

·       UK BRC Retail Sales Monitor (July)

·       Ireland Construction PMI (July)

·       Hungary Budget Balance (July)

·       Slovakia Construction Output (June)

·       Turkey Retail Sales (June)

·       Italy Balance of Trade (June)

·       Russia Balance of Trade (June)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Chad celebrates Independence Day, a national holiday.

Economic & Financial Reports/Events –

·       Egypt Inflation Rate (July)/ Inflation Rate (July)

·       South Africa Unemployment Rate Q2/ Unemployed Persons Q2/ Manufacturing Production (June)

Wednesday, August 12, 2026

Global

·       A total solar eclipse visible in Greenland, Iceland, Portugal, Russia and Spain. Partial in most European countries, parts of Canada and northern Africa.

·       OPEC publishes its monthly oil market report.

·       The International Energy Administration publishes its monthly oil market report.

·       The US Agriculture Department releases its monthly WASDE report on world crops production.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       USA MBA 30-Year Mortgage Rate (August/07)/ MBA Mortgage Applications (August/07)/ MBA Mortgage Market Index (August/07/ MBA Mortgage Refinance Index (August/07)/MBA Purchase Index (August/07)/ Inflation Rate (July)/ CPI (July)/ CPI s.a (July)/ EIA Crude Oil/Gasoline Stocks Change (August/07)/ WASDE Report/Monthly Budget Statement (July)

·       Canada Building Permits (June)

·       Chile Monetary Policy Meeting Minutes

·       Paraguay Balance of Trade (July)

·       Peru Balance of Trade (June)

Asia

Political/Social Events –

·       The Cook Islands hold parliamentary elections.

Economic & Financial Reports/Events –

·       South Korea Unemployment Rate (July)

·       Singapore Current Account Q2/GDP Growth Rate Q2

·       China Vehicle Sales (July)

·       Mozambique Inflation Rate (July)

·       Malaysia Retail Sales (June)

·       India Inflation Rate (July)/ M3 Money Supply (July)/31

·       EARNINGS: Tokio Marine, Commonwealth Bank of Australia, Tencent, Tui Group, Foxconn

Europe

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Norway’s sovereign wealth fund – the world’s largest – publishes its half-year reporting for 2026 and its updated list of total holdings

·       Germany Harmonized Inflation Rate (July)/ Inflation Rate (July)

·       Romania Inflation Rate (July)/ Current Account (June)

·       Italy Harmonized Inflation Rate (July)/ Inflation Rate (July)

·       France IEA Oil Market Report

·       Serbia Inflation Rate (July)

·       Russia GDP Growth Rate Q2/ Inflation Rate (July)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Jordon Inflation Rate (July)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       South Africa SACCI Business Confidence (July)/ SACCI Business Confidence (June)

·       Tanzania Inflation Rate (July)

Thursday, August 13, 2026

Global

·       The UN Security Council is scheduled to hold a briefing on the Middle East, followed by consultations on the Middle East (Yemen).

Americas

Political/Social Events –

·       In Austin, Texas, the Democratic National Committee holds its summer meeting.  The DNC is expected to vote on the party’s 2028 presidential nominating calendar and a decision on which state will hold the first Democratic primary contest in that election cycle are expected.

Economic & Financial Reports/Events –

·       Federal Reserve Bank of Richmond President Thomas Barkin speaks at a Greenville Chamber of Commerce event in Greenville, South Carolina.

·       Federal Reserve Bank of Cleveland President Beth Hammack participates in a moderated question-and-answer session as part of the Dayton Area Chamber of Commerce’s Government Affairs Breakfast Series in Kettering, Ohio.

·       Brazil Retail Sales (June)/ Business Confidence (August)

·       USA PPI (July)/  PPI (July)/ Initial Jobless Claims (August/08)/ Continuing Jobless Claims (August/01)/ PPI (July)/ Jobless Claims 4-week Average (August/08)/ PPI (July)/ PPI Ex Food, Energy and Trade (July)/ PPI Ex Food, Energy and Trade (July)/ PPI (July)/ Fed Barkin Speech/ EIA Natural Gas Stocks Change (August/07)/ 15-Year Mortgage Rate (August/13)/ 30-Year Mortgage Rate (August/13)/ Fed Balance Sheet (August/12)

·       Colombia Consumer Confidence (July)

·       Argentina Inflation Rate (July)

·       Peru Interest Rate Decision

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Japan Reuters Tankan Index (August)/ PPI (July)/ BoJ JGB Purchase/ Machine Tool Orders (July)

·       Reserve Bank of Australia Assistant Governor Christopher Kent participates in a Reuters NEXT Newsmaker interview in Sydney.

·       Philippines Foreign Direct Investment (May)

·       New Zealand Business Inflation Expectations Q3

·       Malaysia Construction Output Q2

·       EARNINGS: Hong Kong MTR, CK Hutchison

Europe            

Political/Social Events –

·       In the UK, the Clacton parliamentary by-election in England, triggered by Reform UK leader Nigel Farage’s decision to quit as an MP and recontest the seat.

Economic & Financial Reports/Events –

·       UK RICS House Price Balance (July)/ GDP Growth Rate Q2/ GDP (June)/ Business Investment   Q2/ GDP 3-Month Avg (June)/ Goods Trade Balance (June)/ Goods Trade Balance Non-EU (June)/ Industrial Production  (June)/ Manufacturing Production /(June)/ Balance of Trade (June)/ Business Investment Q2/ Construction Orders  Q2/ Construction Output (June)/ GDP  (June)/ Industrial Production (June)/ Manufacturing Production (June)/ NIESR Monthly GDP Tracker (July)

·       Romania Industrial Production (June)

·       Hungary Construction Output (June)/ Industrial Production (June)

·       Switzerland Producer & Import Prices (July)

·       Slovakia Inflation Rate (July)

·       Spain Inflation Rate (July)/ Harmonized Inflation Rate (July)

·       Poland GDP Growth Rate Q2/ Inflation Rate (July)/ Balance of Trade (June)/Current Account (June)

·       Turkey Inflation Report/ Foreign Exchange Reserves (August/07)

·       Euro Area Industrial Production (June)

·       Ireland Harmonized Inflation Rate (July)/ Inflation Rate (July)

·       Serbia Interest Rate Decision

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Saudia Arabia Inflation Rate (July)/ Wholesale Prices (July)

·       Israel Imports/Exports/Balance of Trade (July)

Africa

Political/Social Events –

·       Zambia holds presidential elections.  Incumbent President Hakainde Hichilema is expected to win a second term.

Economic & Financial Reports/Events –

·       Ethiopia Inflation Rate (July)

·       South Africa Gold Production (June)/Mining Production (June)

Friday, August 14, 2026

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Canada Capacity Utilization (June)/ Manufacturing Sales (June)/ New Motor Vehicle Sales (June)/ Wholesale Sales (June)

·       USA Retail Sales (July)/ Retail Sales Control Group (July)/ Retail Sales Ex Autos (July)/ Retail Sales Ex Gas/ Autos (July)/ Michigan Consumer Sentiment (August)/ Business Inventories  (June)/ Michigan 5 Year Inflation Expectations (August)/ Michigan Consumer Expectations  (August)/ Michigan Current Conditions (August)/ Michigan Inflation Expectations  (August)/ Retail Inventories Ex Autos (June)/ Baker Hughes Oil Rig Count (August/14)/ Baker Hughes Total Rigs Count (August/14)

·       Colombia Industrial Production (June)/ Retail Sales (June)

·       Paraguay Consumer Confidence (July)

·       Costa Rica GDP Growth Rate Q2

·       Peru GDP Growth Rate (June)/ Unemployment Rate (July)

·       El Salvador Inflation Rate (July)

·       EARNINGS: Pershing Square

Asia

Political/Social Events –

·       Indonesian President Prabowo Subianto is set to deliver the annual State of the Nation Address ahead of the country's Independence Day on Aug. 17th. Prabowo will also present the government's macroeconomic assumptions and fiscal policy framework for the proposed 2027 state budget. The address is expected to outline policy priorities in his administration's third year and set out major targets, including projected economic growth and government spending.

·       Australia’s Parliamentary Joint Committee on Corporations and Financial Services holds a hearing on ethics and professional accountability at KPMG Australia.

Economic & Financial Reports/Events –

·       Reserve Bank of Australia Governor Michele Bullock gives evidence to the House of Representatives Standing Committee on Economics.

·       South Korea Import/Export Prices (July)

·       New Zealand Business NZ PMI (July)/ Visitor Arrivals (June)

·       Japan Stock Investment by Foreigners (August/08)

·       Australia Home Loans Q2/Investment Lending for Homes Q2

·       China New Yuan Loans (July)/ M2 Money Supply (July)/ Outstanding Loan Growth (July)/ Total Social Financing (July)/ Passenger Vehicles Sales (July)/Current Account Q2

·       Philippines Cash Remittances (June) 

·       Tawain GDP Growth Rate Q2

·       Hong Kong GDP Growth Rate Q2

·       Kazakhstan Unemployment Rate Q2/Current Account Q2/ GDP (July)

·       India Foreign Exchange Reserves (August/07)

·       EARNINGS: JD.com, Hua Hong, China Mobil, Insurance Australia Group, Pan American Silver, Tata Motors, SMIC

Europe

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Switzerland GDP Growth Rate Flash Q2

·       Slovenia GDP Growth Rate Q2

·       Euro Area Balance of Trade (June)/ Employment Change Q2/ GDP Growth Rate 2nd Est Q2

·       Romania Current Account (June)

·       Serbia Building Permits (June)

·       Poland Inflation Rate (July)

·       Russia Current Account Q2

·       EARNINGS:  Adyen, Antofagasta, Maersk, Orsted, PKO Bank Polski, Savills, Standard Bank Thyssenkrupp, Transurban

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Jordon Industrial Production (June)

·       Israel Inflation Rate (July)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Egypt Unemployment Rate Q2

Saturday, August 15, 2026

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 –

·       In New Delhi, Indian Prime Minister Narendra Modi delivers a speech to mark the anniversary of the country’s independence from British rule in 1947.

Economic & Financial Reports/Events –

·       Indonesia Car Sales (July)

·       Sri Lanka Manufacturing PMI (July)/ Services PMI (July)

Europe

Political/Social Events –

·       Liechtenstein celebrates National 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 –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Sunday, August 16, 2026

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Brazil’s 2026 election campaign season formally begins (the elections are in October).

·       Today is Restoration Day in the Dominican Republic, a national holiday.

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 –

·       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 –

·       In Durban, South Africa, the 46th Southern African Development Community (SADC) summit of heads of state and government.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Looking at the Weeks (and Months) Ahead

• August 27 – 29: The 2026 Jackson Hole Economic Policy Symposium will be held in Jackson Hole, Wyoming.

• August 29 – 30: The G20 Finance and Central Bank Deputies Meeting, Ashville, North Carolina.

• August 31 – September 1: the G20 Finance Ministers and Central Bank Governors Meeting, Ashville, North Carolina.

• September 1 – 2: There will be a G20 Innovation Ministerial held in Raleigh-Durham, North Carolina.

• September 12 – 13:  The 18th BRICS Summit will be held in New Delphi, India.

• September 14 – 16: There will be a G20 Energy Abundance Ministerial held in Houston, Texas.

• September 18 – 20: Russia legislative (Duma) elections are to be held.

• September 22 – 29: The UN General Assembly is held in New York.

·       September 24 – Chinese President Xi Jinping is expected to visit Washington, DC for bilateral meetings with President Trump.

·       September 30 – October 1: There will be a G20 Trade Ministerial Meeting in Milwaukee, Wisconsin.

• October (exact date TBD): Israel holds legislative elections.

• October 1: The G20 Sherpa Meeting III will be held in Washington, D.C.

• October 4: Brazil holds general elections.

• October 12 – 18: The IMF and World Bank Meetings are held in Bangkok, Thailand.  There will be a finance ministers and central bank governors meeting on the sidelines of the IMF/World Bank meetings on October 15th.

• October 30 – 31: The G20 Foreign Ministers meeting is held in Atlanta, Georgia.
  November 3: The US Midterm election is to be held.  All 435 members of the US House of Representatives, 1/3 of the US Senate, 36 governors, and 6,000 state legislative seats will be decided.

• November 9 – 20: The United Nation’s COP31 Conference will be held in Antalya, Turkey.

• November 18 – 19: The APEC Summit will be held in Shenzhen, China.

• December 10: The G20 Sherpa Meeting IV will be held in Miami, Florida.

• December 14 – 15: The G20 Leaders’ Summit will be held at the Trump National Doral in Miami, Florida.

The Global Week Ahead

Iran Tensions Spike with Drone Strike on UAE Nuclear Plant, Putin Meets Xi in Beijing, Japan’s Prime Minister Travels to South Korea, and Flash Global PMIs to Show Iran War Impact on Global Economy

May 17 - 24, 2026

Markets are still working through the details of President Trump’s visit to Beijing last week for meetings with President Xi Jinping.  While expectations for any big breakthroughs on trade or Iran were low going into the meeting, there was hope for other large deals, such as major new agricultural deals and airplane purchases.  It often takes a few weeks following summits like this for deals to be finalized as sticky details are still being worked out.  

President Trump did tell reporters that China will purchase 200+ Boeing aircraft. However, President Trump has predicted China would purchase 750 planes, Boeing was hoping for 500, and in the end, it appears only 200 are being purchased.   However, China has not commented on the matter.  And no new major US agricultural purchases were agreed to during the summit, according to Treasury Secretary Scott Bessent. 

But just as President Trump was leaving, it was confirmed that Russian President Vladimir Putin will arrive in Beijing on May 20th for bilateral meetings with President Xi.  The meeting is framed around the 25th anniversary of the Treaty of Good-Neighborliness and Friendly Cooperation signed by the two countries in 2001. 

Putin is also likely to seek progress on long-delayed projects such as Mongolia. Russia remains heavily dependent on Chinese markets and financial channels after years of Western sanctions.

But according to a Russian presidential spokesman, Putin and Xi will "exchange views" on Xi's meeting with Trump, and Moscow hopes to obtain that information "first-hand."  But US officials we have spoken with say the broader subtext is that Beijing is visibly balancing between Washington and Moscow — hosting both leaders in quick succession, signaling China's intent to remain indispensable to both sides, particularly as Ukraine negotiations and the US-Iran conflict create competing pressures on the global order.

Meanwhile, Japanese Prime Minister Sanae Takaichi will travel to South Korea this week for meetings with South Korean President Lee Jae Myung.  The visit is part of an effort to strengthen previously tense relations between the two nations while also building mutual security and economic ties in the face of growing Chinese maritime aggression.  This is likely to include signing an agreement to share weapons, ammunition, and jet fuel during “times of emergency.”   

The two leaders will almost surely discuss growing concerns about the situation in Iran and the serious disruption it is causing to oil and gas imports, as well as helium imports, a critical component in the construction of semiconductors.  

Meanwhile, the Iranian situation has become significantly more complicated and worrisome this weekend when three drones – presumably Iranian – reportedly hit the perimeter of the Barakah Nuclear Plant in the United Arab Emirates (UAE). The plant is the only nuclear power plant in the Arab world and supplies approximately 25 percent of the USA’s electricity needs.  The highly provocative act ratchets up even further tensions and frustrations with Iran and will almost force President Trump and the UAE to respond militarily – especially as President Trump has already called the ceasefire “on life support”. 

Here in the Western Hemisphere, the EU-Mexico Summit will take place in Mexico City. European Commission President Ursula von der Leyen and European Council President António Costa will sign two landmark agreements: The Modernized Global Agreement (MGA) – a comprehensive political/economic partnership agreement, and the Interim Trade Agreement (ITA), which has been given preliminary approval by all 27 EU member states earlier this month.  The ITA is expected to improve bilateral trade by 35% over the next five years, with a heavy focus on pharmaceuticals, automotive production, agri-food, and advanced manufacturing. 

Looking at the global economic and financial radar screen this week, this is Kevin Warsh’s first week as Chairman of the Federal Reserve Board.  The Fed will release the minutes from the last Federal Open Market Committee (FOMC) meeting on Wednesday, and they are expected to show growing concern about inflationary pressures, mostly due to the Iran War.  And watch for signs of growing Fed sentiment to raise rates later this year. 

 In terms of major economic reports this week, in the US, new residential construction data and pending home sales are out on Tuesday.  On Thursday, initial jobless claims are released, and on Friday, the University of Michigan consumer sentiment is released.  The whole week will be busy with corporate earnings, including Nvidia, Target, Lowe’s, Intuit, Walmart, Deere & Co, and Target.

 In Europe this week, the UK reports labor market figures on Tuesday and April inflation data on Wednesday.  We will also see flash PMIs for the UK, Germany, and France on Thursday.  And Germany releases the Ifo Survey on Friday. 

 In Asia, Japan releases several major data reports, including Q1 GDP on Tuesday and April CPI on Friday.   China releases industrial production, retail sales, and residential and commercial real estate property prices on Tuesday. And South Korea is set to release the April PPI on Wednesday. 

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

Sunday, May 17, 2026

Global

·       The UN World Urban Forum begins in Baku, Azerbaijan and runs through May 22nd.

Americas

Political/Social Events –

·       In Washington, D.C., the National Jubilee of Prayer gathering of Christians on the National Mall will take place.  This is a part of the 250th anniversary of the Declaration of Independence.

·       Cuba holds municipal primary elections.

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 –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       The extended Israel-Hezbollah ceasefire will expire at midnight.

Economic & Financial Reports/Events –

·       Israel GDP Growth Annualized 1st Est Q1

Africa

Political/Social Events –

·       Cabo Verde holds legislative elections.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Monday, May 18, 2026

Global

·       G7 Finance Ministers and Central Bank Governors meet in Paris, France through May 19th.

Americas

Political/Social Events –

·       Today is Victory Day in Canada, a national holiday.  Financial markets are closed.

·       U.S. Ambassador to Denmark Kenneth Howery and special envoy to Greenland Jeff Landry will travel to Nuuk, Greenland, through May 20 to participate in the Future Greenland Conference.

Economic & Financial Reports/Events –

·       Nvidia CEO Jensen Huang speaks at the Dell Technologies World Annual Convention in Las Vegas, Nevada.

·       Interim Atlanta Federal Reserve Bank President Cheryl Venable gives welcome remarks before the Federal Reserve Bank of Atlanta 2026 Financial Markets Conference: “Technology’s Transformative Role in Finance and Central Banking".

·       Brazil IGP-10 Inflation (May)/IBC-BR Economic Activity (March)/ BCB Focus Market Readout

·       Chile Current Account Q1/GDP Growth Rate Q1

·       USA NY Fed Services Activity Index (May)/NAHB Housing Market Index (May)/Net Long-term TIC Flows (March)/Overall Net Capital Flows (March)

·       Paraguay Consumer Confidence (April)

Asia

Political/Social Events –

·       The Philippine senate convenes for the impeachment trial of Vice President Sara Duterte. The trial centers on charges including bribery, corruption and a high-profile threat against the president's life. Convicting the vice president requires at least a two-thirds majority.

·       The Australian Energy Producers Conference is held in Adelaide through May 21st.

Economic & Financial Reports/Events –

·       New Zealand Composite NZ PCI (April)/Services NZ PSI (April)

·       Singapore     Balance of Trade (April)/Non-Oil Exports (April

·       China House Price Index (April)/Industrial Production (April)/Retail Sales (April)/Fixed Asset Investment (YTD) (April)/Unemployment Rate (April)

·       Thailand GDP Growth Rate Q1

·       Australia Consumer Inflation Expectations (May)

·       EARNINGS: Baidu, Nidec

Europe

Political/Social Events –

·       The EU Foreign Affairs Council (Development) meets in Brussels.  Ministers will discussion he Council will discuss the future of the EU’s external action taking into consideration shifting geopolitical and geoeconomic contexts. Discussions will focus on how development cooperation can promote sustainable development in partner countries while advancing the EU’s strategic interests, as well as explore ways to strengthen the EU’s global role as a reliable partner. Ministers will also exchange views on the role of the Global Gateway strategy in the EU’s external action. The strategy mobilizes public and private resources to support sustainable investments in key sectors worldwide.

·       The UK’s Labour lawmakers will gather for the first time in the wake of the May 7 local electoral losses and Health Secretary Wes Streeting's resignation.

·       The European Parliament Plenary is held in Strasbourg through May 21st.  Key files on the agenda: a new law to improve the protection of EU strategic sectors from risky foreign investments, a debate/resolution on rule of law, fundamental rights and misuse of EU funds in Slovakia, new legislation on protection of victims of crimes, the gender care gap, and legislation to mitigate global steel overcapacity on the EU market. President Metsola will also confer the inaugural European Order of Merit during a ceremony in the hemicycle, marking the 75th anniversary of the Schuman Declaration. Armenian PM Nikol Pashinyan is scheduled to address plenary ahead of Armenia's 7 June elections. 

Economic & Financial Reports/Events –

·       European Central Bank President Christine Lagarde and ECB Board Member Paulo Cipollone participate in theG7 Finance Ministers and Central Bank Governors meeting in Paris, France.

·       European Central Bank Board Member Frank Elderson participates in a panel discussion at the 3rd Sustainability Standards Conference in Frankfurt, Germany.

·       European Central Bank Board Member Patrick Montagner gives a keynote speech at a conference "Research and Market Perspectives on the Evolving Bank Supervisory and Regulatory Landscape" organized by European University Institute/Bank Policy Institute in San Domenico di Fiesole, Italy.

·       The European Central Bank, the Federal Reserve Board, and the Euro Area Business Cycle Network cohost the International Research Forum on Monetary Policy in Frankfurt, Germany.

·       Martin Kocher, ECB board member and governor of the Austrian National Bank, and his Hungarian counterparty Mihaly Varga, speak in Budapest, Hungary.

·       Bank of England External Member of the Monetary Committee Megan Greene participates on a panel discussion at the Financial Times Business of Luxury Summit in London.

·       Bank of England External Member of the Monetary Committee Catherine Mann participates on a panel at the Lamfulussy Conference in Budapest, Hungary.

·       Bank of England Executive Director for Financial Stability Nathanael Benjamin speaks at the University of Glasglow Adam Smith Business School.

·       Switzerland GDP Growth Rate Flash Q1

·       Italy Balance of Trade (March)

·       Romania Current Account (March)

·       Poland Inflation Rate (April)

·       Belarus Industrial Production (April)

·       Russia Current Account Q1

·       EARNINGS: Ryanair, Sonova 

Middle East

Political/Social Events –

·       Tesla CEO Elon Musk speaks at the Samson International Smart Mobility Summit in Tel Aviv, Israel.

Economic & Financial Reports/Events –

·       Israel Unemployment Rate (April)

·       Jordon Industrial Production (March)

·       Turkey Consumer Confidence (May)

Africa

Political/Social Events –

·       Nigeria's ruling All Progressives Congress party will hold primary elections to select candidates for the Senate in the country's 2027 general election.

Economic & Financial Reports/Events –

·       Egypt Unemployment Rate Q1

Tuesday, May 19, 2026

Global

·       G7 Finance Ministers and Central Bank Governors meeting in Paris.

·       The UN Security Council is scheduled to hold a briefing on Ukraine.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Federal Reserve Board Governor Christopher J. Waller participates in a policy panel at the International Research Forum on Monetary Policy in Frankfurt, Germany.

·       Philadelphia Federal Reserve Bank President Anna Paulson speaks before a dinner at the Federal Reserve Bank of Atlanta 2026 Financial Markets Conference: “Technology’s Transformative Role in Finance and Central Banking.”

·       Atlanta Federal Reserve Bank First Vice President Cheryl Venable gives closing remarks before the Federal Reserve Bank of Atlanta 2026 Financial Markets Conference: “Technology’s Transformative Role in Finance and Central Banking."

·       Brazil BCB Focus Market Readout

·       USA ADP Employment Change Weekly/Redbook (May/16)/Pending Home Sales  (April)/API Crude Oil Stock Change (May/15)/Fed Venable Speech

·       Canada Inflation Rate (April)/ New Housing Price Index (April)/Building Permits (March)/CPI Common (April)/CPI Median (April)/CPI Trimmed-Mean (April)

·       Ecuador Balance of Trade (March)

·       Columbia Imports/Balance of Trade (March)

·       EARNINGS: Home Depot, Toll Brothers

Asia

Political/Social Events –

·       Japanese Prime Minister Sanae Takaichi will meet with South Korean President Lee Jae Myung in Andong, South Korea, through May 20th. Takaichi is expected to discuss energy security cooperation amid disruptions to crude oil supplies caused by the US-Israel war on Iran, which has spilled over to the wider Middle East region. The two leaders are also expected to discuss beefing up critical mineral supply chains. The meeting is likely to take place in Andong, Lee's hometown in southeastern South Korea. This would be part of so-called shuttle diplomacy or mutually visits by Japanese and South Korean leaders to each other's country — Lee visited Takaichi's home prefecture of Nara in January, so this is the reciprocal leg. The hometown symbolism is deliberate Japan-South Korea relationship-building optics.

·       Indian Prime Minister Narendra Modi attends the third India-Nordic summit in Oslo and meets his Norwegian counterpart Jonas Gahr Store as well as leaders from Denmark, Finland, Iceland and Sweden. Following two earlier summits held in Stockholm in 2018 and in Copenhagen in 2022, the visit will focus on areas including technology, renewable energy, defense and cooperation in the Arctic.  He will then travel to Rome, Italy for meetings with Prime Minister Giorgia Meloni.

Economic & Financial Reports/Events –

·       Reserve Bank of Australia Assistant Governor Sarah Hunter speaks at the Bloomberg Forum for Investment Managers in Sydney.

·       New Zealand Electronic Retail Card Spending (April)/PPI Input/Output Q1

·       Japan GDP Growth Rate Q1/GDP Growth Annualized Q1/GDP Capital Expenditure Q1/GDP External Demand Q1/GDP Price Index Q1/GDP Private Consumption Q1/Capacity Utilization (March)/Industrial Production (March)/Tertiary Industry Index (March)

·       Australia Westpac Consumer Confidence Change (May)/Westpac Consumer Confidence Index (May)/RBA Meeting Minutes

·       China FDI (YTD) (April)

·       Malaysia Inflation Rate (April)

·       Hong Kong Unemployment Rate (April)

·       Angola Foreign Exchange Reserves (April)/M3 Money Supply (April)

Europe

Political/Social Events –

·       Negotiators from EU member states, the European Commission and the European Parliament will hold another round of interinstitutional talks on legislation to implement the July 2025 EU-U.S. trade framework agreement.

·       NATO Chiefs of Defense Military Committee, NATO’s highest military authority, meets in Brussels.

·       The Mediterranean Forum takes place in Athens, Greece through May 21st.

Economic & Financial Reports/Events –

·       European Central Bank Board Member Philip R. Lane participates in a panel discussion at The International Research Forum on Monetary Policy 2026 organized by the Euro Area Business Cycle Network, the European Central Bank and the Federal Reserve Board in Frankfurt, Germany.

·       European Central Bank Board Member Claudia Buch gives a keynote address at the AFME’s European Financial Integration Conference 2026 in Frankfurt, Germany.

·        AFME’s European Financial Integration Conference in Frankfurt. Speakers include ECB Governing Council member Gabriel Makhlouf.

·       Bank of England Deputy Governor Sarah Breeden gives speech at the City Week Conference entitled “The Future of Money in the Digital World: A Central Banker’s Perspective” in London.

·       Belarus GDP (April)

·       UK Unemployment Rate (March)/Average Earnings incl. Bonus (3Mo/Yr) (March)/Employment Change (March)/Average Earnings excl. Bonus (3Mo/Yr) (March)/Claimant Count Change (April)/HMRC Payrolls Change (April)/Labor Productivity Q1

·       Spain Balance of Trade (March)

·       Euro Area Balance of Trade (March)

·       EARNINGS: Shell, Euronext, DCC, Diploma

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Turkey Auto Production (April)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Wednesday, May 20, 2026

Global

·       G7 Finance Ministers and Central Bank Governors meet in Paris, France.

·       The UN Security Council is scheduled to hold an open debate on Protection of Civilians in armed conflict.

Americas

·       Political/Social Events –

·       Primary elections are held in Alabama, Georgia, Idaho, Kentucky, Oregon, and Pennsylvania.

Economic & Financial Reports/Events –

·       Federal Reserve Board Governor Michael S. Barr gives a speech on “Consumer Financial Health Metrics” at the Financial Health Network’s (FHN) EMERGE Financial Health 2026 Conference, Atlanta, Georgia.

·       Federal Reserve’s FOMC Minutes released.

·       Philadelphia Fed President Anna Paulson speaks on economic outlook at the Atlanta Fed’s 2026 Financial Markets Conference in Atlanta, Georgia.

·       USA MBA 30-Year Mortgage Rate (May/15)/MBA Mortgage Applications (May/15)/MBA Mortgage Refinance Index (May/15)/MBA Purchase Index (May/15)/EIA Crude Oil and Gasoline Stocks Change (May/15)

·       Argentina Balance of Trade (April)

·       EARNINGS: Nvidia, Analog Devices, Intuit, Lowe’s, Target

Asia

Political/Social Events –

·       Russian President Vladimir Putin will travel to Beijing for talks with Chinese President Xi Jinping.  The talks are likely to focus on energy cooperation, sanctions-resistant payment systems, and broader coordination within multilateral groupings such as BRICS and the Shanghai Cooperation Organization. The visit is also expected to renew the Sino-Russian Treaty of Friendship signed in 2001. The timing is deliberately choreographed against Trump's just-concluded Beijing trip, positioning Xi as the central diplomatic broker. 

·       Taiwanese President William Lai will give a speech marking the anniversary of his inauguration that could spur Chinese military drills.

·       The Sohn Hong Kong Investment Leaders Conference begins in Hong Kong.  Recognized as one of the most sought-after gatherings in the region, the Sohn Hong Kong Conference brings together Asia's brightest investment minds, offering attendees unparalleled insights into markets and investment strategies. 

·       The DealStreetAsia Asia PE Leadership Summit is being held in  Hong Kong.  This is DealStreetAsia’s first conference in Asia and focused on PE/VC capital allocation amid the China deleveraging and US-China decoupling backdrop. 

·       Today is Independence Day in East Timor, a national holiday.

Economic & Financial Reports/Events –

·       Japan Reuters Tankan Index (May)

·       Australia Westpac Leading Index (April)

·       China Loan Prime Rate 1Y/Loan Prime Rate 5Y (May)

·       New Zealand Global Dairy Trade Price Index (May/19)

·       Malaysia Imports/Exports/Balance of Trade (April)

·       Indonesia     Interest Rate Decision/Deposit Facility Rate (May)/Lending Facility Rate (May)/Loan Growth (April)

·       Taiwan Export Orders (April)/Current Account Q1

·       India Infrastructure Output (April)

·       EARNINGS: Tokio Marine, Sompo Japan Nip, MS&AD Insurance

Europe

Political/Social Events –

·        Emmanuel Moulin, nominee for Bank of France governor, appears before the Senate Finance Committee in Paris, France.

·       Bank of England Governor Andrew Bailey will appear before the UK Parliament’s Treasury Committee to answer questions about the economy.

Economic & Financial Reports/Events –

·       The European Central Bank Governing Council holds a non-monetary policy meeting in Frankfurt, Germany.

·       Bank of England Director for Prudential Policy David Bailey speaks at the Bloomberg Global Markets & Banking Summit in London.

·       Germany PPI (April)

·       UK Inflation Rate (April)/PPI Input/Output (April)/Retail Price Index (April)

·       Hungary Gross Wage (March)

·       Euro Area ECB Non-Monetary Policy Meeting/ Inflation Rate (April)/CPI (April)

·       Slovakia Harmonized Inflation Rate (April)

·       Poland Consumer Confidence (May)

·       Italy Construction Output (March)

·       Russia PPI (April)

·       EARNINGS: Marks & Spencer, Keller, Severn Trent, British Land,

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Turkey Central Government Debt (April)

Africa

Political/Social Events –

·       The ICT4D Conference 2026 begins in Nairobi, Kenya and runs through May 22.

·       Today is Republic Day in Cameroon, a national holiday.

Economic & Financial Reports/Events –

·       South Africa Inflation Rate (April)/Retail Sales (March)

·       Ghana Interest Rate Decision

·       Nigeria Interest Rate Decision

Thursday, May 21, 2026

Global

·       The UN Security Council is scheduled to hold a briefing on the Middle East followed by consultations.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Richmond Federa; Reserve Bank President Tom Barkin speaks on the economy to the Urban Land Institute Triangle in Wilmington, North Carolina.

·       Mexico Retail Sales (March)/Monetary Policy Meeting Minutes

·       USA Building Permits (April)/Housing Starts (April)/Initial Jobless Claims (May/16)/Philadelphia Fed Manufacturing Index (May)/Continuing Jobless Claims (May/09)/Jobless Claims 4-week Average (May/16)/Philly Fed Business Conditions (May)/Philly Fed CAPEX Index (May)/Philly Fed Employment (May)/Philly Fed New Orders (May)/Philly Fed Prices Paid (May)/S&P Global Composite PMI Flash (May)/S&P Global Manufacturing PMI Flash (May)/S&P Global Services PMI Flash (May)/EIA Natural Gas Stocks Change (May/15)/Kansas Fed Composite Index (May)/Kansas Fed Manufacturing Index (May)/15-Year Mortgage Rate (May/21)/30-Year Mortgage Rate (May/21)/Fed Balance Sheet (May/20)

·       Argentina Consumer Confidence (May)/Economic Activity (March)

·       El Salvador Balance of Trade (April)

·       Peru Current Account Q1

·       Costa Rica Balance of Trade (April)

·       EARNINGS: Walmart, John Deere, Ross stores, Zoom, CAE

Asia

Political/Social Events –

·       Samsung Electronics unionists vow to go for an all-out strike in their pursuit of 15% of the company's operating profit for employee bonuses. Management is fighting back and worries that it could weaken the company's competitiveness and cause a shareholder backlash. Samsung's labor dispute sparked national debate on how to distribute profits in the semiconductor industry -- one senior government official suggested paying a dividend to the public with tax revenue from Samsung and its rival SK Hynix.

·       JPMorgan’s Global China Summit takes place in Shanghai, with CEO Jamie Dimon set to attend. Through May 22nd.

·       In Hong Kong, the annual Cheung Chau Bun Festival begins, peaking with the Piu Sik Parade on Sunday, followed by the Bun Scrambling Final next Monday

Economic & Financial Reports/Events –

·       Bank of Japan Member of the Policy Committee Junko Koeda gives a speech to local business leaders in Fukuoka, Japan.

·       South Korea PPI (April)

·       New Zealand Imports/Exports/Balance of Trade (April)/Credit Card Spending (April)

·       Australia S&P Global Manufacturing PMI Flash (May)/S&P Global Services PMI Flash (May)/S&P Global Composite PMI Flash (May)/Employment Change (April)/Full Time Employment Change (April)/Unemployment Rate (April)/Part Time Employment Change (April)/Participation Rate (April)

·       Japan Imports/Exports/Balance of Trade (April)/Machinery Orders (March)/Stock Investment by Foreigners (May/16)/S&P Global Manufacturing PMI Flash (May)/S&P Global Services PMI Flash (May)/S&P Global Composite PMI Flash (May)

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

·       Hong Kong Inflation Rate (April)

·       South Africa Building Permits (March)/Consumer Confidence (May)

·       EARNINGS: Lenova, Singapore Telecommunications

Europe

Political/Social Events –

·       NATO Foreign Ministers meet in Helsingborg, Sweden through May 22nd.  The agenda will center on increased defense spending, more defense production, and maintaining strong support for Ukraine.  On the sidelines, NATO Secretary General Mark Rutte will meet with Swedish Prime Minister Ulf Kristersson to discuss Nordic defense issues.

·       The Transport Research Arena Conference in Budapest, Hungary.

Economic & Financial Reports/Events –

·       European Central Bank Board Member Frank Elderson gives a lecture at University of Oxford in Oxford, UK.

·       Bank of England External Member of the Monetary Policy Committee Alan Taylor speaks virtually at the MNI Connect event in London.

·       Slovakia Current Account (March)/Unemployment Rate (April)

·       Switzerland Industrial Production Q1

·       France S&P Global Composite PMI Flash (May)/S&P Global Manufacturing PMI Flash (May)/S&P Global Services PMI Flash (May)

·       Germany S&P Global Manufacturing PMI Flash (May)/S&P Global Composite PMI Flash (May)/S&P Global Services PMI Flash (May)

·       Poland Corporate Sector Wages (April)/Employment Growth (April)/Industrial Production (April)/PPI (April)

·       Euro Area S&P Global Composite PMI Flash (May)/S&P Global Manufacturing PMI Flash (May)/S&P Global Services PMI Flash (May)/Current Account (March)/Current Account s.a (March)/Construction Output (March)/Labor Cost Index Flash Q1/Consumer Confidence Flash (May)

·       Italy Current Account (March)

·       Slovenia Consumer Confidence (May)/PPI (April)

·       United Kingdom S&P Global Manufacturing PMI Flash (May)/S&P Global Services PMI Flash (May)/S&P Global Composite PMI Flash (May)/CBI Industrial Trends Orders (May)

·       EARNINGS: BT, Swiss Life, Tate & Lyle, Nationwide Building Society

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 –

·       Egypt Interest Rate Decision/Overnight Lending Rate

Friday, May 22, 2026

Global

·       The UN Security Council will hold a briefing on ICC Libya.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

•       Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the Centre for Central Banking Guest Lecture in Frankfurt, Germany.

•       Argentina Leading Indicator (April)/ Retail Sales (March)

•       Canada CFIB Business Barometer (May)/ Retail Sales Ex Autos (March)/ Retail Sales  (March)/ Retail Sales (April)/ PPI (April)/ Raw Materials Prices (April)/ Senior Loan Officer Survey

•       Mexico Economic Activity (March)/Economic Activity (March)/ GDP Growth Rate Q1/ Mid-month Inflation Rate (May)

•       USA Michigan Consumer Sentiment (May)/ CB Leading Index (April)/ Michigan 5 Year Inflation Expectations (May)/ Michigan Consumer Expectations (May)/ Michigan Current Conditions (May)/ Michigan Inflation Expectations (May)/ Baker Hughes Oil Rig Count (May)/22/ Baker Hughes Total Rigs Count (May/22)

•       Paraguay Interest Rate Decision

•       EARNINGS: Booz Allen, BJ’s Wholesale

Asia

Political/Social Events –

·       APEC Trade Ministers meet in Suzhou, China through May 23rd.

Economic & Financial Reports/Events –

·       South Korea Consumer Confidence (May)

·       New Zealand Retail Sales Q1

·       Japan Inflation Rate (April)/Inflation Rate Ex-Food and Energy (April)

·       Indonesia Current Account Q1/M2 Money Supply (April)

·       Taiwan Unemployment Rate (April)/ M2 Money Supply (April)

·       India Bank Loan Growth (May/15)/ Deposit Growth (May/15)/ Foreign Exchange Reserves (May/15)/ M3 Money Supply (May/15)

Europe

Political/Social Events –

·       The Eurogroup meets in Lefkosia, Cyprus.  Leaders will discuss macroeconomic developments in the Euro area, Euro area competitiveness, and the digital Euro.

·       The 8th EU-Mexico Summit takes place in Mexico City, Mexico.  António Costa, President of the European Council, and Ursula von der Leyen, President of the European Commission, will be meeting Claudia Sheinbaum, President of Mexico.  They will be discussing an EU-Mexico Trade Agreement, and a number of joint cooperative priorities including the fight against organized crime,  climate action and environmental protection, advancing energy security and the energy transition

research and innovation and people-to-people contacts and academic exchanges

·       The EU Foreign Affairs Council (Trade) meets in Brussels.  Ministers will EU trade ministers will receive an update on economic security, with a particular focus on the impact of the conflict in Middle East on trade. The ongoing hostilities in the region have generated significant trade disruptions worldwide, and ministers will address the short- and long-term consequences.

·       There will be an informal meeting of EU Economic and Financial Affairs Ministers in Brussels through May 23.

·       The CIS Heads of Government meeting takes place in Ashgabat, Turkmenistan.

Economic & Financial Reports/Events –

·       European Central Bank Board President Christine Lagarde will speak at a the Eurogroup press conference in Cyprus.

·       European Central Bank Board Member Philip R. Lane gives the opening address at the 2026 Asian Monetary Policy Forum (AMPF) in Singapore.

·       European Central Bank Governing Council Boris Vujcic, Peter Kazimir and Madis Muller speak at a financial literacy roundtable in Ljubljana, Slovenia.

·       Great Britain Gfk Consumer Confidence (May)/ Retail Sales (April)/ Public Sector Net Borrowing Ex Banks (April)/ Retail Sales ex Fuel (April)

·       Ireland Average Weekly Earnings Q1, Wholesale Prices (April)

·       Slovenia Unemployment Rate (March)

·       Euro Area Negotiated Wage Growth Q1/

·       Germany GfK Consumer Confidence JUN/ GDP Growth Rate Q1/ Ifo Business Climate (May)/ Ifo Current Conditions (May)/ Ifo Expectations (May)

·       France Business Confidence (May)/ Business Climate Indicator (May)

·       Poland Business Confidence (May)

·       Greece Current Account (March)/ Current Account (February)

·       Russia M2 Money Supply (April)

·       EARNINGS: Richemont

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Lebanon Inflation Rate (April)

·       Israel Inflation Expectations (May)

·       Turkey Tourist Arrivals (April)/ Foreign Exchange Reserves (May/15), Balance of Trade (April)/ Business Confidence (May)/ Capacity Utilization (May)/ Imports/Exports (April)/ Financial Stability Report

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Ghana PPI (April)

·       Ethiopia Inflation Rate (April)

Saturday, May 23, 2026

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 –

·       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 –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Sunday, May 24, 2026

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 –

·       Cyprus holds parliamentary elections.

·       Italy holds municipal elections.

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 –

·       Guinea holds National Assembly elections.

Economic & Financial Reports/Events –

·       Nothing significant to report.

The Global Week Ahead

The Iran War Expands, G7 Ministers Meet To Discuss Releasing Strategic Petroleum Reserves, US and China Hold Trade Talks in Paris,  and Markets Grapple with Spiking Oil Prices

March 8 - 15, 2026

The conflict in Iran will continue to dominate the geopolitical and geoeconomic landscape in the week ahead.  Oil prices spiked over $100 a barrel over the weekend, surpassing $110 before settling back around the $100-mark early Monday.  The Strait of Hormuz has become gridlocked with oil carriers.

Markets are looking for the “off-ramp” of hostilities between the US, Israel, and Iran but none seem to be materializing as the US/Israeli forces grind away at Iranian military targets and infrastructure (including Israeli attacks on Iranian oil facilities over the weekend).  Iranian missile and drone attacks continue (hitting 14 countries) but have decreased, according to US military sources, by roughly 90% in the last four days.  Yet, Iranian leaders remain defiant, choosing as their new Supreme Leader Mojtaba Khamenei, the son of Supreme Leader Ali Khamenei, who was killed in airstrikes last week. The new Supreme Leader is seen as hardline – perhaps even more so – than his late father.  It is believed his wife and son were killed along with his father. He has vowed to fight on.

With intensifying concern over the spike in oil prices and massive likely economic impact – especially for the European Union and most major Indo-Asian nations (except for China, which has built up an estimated 2-billion-barrel oil reserve), G-7 finance ministers are meeting today (Monday) to discuss a coordinated release of strategic oil reserves. 

Elsewhere this week, Treasury Secretary Scott Bessent is expected to arrive in Paris to meet with Chinese Vice Premier He Lifeng to discuss the agenda for President Trump’s upcoming trip to Beijing (March 31 – April 2) to meet with Chinese President Xi Jinping.  While tariffs are sure to be the primary discussion point between Trump and Xi, it has been noted that so far no US CEO delegation has been arranged – something US corporates are hoping for to secure deals.

Looking at the global economic and financial radar screen, while investors will continued to be laser-focused on the Iran conflict, the US Federal Reserve and the European Central Bank are now going into their quiet-period before their respective rate-setting meetings (the Fed meets on March 17 & 18 and the ECB meets March 19) – meaning, there will be likely little to no commentary from the two central banks on the potential economic impact of the Iran situation.  

In terms of major economic data releases this week, the US will release February CPI on Wednesday and January PCE on Friday.  Also out this week will be the January durable goods orders and the University of Michigan’s March consumer survey on Friday.

In Europe, the UK GDP is out on Friday, and Germany’s industrial production, January factory orders, and trade balance are out on Tuesday.  In the Indo-Pacific, Japan’s February Economy Watchers Survey and China will release February’s inflation report (reflecting the Lunar New Year holidays) on Monday.

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

Sunday, March 8, 2026

 Global

·       Daylight Saving Time begins in the United States with clocks going forward one hour in each state except Hawaii and Arizona, which do not observe daylight saving time.

Americas

Political/Social Events –

·       Colombia holds legislative elections.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       China Chinese People's Political Consultative Conference/ National People’s Congress winds down.

Europe

Political/Social Events –

·       The Commonwealth Foreign Ministers Meeting will be held in London.

·       Switzerland holds a nationwide referendum. Voters will be asked on whether to cap the annual license fee for the Swiss Broadcasting Corporation at 200 francs while exempting other companies from the levy, whether to introduce individual taxation requiring married couples to file separate tax returns, whether to create a federal climate fund, and whether to protect cash in the constitution by guaranteeing that coins and banknotes remain in circulation.

·       Germany will hold state elections in Baden-Wurttemberg.

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 –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Monday, March 9, 2026

Global

·       G7 Finance Ministers and Central Bank Governors are expected to meet virtually to discuss the US/Israel War with Iran and the possible coordinated release of strategic oil reserves.

·       IMF Managing Director Kristalina Georgieva gives the keynote speech at the Japanese Ministry of Finance’s “Future of Global Economy among Fluid International Economic and Monetary Order Symposium” in Tokyo, Japan.

·       The UN Security Council will meet on the situation in Afghanistan.

·       Today is the 250th anniversary of the publication of Adam Smith’s An Inquiry into the Nature and Causes of the Wealth of Nations.

Americas

Political/Social Events –

·       The SpaceX Falcon 9 rocket that will put an EchoStar 25 broadcast communications satellite into geostationary orbit is scheduled to launch from Cape Canaveral in Florida at 11.14 pm local time.

·       The US Senate is in session this week.  The US House of Representatives are out of session this week and will be holding their annual legislative retreat at President Trump’s Doral resort in Doral, Florida.  President Trump will speak to the Caucus.

Economic & Financial Reports/Events –

·       Chile Imports/ Exports/ Balance of Trade (February)

·       Mexico Inflation Rate (February)/ Auto Exports (February)/ Auto Production (February)

·       USA Consumer Inflation Expectations (February)

·       Brazil BCB Focus Market Readout

·       EARNINGS: Hewlett Packard, Korn Ferry

Asia

Political/Social Events –

·       ASEAN Economic ministers will gather in Manila, the Philippines.  The region is struggling to assess and plan  accordingly from the Iran conflict and will focus heavily on the war.  They will also discuss policy proposals to generate growth in ASEAN. 

Economic & Financial Reports/Events –

·       Japan Overtime Pay (January)/ Current Account (January)/ Bank Lending (February)/ Coincident Index (January)/ Eco Watchers Survey Outlook (February)/ Leading Economic Index (January)

·       China Inflation Rate (February)/ PPI (February)/ Chinese People's Political Consultative Conference/ National People’s Congress

·       Indonesia Consumer Confidence (February)

·       Taiwan Imports/ Exports/ Balance of Trade (February)

·       Singapore Foreign Exchange Reserves (February)

·       Pakistan Interest Rate Decision/ Balance of Trade (February)

Europe

Political/Social Events –

·       The Eurogroup meets in Brussels.  Ministers will discuss energy prices and impact on the Euro area economy, the digital finance workstream, macroeconomic development in the Euro area, an assessment of the Belgian draft budgetary plan for 2026 and prepare for the upcoming Euro Summit on March 19 & 20.

·       The EU Employment, Social Policy, Health and Consumer Affairs Council (Social Policy) meets in Brussels.  Ministers will discuss investing in children, Human Capital, quality jobs and AI, and how to break the poverty cycle.

·       In Portugal, José Seguro is sworn in as president.

·       NATO will hold “Cold Response 2026,” a military exercise being held in arctic Norway, running through March 19.

·       The 2nd Nuclear Energy Summit will begin in Paris, France.

·       Commonwealth Day service at Westminster Abbey marking the annual celebration of the Commonwealth of Nations. King Charles and Queen Camilla, and the Prince and Princess of Wales, are expected to attend.

Economic & Financial Reports/Events –

·       European Central Bank Chief Economist Frank Elderson gives remarks at the Network for Greening the Financial System (NGFS) annual plenary meeting hosted by the South African Reserve Bank in Pretoria, South Africa.

·       Germany Factory Orders (January)/ Industrial Production (January)

·       Slovakia Construction Output (January)

·       Switzerland Consumer Confidence (February)

·       Euro Area ECB Elderson Speech/ ECOFIN Meeting

·       Hungary Budget Balance (February)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Saudi Arabia GDP Growth Rate Q4

·       Israel Business Confidence (February)/ Foreign Exchange Reserves (February)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Angola Inflation Rate (February)

Tuesday, March 10, 2026

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       President Trump will host Philippine President Ferdinand Marcos at the White House to discuss bilateral trade and regional security issues.

·       US Presidential Envoy’s Stephen Witkoff and Jared Kushner are expected to travel to Israel for meetings with Prime Minister Benjamin Netanyahu to discuss the Iran situation.

·       Ontario Finance Minister Peter Bethlenfalvy gives his annual pre-budget speech at the Empire Club of Canada.

·       The US Nuclear Regulatory Commission holds its 38th annual Regulatory Information Conference through March 12.

Economic & Financial Reports/Events –

·       USA NFIB Business Optimism Index (February)/ ADP Employment Change Weekly/ Redbook (March/07)/ Existing Home Sales (February)/ API Crude Oil Stock Change (March/06)

·       El Salvador PPI (February)

·       EARNINGS: Domino’s Pizza, Oracle, NioNTech

Asia

Political/Social Events –

·       Philippine President Ferdinand Marcos Jr. visits New York until Wednesday. He will participate in a series of high-level engagements, including an address before a special session of the United Nations' General Assembly.

·       South Korea and the U.S. will hold their annual Freedom Shield military drills, which involve large-scale live defensive training exercises, until March 19. In previous years, regional tensions have sometimes spiked during the exercises, as North Korea condemns them as rehearsal for an invasion, and past military maneuvers have sparked clashes in border areas.

Economic & Financial Reports/Events –

·       South Korea GDP Growth Rate Q4

·       Australia Westpac Consumer Confidence Index (March)/ NAB Business Confidence (February)/ Building Permits (January)/ Private House Approvals (January)

·       Japan Household Spending (January)/ Average Cash Earnings (January)/ GDP Growth Annualized Q4/ GDP Price Index Q4/ Machine Tool Orders (February)

·       China Imports/ Exports/ Balance of Trade (January-February)/ Chinese People's Political Consultative Conference/ National People’s Congress

·       Indonesia Retail Sales (January)

·       Malaysia Industrial Production (January)

·       Kazakhstan PPI (February)

·       EARNINGS: Jardine Matheson

Europe

Political/Social Events –

·       The EU Economic and Financial Affairs Council meets in Brussels. Ministers will discuss savings and investment union, economic governance, and recovery and resilience in the financial sector.

Economic & Financial Reports/Events –

·       ECB Governing Council members Gediminas Simkus and Madis Muller join a roundtable discussion on “Baltic Economic Resilience” at Lietuvos Banks in Vilnius, Lithuania.

·       Great Britain BRC Retail Sales Monitor (February)

·       Ireland Construction PMI (February)

·       Germany Imports/ Exports/ Balance of Trade (January)

·       Turkey Industrial Production (January)

·       Hungary Inflation Rate (February)

·       France Imports/ Exports/ Balance of Trade (January)/ Current Account (January)

·       Slovakia Industrial Production (January)

·       Italy PPI (January)

·       Slovenia Industrial Production (January)

·       Greece Balance of Trade (January)/ Industrial Production (January)/ Inflation Rate (February)

·       Ukraine Inflation Rate (February)

·       Belarus Inflation Rate (February)

·       EARNINGS: Volkswagen, Hugo Boss, Lindt

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Saudi Arabia Industrial Production (January)

·       Israel GDP Growth Annualized 2nd Est Q4

·       EARNINGS: Saudi Aramco

Africa

Political/Social Events –

·       The Africa Forex Trading Expo begins in Nairobi, Kenya and runs through March 11.

·       The  Africa CISO Summit in Nairobi, Kenya begins and runs through March 11.

Economic & Financial Reports/Events –

·       South Africa GDP Growth Rate Q4

·       Egypt Inflation Rate (February)

·       Mozambique Inflation Rate (February)

·       Ethiopia Inflation Rate (February)

·       Tanzania Inflation Rate (February)

Wednesday, March 11, 2026

Global

·       The International Energy Administration’s Monthly Oil Report is released.

·       OPEC releases its monthly report.

·       Today is the 150th anniversary of Alexander Graham Bell speaking for the first time on the telephone. 

Americas

Political/Social Events –

·        Chile's new president, Jose Antonio Kast, will be sworn into office.

·       The Inter-American Development Bank Group Annual meeting takes place in Asuncion.

·       The US Infrastructure Summit takes place in Washington, D.C.  Transportation Secretary Sean Duffy, Energy Secretary Chris Wright and a number of members of Congress will attend.

Economic & Financial Reports/Events –

·       Federal Reserve Vice Chair for Supervision Michelle W. Bowman gives a speech on supervision and regulation at the American Bankers Association Washington Summit, Washington, D.C.

·       USA MBA Mortgage Market Index (March/06)/ MBA Purchase Index (March/06)/ Inflation Rate (February)/ CPI (February)/EIA Crude Oil & Gasoline Stocks Change (March/06)/ Monthly Budget Statement (February)

·       Brazil Retail Sales (January)

·       Peru Balance of Trade (January)

·       EARNINGS: Hill & Smith

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Japan PPI (February)

·       Philippines Foreign Direct Investment (December)

·       Malaysia Unemployment Rate (January)

·       India M3 Money Supply (February/28)

·       China Vehicle Sales (February)/ National People’s Congress

·       Thailand Monetary Policy Meeting Minutes

·       EARNINGS: Cathy Pacific

Europe

Political/Social Events –

·       There will be an informal meeting of EU Defense Ministers in Brussels through March 12th.

Economic & Financial Reports/Events –

·       European Central Bank Vice President Luis de Guindos participates in a  fireside chat at the 32nd Encuentro del Sector Financiero organized by ABC and Deloitte in Madrid, Spain.

·       European Central Bank Board Member Isabel Schnabel gives a guest lecture at the Frankfurt School of Finance and Management Centre for Central Banking in Frankfurt, Germany.

·       Bank of England Deputy Governor Sarah Breeden speaks in a House of Lords Financial Services Regulation Committee hearing on stablecoins.

·       Germany Inflation Rate (February)

·       Romania Retail Sales (January)

·       Turkey Retail Sales (January)

·       Slovakia Balance of Trade (January)

·       Spain Retail Sales (January)

·       Hungary Monetary Policy Meeting Minutes

·       Russia Corporate Profits (December)

·       EARNINGS: Rheinmetall, Legal & General, Kloeckner & Co, London Gatwick Airport

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Israel Consumer Confidence (February)

·       Jordan Inflation Rate (February)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Ghana GDP Growth Rate Q4

Thursday, March 12, 2026

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Federal Vice Chair for Supervision Michelle W. Bowman gives a speech on Basel III and Bank Capital Rules at the Cato Institute in Washington, D.C.

·       Brazil Inflation Rate (February)

·       Canada Imports/ Exports/ Balance of Trade (January)/ Building Permits (January)/ New Motor Vehicle Sales (January)/ Wholesale Sales (January)

·       USA Housing Starts (January)/ Building Permits (January)/ Imports/ Exports/ Balance of Trade (January)/ Goods Trade Balance Adv (January)/ Initial Jobless Claims (March/07)/ EIA Natural Gas Stocks Change (March/06)/15- & 30-Year Mortgage Rate (March/12)/ Fed Balance Sheet (March/11)

·       Argentina Inflation Rate (February)

·       Peru Interest Rate Decision

·       EARNINGS: Adobe, Computacenter, Dollar General

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       New Zealand Manufacturing Sales Q4

·       Japan BSI Large Manufacturing Q1/ Foreign Bond Investment (March/07)/ Stock Investment by Foreigners (March/07)

·       Australia Consumer Inflation Expectations (March)

·       Malaysia Retail Sales (January)

·       India Inflation Rate (February)/ Passenger Vehicles Sales (February)

·       Thailand Consumer Confidence (February)

Europe

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       The European Central Bank enters its quiet period in advance of the March 18 – 19 rate-setting meeting.

·       Bank of England Governor and Financial Stability Board Chair Andrew Bailey gives opening remarks at the Financial Stability Board Payments Summit in London.

·       Bank of England Director Vickey White speaks at the Connect Global Group’s 4th Annual Treasury and Capital markets Forum in London.

·       ECB Governing Council member Francois Villeroy de Galhau speaks on financial stability at Bloomberg’s Future of Finance summit in Paris, France.

·       Great Britain RICS House Price Balance (February)

·       Romania Balance of Trade (January)

·       Turkey Current Account (January)/ TCMB Interest Rate Decision/ Overnight Borrowing Rate (March)/ Overnight Lending Rate (March)/ Foreign Exchange Reserves (March/06)

·       France IEA Oil Market Report

·       Ireland Inflation Rate (February)

·       Serbia Inflation Rate (February)/ Interest Rate Decision

·       EARNINGS: Swiss Re, BMW, TP ICAP, Vivendi, RWE, Savills, Helios Towers

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Israel Imports/ Exports/ Balance of Trade (February)

Africa

Political/Social Events –

·       Mauritius celebrates Independence Day.

·       The Nigeria Solar Forum is being held in Lagos, Nigeria.

·       The PanAfrican Tourism Board hosts a conference in Johannesburg, South Africa running through March 14.

Economic & Financial Reports/Events –

·       South Africa Current Account Q4/ Gold Production (January)/ Mining Production (January)/ Manufacturing Production (January)

·       Angola Interest Rate Decision

Friday, March 13, 2026

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Bolivian President Rodrigo Paz will meet with Brazilian President Luiz Inacio Lula da Silva.

·       Colombian President Gustavo Petro and interim Venezuelan President Delcy Rodriguez plan to meet in the border city of Cucuta, Colombia.

Economic & Financial Reports/Events –

·       Mexico Industrial Production (January)

·       Canada Unemployment Rate (February)/ Employment Change (February)/ Participation Rate (February)/ Average Hourly Wages (February)/ Capacity Utilization Q4/ Manufacturing Sales (January)

·       USA Personal Income (January)/ Personal Spending (January)/ PCE Price Index (January)/ JOLTs Job Openings (January)/ Michigan Current Conditions (March)/ Baker Hughes Oil Rig Count (March/13)

·       Colombia Consumer Confidence (February)

·       Paraguay Balance of Trade (February)

·       EARNINGS: Lennar

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       New Zealand Business NZ PMI (February)/ Visitor Arrivals (January)

·       Philippines Unemployment Rate (January)

·       Singapore Unemployment Rate Q4

·       Hong Kong Industrial Production Q4

·       India Bank Loan Growth (February/28)/ Deposit Growth (February/28)/ Foreign Exchange Reserves (March/06)

·       Indonesia Car Sales (February)

·       Kazakhstan GDP (February)

Europe

Political/Social Events –

·       German Chancellor Friedrich Merz meets with Norwegian Prime Minister Jonas Gahr Støre in North Norway.

Economic & Financial Reports/Events –

·       Germany Wholesale Prices (February)/ Current Account (January)

·       Romania Industrial Production (January)/ Inflation Rate (February)

·       Great Britain GDP (January)/ Goods Trade Balance (January)/ Construction Output (January)/ Balance of Trade (January)/ Industrial Production (January)/ Manufacturing Production (January)/ NIESR Monthly GDP Tracker (February)

·       Hungary Construction Output (January)/ Industrial Production (January)

·       France Inflation Rate (February)

·       Slovakia Inflation Rate (February)

·       Spain Inflation Rate (February)

·       Italy Industrial Production (January)

·       Poland Inflation Rate (February)

·       Euro Area Industrial Production (January)

·       Greece Construction Output Q4

·       Serbia Balance of Trade (January)

·       Russia Balance of Trade (January)/ Inflation Rate (February)

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, March 14, 2026

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 –

·       The U.S. National Energy Dominance Council, a body created by U.S. President Donald Trump to boost American energy production, will co-host the two-day Indo-Pacific Energy Security Ministerial and Business Forum in Tokyo. Nearly a dozen Indo-Pacific countries are expected to attend the event, which will include a behind-closed-doors ministerial meeting.

Economic & Financial Reports/Events –

·       China New Yuan Loans (February)/ M2 Money Supply (February)/ Outstanding Loan Growth (February)/ Total Social Financing (February)

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 –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Sunday, March 15, 2026

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       US Treasury Secretary Scott Bessent meets with Chinese Vice Premier He Lifeng in Paris, France to discuss President Trump’s upcoming trip to China in April.

·       The Academy Awards are held in Los Angeles.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Vietnam holds parliamentary elections.

·       North Korea holds parliamentary elections.

·       Kazakhstan holds a constitutional referendum on whether to approve a new constitution.  The new constitution includes restructuring Parliament, redefining the balance of powers between state institutions, and expanding constitutional guarantees of human, digital, and environmental rights .

Economic & Financial Reports/Events –

·       Nothing significant to report.

Europe

Political/Social Events –

·       Belarus celebrates Constitution Day.

·       France holds regional elections including the first round of mayoral elections.

·       The UK celebrates Mothering Day.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Saudi Arabia Inflation Rate (February)/ Wholesale Prices (February)

·       Israel Inflation Rate (February)

·       Jordan Industrial Production (January)

Africa

Political/Social Events –

·       The Republic of the Congo holds presidential elections.

Economic & Financial Reports/Events –

·       Nothing significant to report.

The Global Week Ahead

US and Danish Officials Meet to Discuss the Future of Greenland, G7 Finance Ministers Meet On Critical Minerals, Iranian Protests Grow More Violent, and It is the Kick-Off of Earnings Season

It is going to be another intense week geopolitically, all with significant market implications.  As markets intensely watch the situation in Venezuela, especially after the lukewarm response from major oil companies on Friday to President Trump’s plea for them to return to Venezuela.  

President Trump is expected to meet with Venezuelan opposition leader Maria Corina Machado this week (the date has not yet been announced).  Machado said she will give Trump her Nobel Peace Prize as a sign of her gratitude for the recent military action against Venezuelan strongman Nicholas Maduro. 

Meanwhile, Secretary of State Marco Rubio announced he will meet with Danish officials and Greenland’s Foreign Minister Vivian Motzfeldt in Greenland to discuss the US's interest in acquiring the autonomous territory. That meeting is expected to be on Tuesday or perhaps Wednesday.  The meeting comes as President Trump says he is considering military action to take Greenland (something Rubio has told members of Congress will not happen).  

Interestingly, a Cold War-era treaty signed in 1951 by the US and Denmark granted the US enormous latitude to massively increase its military presence in Greenland.  We will be watching to see if this becomes the focal point of the Rubio-Motzfeldt meeting.

Meanwhile, in Washington, US Treasury Secretary Scott Bessent is hosting a dinner for G7 finance ministers to discuss critical minerals.  It shows the Trump Administration’s growing focus on ensuring a strong, secure supply chain for the US and its allies.

In Asia, several important events will take place.  First, Canadian Prime Minister Mark Carny is making a state visit to China to meet with President Xi Jinping.  The meeting comes after years of growing tensions between the two nations (recall the Canadian arrest of the Huawei Chief Financial Officer Meng Wanzhu in 2018 and accusations of election meddling in 2024).  Carney is expected to discuss ways to ramp up Canadian oil exports to China and to establish better trade terms between the two countries.  

In Europe, German Chancellor Friedrich Mertz will be traveling to India for trade talks with Indian Prime Minister Narendra Modi.  And in France, all eyes are on court proceedings in Paris as opposition leader Marine Le Pen seeks to overturn her conviction for misuse of EU funds, which resulted in her being banned from running for public office for five years.

But perhaps the biggest event markets are watching globally this week is the ongoing and increasingly violent protests in Iran.  The protests are the result of an increasingly brittle economy and are being held across the country.  In a rare move, the government has called out the Iranian Revolutionary Guard Corps to help suppress the protests – a move which has resulted in hundreds of civilians being killed and having the counter-effect of making the population angrier and more aggressive in the protests.  President Trump has now repeatedly warned the Iranian leadership that the US will strike militarily if the government continues to attack protesters– something Israel has indicated they would join the US in doing.

Looking at the global financial and economic radar screen this week, starting in the US, the big event in the US will be the December US CPI report on Tuesday – the last one ahead of the Federal Reserve's January 28 Open Market Committee meeting to decide interest rates.  Also out this week are the Fed’s Beige Book on Wednesday and the PPI and retail sales figures on Wednesday.

In Europe this week, the data schedule is light.  The UK GDP is out on Thursday.

In Asia, the big event is China’s trade figures on Wednesday, with expectations of a result showing slowing from 6 percent to 4 or 41/2 percent.  Japan releases the Economy Watchers survey, PPI, and the December bank lending survey on Wednesday.  

Finally, earnings season kicks off this week. We will be watching the US bank results closely as JP Morgan, Goldman Sachs, Wells Fargo, and BlackRock all report this week. 

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

Sunday, January 11, 2026

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 –

Myanmar holds the 2nd phase of its parliamentary elections.

Economic & Financial Reports/Events –

·       Nothing significant to report.

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 –

·       Benin holds parliamentary elections – the first since a coup attempt in December.

·       Naval exercises led by China and expected to include vessels from South Africa, Iran, and Russia will be held off the coast of South Africa.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Monday, January 12, 2026

Global

·       The AIAA SciTech Forum 2026, a five-day aerospace R&D conference, begins in Orlando, Florida.

Americas

Political/Social Events –

·       US Secretary of State Marco Rubio meets with German Foreign Minister Johann Wadephul in Washington to discuss transatlantic relations.

·       US Secretary of the Treasury Scott Bessent is hosting a dinner in Washington, DC, of finance ministers from the G7 to discuss critical minerals.

·       Japanese Defense Minister Shinjiro Koizumi will visit the United States through January 18.

Economic & Financial Reports/Events –

·       St. Louis Federal Reserve Bank President Alberto Musalem speaks on the U.S. economy and monetary policy before an MNI webinar.

·       Atlanta Federal Reserve Bank President Raphael Bostic moderates a discussion with the CEO of Intercontinental Exchange.

·       Richmond Federal Reserve Bank President Tom Barkin will speak at the North Carolina Bankers Association Economic Forecast Forum.

·       New York Federal Reserve Bank President John Williams gives keynote before the C. Peter McColough Series on International Economics event organized by the Council on Foreign Relations.

·       USA Quarterly Grain Stocks – Corn & Soy & Wheat (December)

·       Uruguay Industrial Production (November)

·       Brazil BCB Focus Market Readout

Asia

Political/Social Events –

·       Philippine President Ferdinand Marcos Jr. is traveling to the United Arab Emirates for a working visit. He's expected to attend the signing of a landmark trade deal, marking Manila's first such pact with a Middle Eastern nation.

·       Japanese Prime Minister Sanae Takaichi will host South Korean President Lee Jae Myung for a summit in the ancient Japanese city of Nara. The talks will focus on economic and cultural cooperation and mark a continuation of diplomatic engagement by the historical rivals.

·       Today is Coming of Age Day in Japan, a public holiday. Financial markets are closed.

Economic & Financial Reports/Events –

·       Australia ANZ-Indeed Job Ads (December)/ Household Spending (November)

·       Philippines Foreign Direct Investment (October)

·       Indonesia Retail Sales (November)

·       India Inflation Rate (December)

Europe

Political/Social Events –

·       German Chancellor Friedrich Merz is on a two-day visit, including a meeting with Indian Prime Minister Narendra Modi in Ahmedabad. The tour will take place in Bengaluru, where Merz will meet German companies.

·       European Commission President Ursula von der Leyen will travel to Asuncion, Paraguay, to sign the EU-Mercosur free trade agreement.

·       EU Commissioner Valdis Dombrovskis participates in Critical Minerals Finance Ministerial dinner hosted by Treasury Secretary Scott Bessent in Washington, D.C.

·       NATO Secretary General, Mark Rutte, will visit Zagreb, Croatia, where he will have bilateral meetings with the President, Zoran Milanović, the Prime Minister, Andrej Plenković, and the Speaker of Parliament, Gordan Jandroković.

Economic & Financial Reports/Events –

·       Bank of England Governor Andrew Bailey takes part in a meeting of the Bellagio Group 2026 at the Bank’s London headquarters, hosted by Clare Lombardelli, deputy governor, monetary policy.

·       European Central Bank Vice President Luis de Guindos participates in a fireside chat during a presentation of the euro yearbook 2025 at Instituto Español de Analistas in Madrid, Spain.

·       Romania Balance of Trade (November)

·       Hungary Industrial Production (November)

·       Switzerland Consumer Confidence (December)

·       Serbia Inflation Rate (December)/ Interest Rate Decision

·       Germany Current Account (November)/ Bundesbank Balz Speech

Middle East

Political/Social Events –

·       Iran is supposed to be hosting the International AI Fair in Tehran, but it has been cancelled due to internal national protests.

Economic & Financial Reports/Events –

·       Saudi Arabia Industrial Production (November)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Tuesday, January 13, 2026 

Global

·       The UN Security Council is scheduled to hold a TCC meeting on the United Nations Peacekeeping Force in Cyprus (UNFICYP).

·       The World Health Organization (WHO) will launch two new reports calling for new taxes on sugary drinks and alcoholic beverages.

Americas

Political/Social Events –

·       US Secretary of State Marco Rubio is expected to travel to Greenland to meet with Danish officials over the issue of the US taking over Greenland.

·       Canadian Prime Minister Mark Carney travels to Beijing, the first visit by a Canadian premier since 2017, meeting Chinese President Xi Jinping to discuss trade, energy, agriculture, and security.

Economic & Financial Reports/Events –

· Richmond Federal Reserve Bank President Tom Barkin will speak at the CFA Society, Washington, DC.

·       St. Louis Federal Reserve Bank President Alberto Musalem participates  (again) in moderated discussion on the U.S. economy and monetary policy before an MNI webinar.

·       USA NFIB Business Optimism Index (December)/ ADP Employment Change Weekly/ Inflation Rate (December)/ CPI (December)/ Redbook (January/10)/ New Home Sales (September & October)/ RCM/TIPP Economic Optimism Index (January)/Monthly Budget Statement (December)/ API Crude Oil Stock Change (January/09)                 

·       Canada Building Permits (November)

·       Argentina Inflation Rate (December)

·       El Salvador PPI (December)

·       Paraguay Inflation Rate (December)

·       EARNINGS: Bank of New York Mellon, Delta Air Lines,  JPMorgan Chase 

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       New Zealand NZIER Business Confidence Q4/ NZIER Capacity Utilization Q4

·       Australia Westpac Consumer Confidence Change (January)

·       Japan Current Account (November)/ Bank Lending (December)/ Eco Watchers Survey Current & Outlook (December)

·       China Vehicle Sales (December)

·       India RBI Market Borrowing Auctions

Europe

Political/Social Events –

·       In Paris, the Court of Appeal begins the appeal trial for French far-right leader Marine Le Pen over the misuse of EU funds.

Economic & Financial Reports/Events –

·       Great Britain BRC Retail Sales Monitor (December)

·       Ireland Construction PMI (December)/ Retail Sales (November)

·       Turkey Current Account (November)/ Retail Sales (November)/ Auto Production (December)/ Auto Sales (December)

·       Hungary Inflation Rate (December)

·       France Budget Balance (November)

·       Slovakia Construction Output (November)

·       Greece Inflation Rate (December)

·       Poland Balance of Trade (November)/ Current Account (November)

·       Russia Vehicle Sales (December)

·       Belarus Inflation Rate (December)

Middle East

Political/Social Events –

·       The World Future Energy Summit is set to begin in Abu Dhabi.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Wednesday, January 14, 2026

Global

·       The OPEC Monthly Oil Market Report is released.

·       The UN  Security Council is scheduled to hold a vote linked to the maintenance of international peace and security. In the afternoon, the Security Council is scheduled to hold a briefing on the Middle East, followed by consultations on the Middle East (Yemen). 

·       The UN’s International Labour Organization (ILO) will release its Employment and Social Trends 2026 report, offering new insights into the current state and future prospects of global labor markets. 

·       Today is New Year’s in the Orthodox faith.

Americas

Political/Social Events –

·       The U.S. Supreme Court is expected to issue its next rulings on January 14 as several major cases remain pending, including the legality of President Donald Trump’s sweeping global tariffs.  The decision was expected last Friday but now appears set for today.

Economic & Financial Reports/Events –

·       Federal Reserve Bank of Philadelphia President Anna Paulson speaks on the economic outlook before the Chamber of Commerce for Greater Philadelphia State of the Economy event.

·       Federal Reserve Board Governor Stephen I. Miran gives a speech entitled “Regulations, the Supply Side, and Monetary Policy” at the Delphi Economic Forum Lecture, Athens, Greece.

·       Minneapolis Federal Reserve Bank President Neel Kashkari participates in virtual town hall conversation hosted by the Wisconsin Bankers Association.

·       Atlanta Federal Reserve Bank President Raphael Bostic participates in moderated discussion on the economy as part of the Atlanta Business Chronicle 2026 Economic Outlook event.

·       New York Federal Reserve Bank President John Williams gives opening remarks before “An Economy That Works for All: Financial Inclusion" event organized by the Federal Reserve Bank of New York.

·       USA MBA Mortgage Market Index (January/09)/ MBA Purchase Index (January/09)/ PPI (October & November)/ Current Account Q3/ Retail Sales Control Group (November)/ Retail Sales (November)/ Existing Home Sales (December)/ Business Inventories (October)/ EIA Crude Oil & Gasoline Stocks Change (January/09)/Fed Beige Book

·       Colombia Consumer Confidence (December)

·       EARNINGS: Bank of America, Citigroup, Wells Fargo

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       South Korea Import Prices (December)/ Export Prices (December)

·       New Zealand Building Permits (November)

·       Australia Building Permits (November)/ Private House Approvals (November)

·       China Imports/ Exports/ Balance of Trade (December)/ Balance of Trade Yuan (December)/ New Yuan Loans (December)/ M2 Money Supply (December)/ Outstanding Loan Growth (December)/ Total Social Financing (December)

·       Japan Machine Tool Orders (December)/ Reuters Tankan Index (January)

·       India WPI Food Index (December)/ WPI Fuel (December)/ WPI Inflation (December)/ WPI Manufacturing (December)/ Passenger Vehicles Sales (December)

Europe

Political/Social Events –

·       Italian Prime Minister Giorgia Meloni visits Oman.

Economic & Financial Reports/Events –

·       European Central Bank Board Vice President Luis de Guindos gives a  speech at the Spain Investors Day 2026 in Madrid, Spain.

·       Bank of England Deputy Governor for Markets and Banking Dave Ramsden gives a speech at Kings College London on “The Evolution of Resolution.”

·       Alan Taylor, external member of the Bank of England’s Monetary Policy Committee, will speak at the National University of Singapore. Meanwhile, deputy governor, markets and banking, Dave Ramsden will speak at King’s College London.

·       Romania Inflation Rate (December)/ Current Account (November)

·       Hungary Construction Output (November)/ Monetary Policy Meeting Minutes

·       Great Britain BoE Taylor Speech/ BoE Ramsden Speech

·       Poland Interest Rate Decision

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Israel Consumer Confidence (December)

·       Jordan Industrial Production (November)

Africa

Political/Social Events –

·       The African Union Heads of State Meeting takes place in Addis Ababa, Ethiopia.

Economic & Financial Reports/Events –

·       Angola Interest Rate Decision

Thursday, January 15, 2026

Global

·       Today is the 25th anniversary of the launch of Wikipedia.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

§  Federal Reserve Board Governor Michael Barr speaks on a panel discussing stablecoins after the GENIUS Act at the Wharton Future of Finance Forum in Washington.

§  Atlanta Federal Reserve Bank President Raphael Bostic speaks on the economic outlook before the Metro Atlanta Chamber Board of Directors meeting.

§  Richmond Federal Reserve Bank President Tom Barkin will speak at the Virginia Bankers Association/Virginia Chamber Financial Forecast.

§  Kansas City Fed President Jeff Schmid speaks on the economy and monetary policy.

·       Brazil Retail Sales (November)/ Car Production (December)/ New Car Registrations (December)

·       Mexico Gross Fixed Investment (October)

·       Canada Manufacturing Sales (November)/ New Motor Vehicle Sales (November)/ Wholesale Sales (November)

·       USA Export Prices (November)/ Import Prices (November)/ Initial Jobless Claims (January/10)/ NY Empire State Manufacturing Index (January)/ Philadelphia Fed Manufacturing Index (January)/ Continuing Jobless Claims (January/03)/ Philly Fed CAPEX Index (January)/EIA Natural Gas Stocks Change/ 15- & 30-Year Mortgage Rate (January/15)/ Net Long-term TIC Flows (November)/ Foreign Bond Investment (November)/ Overall Net Capital Flows (November)/ Fed Balance Sheet (January/14)/ Import Prices (October)/ Export Prices (October)

·       Peru GDP Growth Rate (November)/ Unemployment Rate (December)/ Balance of Trade (November)

·       EARNINGS: BlackRock,  Goldman Sachs,  Morgan Stanley, Taiwan Semiconductor Manufacturing Co. 

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Japan Foreign Bond Investment (January/10)/ PPI (December)/ Stock Investment by Foreigners (January/10)/ BoJ JGB Purchase

·       Australia Consumer Inflation Expectations (January)

·       South Korea Interest Rate Decision

·       India Imports/ Exports/ Balance of Trade (December)/ Unemployment Rate (December)

·       Philippines Cash Remittances (November)

·       Indonesia Loan Growth (December)

·       Kazakhstan GDP (December)/ Industrial Production (December)

Europe

Political/Social Events –

·       The European Parliament’s Security and Defence Committee will take stock of the EU’s defense partnerships, including with the UK, Canada, Norway, South Korea, Japan, Moldova, Albania, North Macedonia, the US and Ukraine. It will adopt recommendations on how to align these relationships with the broader objectives of building a strong EU defense policy. MEPs are also expected to address relations with NATO.

Economic & Financial Reports/Events –

·       European Central Bank Board Vice President Luis de Guindos participates in an Exchange of Views on the outcomes of the ECB High-Level Task Force on Simplification at the ECON Hearing before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels, Belgium.

·       Great Britian RICS House Price Balance (December)/ GDP (November)/ Goods Trade Balance (November)/ Industrial Production (November)/ Manufacturing Production (November)/ Balance of Trade (November)/ Construction Output (November)/ NIESR Monthly GDP Tracker (December)

·       Germany Wholesale Prices (December)/ Full Year GDP Growth 2025

·       Romania Industrial Production (November)

·       Hungary Industrial Production (November)

·       France Inflation Rate (December)

·       Slovakia Inflation Rate (December)

·       Spain Inflation Rate (December)

·       Turkey Budget Balance (December)/ Foreign Exchange Reserves (January/09)

·       Euro Area ECB Economic Bulletin/ Balance of Trade (November)/ Industrial Production (November)

·       Italy Industrial Production (November)/ Balance of Trade (November)

·       Poland Inflation Rate (December)

·       Serbia Current Account (November)/ Building Permits (November)

·       Ireland Balance of Trade (November)/ Inflation Rate (December)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Saudi Arabia Inflation Rate (December)/ Wholesale Prices (December)

·       Israel Inflation Rate (December)

Africa

Political/Social Events –

·       Uganda holds presidential and parliamentary elections.

Economic & Financial Reports/Events –

·       Angola Wholesale Prices (November)

·       Nigeria Food Inflation (December)/ Inflation Rate (December)

Friday, January 16, 2026

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       A federal court hearing will be held for Tyler Robinson, charged with murder in the shooting death of Charlie Kirk.

Economic & Financial Reports/Events –

·       Federal Reserve Vice Chair for Monetary Policy Philip Jefferson speaks at the AIER Monetary Conference in Boca Raton, Florida.

·       Federal Reserve Board Vice Chair for Supervision Vice Chair for Supervision Michelle W. Bowman gives a speech at the Outlook ’26 New England Economic Forum, Foxborough, Mass.

·       Brazil IBC-BR Economic Activity (November)/ PPI (November)/ Business Confidence (January)

·       Canada Foreign Securities Purchases (November)/ Housing Starts (December)

·       USA NY Fed Services Activity Index (January)/ Capacity Utilization (December)/ Industrial Production (December)/ Manufacturing Production (December)/ Baker Hughes Total Rigs Count (January/16)/ NAHB Housing Market Index (January)

·       Paraguay Consumer Confidence (December)

·       Earnings:  M & T Bank, PNC Financial Services,  Regions Financial, Reliance Industries, State Street

Asia

Political/Social Events –

·       A South Korean court will render its verdict on former President Yoon Suk Yeol on charges of obstruction of justice following his failed attempt to declare martial law in late 2024.

Economic & Financial Reports/Events –

·       New Zealand Business NZ PMI (December)/ Food Inflation (December)

·       South Korea Unemployment Rate (December)

·       Singapore Non-Oil Exports (December)/ Balance of Trade (December)

·       Malaysia GDP Growth Rate Q4

·       India Foreign Exchange Reserves (January/09)

·       Sri Lanka Manufacturing PMI (December)/ Services PMI (December) 

Europe

Political/Social Events –

·       Italian Prime Minister Giorgia Meloni is set to visit Japan and hold a summit with Prime Minister Sanae Takaichi for the first time.  Meloni will then head to South Korea on Saturday for a meeting with President Lee Jae Myung, marking the first state visit to the country by an Italian leader in 19 years.

Economic & Financial Reports/Events –

·       Germany Inflation Rate (December)

·       Italy Inflation Rate (December)

·       Poland Inflation Rate (December)

·       Russia Foreign Exchange Reserves (December)/ Inflation Rate (December)

·       Belarus Industrial Production (December)

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, January 17, 2026 

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 –

·       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 –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Sunday, January 18, 2026

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Canadian Prime Minister Mark Carney will travel to Qatar to meet with leaders to discuss bilateral investments.

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 –

·       Portugal holds its presidential election. he president is elected for a five-year term with a two-term limit, has the discretionary power to dissolve parliament and presides over the consultative Council of State.

Economic & Financial Reports/Events –

·        Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Israel GDP Growth Annualized 3rd Est Q3

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

The Global Week Ahead

Europe Steps Up Efforts For a Ukraine Peace Deal, Russian President Putin Holds His Annual Call-In Show, Chile Holds Its Presidential Election Runoff, and EU,  and Major Central Banks Meet on Interest Rates

December 14 - 21, 2025

The Christmas and New Year holidays are just around the corner but the geopolitical calendar remains quite busy, especially with regard to all things Ukraine This week, European Union leaders will gather in Brussels for a European Council meeting to discuss the latest efforts to reach a peace deal in Ukraine, while also seeking a solution to Ukraine’s urgent funding needs in 2026 and beyond.  

That meeting is on December 18 & 19, and after a new, more urgent meeting on Monday in Berlin, called by German Chancellor Friedrich Merz and featuring Ukrainian President Volodymyr Zelensky and numerous European heads of state, and potentially US special envoys Jared Kushner and Steve Witkoff. 

In advance of Monday's meeting, President Zelensky has said he is ready to drop his demand for NATO membership in exchange for security guarantees from the US and Europe.  We will be watching for what Russian President Vladimir Putin might say a possible peace deal during his annual televised event  Friday.  That event blends his annual press conference with a nationwide call-in show where he supposedly takes unscripted questions from Russian citizens.

Also this week, Chile holds its presidential election runoff on Sunday.  Conservative candidate Jose Antonio Kast is expected to win against left-wing candidate Jeannette Jara, who is seeking to replace her political ally, current President Gabriel Boric.  While votes are still being counted, it appears Kast has won almost 60 percent of the vote.

Looking at the global economic and financial markets outlook, it is a big week for central bank meetings.  The European Central Bank, the Bank of Japan, the Bank of England, and the Bank of Norway are all meeting to decide on interest rates.

Looking at major economic reports coming out this week, the US delayed jobs and inflation figures from November are finally being released.  Also out in the US this week will be October retail sales figures. And Canada releases consumer inflation numbers on Monday.

Looking to Asia, China will release retail sales and industrial production figures on Monday.  The Bank of Japan’s quarterly Tankan survey of business is out on Monday, and the November CPI figures are on Friday. 

And turning to Europe, the UK releases labor market figures on Tuesday and inflation numbers on Wednesday.  Germany releases the Ifo survey on Wednesday and consumer confidence numbers on Friday. 

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

Sunday, December 14, 2025

Global

·       The Jewish holiday of Hanukkah, the Festival of Lights, begins tonight.

Americas

Political/Social Events –

·       Chile holds the second round of presidential elections between conservative Jose Antonio Kast and liberal Jeannette Jara.  Kast is expected to win.

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 –

·       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 –

·       Israel Current Account Q3

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Monday, December 15, 2025

Global

·       The OECD is expected to publish its G20 GDP Growth Report.

·       The UN Security Council will hold an open debate on Maintenance of international peace and security: Leadership for Peace. 

Americas

Political/Social Events –

·       President Trump’s new requirement that all H1B and H4 visa applicants make their social media profiles available for review goes into effect.

Economic & Financial Reports/Events –

·       Federal Reserve Board Governor Stephen I. Miran will give a speech on the inflation outlook at Columbia University, New York, New York.

· New York Federal Reserve Bank President John Williams participates in an economic growth discussion before an event organized by the New Jersey Bankers Association.

·       Brazil BC-BR Economic Activity (October)/ BCB Focus Market Readout

·       Canada Housing Starts (November)/ Inflation Rate (November)/ CPI Median (November)/ Manufacturing Sales (October)

·       USA NY Empire State Manufacturing Index (December)/NAHB Housing Market Index (December)/ NOPA Crush Report

·       Colombia Industrial Production (October)/ Retail Sales (October)

·       Paraguay Consumer Confidence (November)

·       Uruguay GDP Growth Rate Q3

·       Peru GDP Growth Rate (October)/ Unemployment Rate (November)

Asia

Political/Social Events –

·       Hong Kong’s High Court is scheduled to deliver its verdict on the national security case against media executive Jimmy Lai.  He is facing the prospect of life in prison.

Economic & Financial Reports/Events –

·       The Reserve Bank of Australia’s head of financial stability, Andrea Brischetto, speaks at the Sydney Banking and Financial Stability Conference, which runs through December 16.

·       New Zealand Composite & Services NZ PCI (November)

·       Japan Tankan Large Manufacturers Index Q4/ Tankan Small Manufacturers Index Q4/ Tertiary Industry Index (October)

·       China House Price Index (November)/ Industrial Production (November)/ Retail Sales (November)/ Fixed Asset Investment (YTD) (November)/ Unemployment Rate (November)/ FDI (YTD) (November)

·       India WPI Food Index (November)/ WPI Fuel (November)/ WPI Manufacturing (November)/ WPI Inflation (November)/ Unemployment Rate (November)/ Imports/ Exports/ Balance of Trade (November)

·       Hong Kong Industrial Production Q3

·       Pakistan Interest Rate Decision

·       Kazakhstan Industrial Production (November)/ GDP (November)

·       Sri Lanka Services & Manufacturing PMI (November)

Europe

Political/Social Events –

·       German Chancellor Friedrich Merz is convening a meeting in Berlin, Germany of European, NATO, and US leaders to discuss advancements to the Ukraine peace process.

·       The EU Foreign Affairs Council meets in Brussels.  Ministers will discuss the situation in Ukraine and the latest updates on the peace talks.

·       The EU Transport, Telecommunications, and Energy Council (Energy) meets in Brussels.

·       The EU-Angola Ministerial Meeting begins in Brussels.

·       The EU-Lebanon Association Council meets in Brussels.

Economic & Financial Reports/Events –

·       Germany Wholesale Prices (November)

·       Romania Industrial Production (October)/ Current Account (October)

·       Switzerland SECO Economic Forecasts/ Producer & Import Prices (November)             

·       Slovakia Inflation Rate (November)

·       Turkey Budget Balance (November)/ Auto Production (November)

·       Poland Inflation Rate (November)/ Balance of Trade (October)/ Current Account (October)

·       Euro Area Industrial Production (October)

·       Greece Construction Output Q3

·       Serbia Building Permits (October)

·       Ukraine Balance of Trade (September & October)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Israel Unemployment Rate (November)/ Inflation Rate (November)

·       Saudi Arabia Inflation Rate (November)/ Wholesale Prices (November)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Angola Foreign Exchange Reserves (November)/ M3 Money Supply (November)

·       Nigeria Food Inflation (November)/ Inflation Rate (November)

Tuesday, December 16, 2025

Global

·       The World Trade Organization’s (WTO) General Council meeting begins in Geneva, Switzerland.

·       The UN Security Council will hold a briefing on the Middle East, followed by consultations (on the 2334 resolution).

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Bank of Canada Governor Tiff Macklem speaks at the Chamber of Commerce of Metropolitan Montreal event in Quebec.

·       Brazil BCB Copom Meeting Minutes

·       USA ADP Employment Change Weekly/ Non-Farm Payrolls (October & November)/ Unemployment Rate (November)/ Average Hourly Earnings (October & November)/ Government Payrolls (October & November)/ Manufacturing Payrolls (October & November)/ Participation Rate (November)/ NY Fed Services Activity Index (December)/ Retail Sales (November)/ Participation Rate (November)/ U-6 Unemployment Rate (November)/ Redbook (December/13)/ S&P Global Manufacturing/ Composite/ Services PMI Flash (December)/ Business Inventories (September)/ API Crude Oil Stock Change (December/12)/ Building Permits (September & October)/ Housing Starts (September, October, & November)/ International Monetary Market (IMM) Date

·       Argentina GDP Growth Rate Q3

·       Chile Interest Rate Decision

Asia

Political/Social Events –

·       Bangladesh celebrates Victory Day, marking independence from Pakistan in 1971.

·       Today is Kazakhstan Independence Day, a national holiday.

Economic & Financial Reports/Events –

·       Reserve Bank of Australia Assistant Governor Brad Jones speaks at the AusPayNet Summit in Sydney.

·       New Zealand Food Inflation (November)/ Half Year Economic and Fiscal Update          / Credit Card Spending (November)/ Global Dairy Trade Price Index (December/16)

·       Australia S&P Global Manufacturing/ Composite/ Services PMI Flash (December)/ Westpac Consumer Confidence Index (December)     

·       Japan S&P Global Manufacturing/ Composite/ Services PMI Flash (December)

·       Singapore           Non-Oil Exports (November)/ Balance of Trade (November)

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

·       Philippines Business Confidence Q4/ Cash Remittances (October)

·       Hong Kong Unemployment Rate (November)

Europe

Political/Social Events –

·       The EU Parliament is scheduled to vote on the compromise EU-Mercosur Agreement package.  However, France has thrown a last-minute wrench into the schedule, asking for a delay in the vote, which may sink the entire deal.

·       The 24th Accession Conference with Montenegro begins in Brussels.

·       The EU Environment Council meets in Brussels.

·       The EU General Affairs Council meets in Brussels.

·       The European Commission is likely to announce it will soften the bloc’s emissions targets after mounting pressure from automakers.

Economic & Financial Reports/Events –

·       European Central Bank Board Member Pedro Machado gives a keynote speech at the 7th BdP biannual Forum on Regulatory & European affairs B20 in Lisbon, Portugal.

·       European Central Bank Governing Council member Francois Villeroy de Galhau speaks at a green finance research event in Paris, France.

·       Great Britain Unemployment Rate (October)/ Claimant Count Change (November)/ HMRC Payrolls Change (November)/ S&P Global Manufacturing/ Composite/ Services PMI Flash (December)

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

·       Germany HCOB Manufacturing/ Composite/ Services PMI Flash (December)/ ZEW Economic Sentiment Index (December)/ ZEW Current Conditions (December)

·       Euro Area HCOB Manufacturing/ Composite/ Services PMI Flash (December)/ Balance of Trade (October)/ ZEW Economic Sentiment Index (December)/ ECB Machado Speech

·       Italy Inflation Rate (November)/ Balance of Trade (October)

·       Belarus Industrial Production (November)

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

·       Poland Core Inflation Rate (November)

Middle East

Political/Social Events –

·       Today is Bahrain National Day, a national holiday.

Economic & Financial Reports/Events –

·       Israel GDP Growth Annualized 2nd Est Q3

Africa

Political/Social Events –

·       South Africa celebrates the Day of Reconciliation, a national holiday. Financial markets are closed..

Economic & Financial Reports/Events –

·       Nothing significant to report.

Wednesday, December 17, 2025

Global

·       The UN Security Council will hold a meeting on the Middle East (Yemen) followed by consultations – the Secretary-General is expected to deliver remarks. In the afternoon, the Council will hold a briefing on 2745 sanctions. Also in the afternoon, the Council will hold a briefing on SC subsidiary organs.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       New York Federal Reserve Bank President John Williams speaks at the Federal Reserve Bank of New York’s FX Market Structure Conference in New York.

·       Atlanta Federal Reserve Bank President Raphael Bostic participates in a discussion on the economic outlook before the Gwinnett County Chamber of Commerce.

·       Federal Reserve Board Governor Christopher J. Waller will give a speech on the economic outlook at the Yale University CEO Summit, New York, New York.

·       Chile Monetary Policy Meeting Minutes

·       USA MBA Mortgage Market Index (December)/ MBA Purchase Index (December/12)/ EIA Crude Oil & Gasoline Stocks Change (December)/ Retail Sales (November)/ Business Inventories (October)

·       Canada Foreign Securities Purchases (October)

·       Colombia Consumer Confidence (November)

·       Argentina Leading Indicator (November)

Asia

Political/Social Events –

·       Semicon Japan begins in in Tokyo.  The even brings together more than 1,200 tech companies and organizations to show off the latest advancements in technology and AI.

Economic & Financial Reports/Events –

·       New Zealand Westpac Consumer Confidence Q4/ Current Account Q3

·       Japan Machinery Orders (October)/ Imports/ Exports/ Balance of Trade (November)

·       Australia Westpac Leading Index (November)

·       Indonesia Interest Rate Decision/ Deposit Facility Rate (December)/ Lending Facility Rate (December)

·       Sri Lanka GDP Growth Rate Q3

Europe

Political/Social Events –

·       The EU-Western Balkans Summit begins in Brussels.

Economic & Financial Reports/Events –

·       Great Britain Inflation Rate (November)/ PPI Input (November)/ PPI Output (November)/ Retail Price Index (November)/ CBI Industrial Trends Orders (December)

·       Slovakia Harmonized Inflation Rate (November)         

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

·       Poland Consumer Confidence (December)

·       Euro Area CPI Final (November)/ Inflation Rate (November)/ Labour Cost Index Q3/ Wage Growth Q3

·       Ireland Balance of Trade (October)/ Residential Property Prices (October)

·       Switzerland SNB Quarterly Bulletin

·       Belarus GDP (November)

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 (October)/ Inflation Rate (November)

Thursday, December 18, 2025 

Global

·       The UN Security Council will hold a briefing on the Middle East (Syria) followed by consultations. In the afternoon, the Council will hold a briefing on the United Nations Office for West Africa and the Sahel (ONWAS), followed by consultations. In the afternoon, the Council will vote on draft resolutions to renew mandates of -UNDOF -MONUSCO – AUSSOM – CTE.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Canada CFIB Business Barometer (December)/ Average Weekly Earnings (October)

·       Mexico Retail Sales (October)/ Interest Rate Decision

·       USA Inflation Rate (November)/ CPI (November)/ Initial Jobless Claims (December/13)/ Philadelphia Fed Manufacturing Index (December)/ Philly Fed CAPEX Index (December)/ Philly Fed Employment (December)/ Philly Fed New Orders (December)/ EIA Natural Gas Stocks Change (December/12)/ Kansas Fed Composite Index (December)/ Kansas Fed Manufacturing Index (December)/ 15- & 30-Year Mortgage Rate (December/18)/ Net Long-term TIC Flows (October)/ Foreign Bond Investment (October)/ Fed Balance Sheet (December/17)/ CB Leading Index (October & November)

·       Colombia ISE Economic Activity (October)

·       Uruguay Unemployment Rate (November)

·       Argentina Balance of Trade (November)/ Unemployment Rate Q3

Asia

Political/Social Events –

·       The Hainan Free Trade Port opens, making it the largest free trade zone in China.

Economic & Financial Reports/Events –

·       New Zealand GDP Growth Rate Q3

·       Japan Foreign Bond Investment (December/13)/ Stock Investment by Foreigners (December/13)

·       Australia Consumer Inflation Expectations (December)        

·       Indonesia Loan Growth (November)

·       Taiwan M2 Money Supply (November)/ Interest Rate Decision

Europe

Political/Social Events –

·       The European Council meets in Brussels through December 19.  EU national leaders will discuss the situation in Ukraine, Gaza, the next Multiannual Financial Framework, and next steps on EU enlargement.

Economic & Financial Reports/Events –

·       European Central Bank Meets to decide on Interest Rates; ECB Press Conference

·       The Bank of England meets to make an Interest Rate Decision and releases Meeting Minutes.

·       European Central Bank Board Member Claudia Buch participates on a panel discussion at DIW conference "Fiscal Policy, Debt, and Inequality" in Berlin, Germany.

·       UK British Retail Consortium December Consumer Sentiment Monitor

·       Switzerland Balance of Trade (November)

·       France Business Confidence (December)/ Business Climate Indicator (December)

·       Poland Corporate Sector Wages (November)/ Employment Growth (November)/ Industrial Production (November)/ PPI (November)

·       Euro Area Construction Output (October)

·       Serbia Current Account (October)

·       Turkey MPC Meeting Summary/ Foreign Exchange Reserves (December/12)

·       Russia PPI (November)

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 PPI (November)

Friday, December 19, 2025

Global

·       The UN Security Council will hold a briefing on the United Nations Support Mission in Libya (UNSMIL), Libya sanctions. This will be followed by consultations.

Americas

Political/Social Events –

·       Today is the deadline for the Department of Justice to release the files related to its investigation of Jeffrey Epstein, after Congress passed a bill compelling its release.

·       The US Congress is scheduled to break for its Christmas recess.

Economic & Financial Reports/Events –

·       Brazil FGV Consumer Confidence (December)/ Current Account (November)/ Foreign Direct Investment (November)

·       Mexico Aggregate Demand Q3/ Private Spending Q3

·       Canada New Housing Price Index (November)/ Retail Sales (October)

·       Argentina           Consumer Confidence (December)/ Retail Sales (October)

·       USA Existing Home Sales (November)/ Michigan Current Conditions Final/ Baker Hughes Total Rigs Count (December/19)

·       Costa Rica Unemployment Rate Q3

·       Colombia Interest Rate Decision

·       El Salvador Balance of Trade (November)/ GDP Growth Rate Q3

Asia

Political/Social Events –

·       The Japan-Central Asia Summit begins in Tokyo.  It is the first-ever summit of leaders from Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Turkmenistan with Japanese leadership and is aimed at improving greater trade among all the nations.

Economic & Financial Reports/Events –

·       The Bank of Japan meets on Interest rates.

·       New Zealand Imports/ Exports/ Balance of Trade (November)/ ANZ Business Confidence (December)

·       Japan Inflation Rate (November

·       Australia Housing Credit (November)/ Private Sector Credit (November)/ Commodity Prices (December)

·       Sri Lanka Tourist Arrivals (November)

·       Malaysia Imports/ Exports/ Balance of Trade (November)

·       India Monetary Policy Meeting Minutes/ Foreign Exchange Reserves (December/12)

·       Indonesia Car Sales (November)

Europe

Political/Social Events –

·       Russian President Vladimir Putin to hold a televised event that blends his annual press conference with a nationwide call-in show.

Economic & Financial Reports/Events –

·       European Central Bank Board Member Piero Cipollone gives opening remarks at a roundtable discussion organized by the Aspen Institute Italia in Rome, Italy.

·       European Central Bank Board Economist Philip R. Lane gives a lecture at the Economics Winter Workshop organized by the Central Bank of Ireland in Dublin, Ireland.

·       Germany GfK Consumer Confidence JAN/ PPI (November)

·       Turkey Consumer Confidence (December)

·       Great Britain Retail Sales (November)/ Public Sector Net Borrowing Ex Banks (November)/ CBI Distributive Trades (December)

·       Hungary Gross Wage (October)

·       France PPI (November)

·       Switzerland Current Account Q3

·       Euro Area ECB Wage Tracker Q4/ Current Account (October)/ ECB Cipollone Speech/ Consumer Confidence Flash (December)/ ECB Lane Speech

·       Italy Business Confidence (December)/ Current Account (October)/ Industrial Sales (October)/ Construction Output (October)

·       Slovenia Consumer Confidence (December)/ PPI (November)

·       Russia Interest Rate Decision/ CBR Press Conference/ Consumer Confidence Q4

·       Slovakia Current Account (October)/ Unemployment Rate (November)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Israel Inflation Expectations (December)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Ghana PPI (November)

Saturday, December 20, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       The Mercosur Summit of leaders from the South American trading bloc countries due to meet and possibly sign the Mercosur-EU trade deal.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

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

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 –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Sunday, December 21, 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 –

·       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 –

·       Africa Cup of Nations international men’s football championship begins with a game between the host nation and Comoros.

Economic & Financial Reports/Events –

·       Nothing significant to report.

The Global Week Ahead

Trump’s New National Security Strategy Sends Shock Waves, EU European Ministers Meet in Ukraine, and the US Federal Reserve, Bank of Canada, and Other Central Banks Decide on Interest Rates this Week

December 7 - 14, 2025

The big geopolitical event this coming week is not what is going to happen but rather what happened last week: The release of the Trump Administration’s U.S. National Security Strategy, released this past Wednesday.  The document – which is proving to be a geopolitical earthquake - is highly critical of Europe, blaming the continent and “other transnational bodies that undermine political liberty and sovereignty, migration policies that are transforming the continent and creating strife…”

The strategy also calls for an end to the expansion of NATO and criticizes Europe for “unrealistic expectations” on how to resolve the Ukraine War and has many wondering what the future commitment of the US to NATO actually will be.  

From a financial market perspective, the strategy makes clear President Trump is determined to preserve and grow U.S. financial market domination globally, stating “The United States boasts the world’s leading financial and capital markets, which are pillars of American influence that afford policymakers significant leverage and tools to advance America’s national security priorities…”

Meanwhile – or in spite of the strategy – EU European Affairs Ministers will be gathering in Lviv, Ukraine this week to discuss Ukraine’s efforts to join the EU.  Efforts to bring Ukraine into the bloc have faltered but this meeting is seen as likely jump-starting the talks again.

The big events this coming week will all be taking place in central banks.   The U.S. Federal Reserve Board’s Open Market Committee meets this week and is expected to cut rates again.  Also meeting this week to discuss interest rates is the Reserve Bank of Canada, the Swiss Central Bank, the Reserve Bank of Brazil, the Reserve Bank of Australia, and Turkey’s Central Bank.

Looking at the overall economic and financial radar screen for the coming week, it is a fairly quiet week globally.   Starting in Asia, China reports on its trade balance on Monday and inflation (CPI and PPI) on Wednesday.  Japan releases its Economy Watchers survey for November on Monday.

Turning to Europe, the UK reports Industrial Production on Monday and October GDP on Friday.  Germany reports trade figures on Tuesday.

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

Sunday, December 7, 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 –

·       China Foreign Exchange Reserves (November)

·       Indonesia Motorbike Sales (November)

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 –

·       Israel Business Confidence (November)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Monday, December 8, 2025

Global

·       The G7 Industry and Tech Ministerial meeting takes place in Quebec, Canada.

·       The UN Security Council is scheduled to hold a private meeting on Myanmar. This afternoon, the Security Council is scheduled to hold a briefing on OSCE Chairperson-in-Office.

Americas

Political/Social Events –

·       The Wall Street Journal CEO Council Summit begins in New York and runs through Tuesday.  White House National Economic Director Kevin Hassett will speak.

Economic & Financial Reports/Events –

·       Mexico Auto Production & Exports (November)

·       USA Consumer Inflation Expectations (November)

·       Brazil BCB Focus Market Readout/ Car Production (November)/ New Car Registrations (November)

·       Costa Rica          Inflation Rate (November)

Asia

Political/Social Events –

·       Today is Constitution Day in Uzbekistan, a national holiday.

Economic & Financial Reports/Events –

·       Japan Current Account (October)/ GDP Growth Annualized Q3/ Bank Lending (November)/ Eco Watchers Survey Current & Outlook (November)

·       China Imports/ Exports/ Balance of Trade (November)

·       Singapore Foreign Exchange Reserves (November)

Europe

Political/Social Events –

·       The EU Competitiveness Council (Internal Markets and Industry) meets in Brussels.  Ministers will be receive a presentation on the ’Annual Overview Report on Simplification, Implementation and Enforcement’, followed by an exchange of views.

·       The EU Justice and Home Affairs Council will meet in Brussels through December 9.  Ministers will discuss migration and asylum policy.

·       German Foreign Minister Johann Wadephul travels to China for discussion on steel and rare earth.

Economic & Financial Reports/Events –

·       European Central Bank Board Member Piero Cipollone will give a guest lecture on "The transformation of money: technological disruption and the future of financial services" at Frankfurt School of Finance & Management in Frankfurt, Germany.

·       Germany Industrial Production (October)

·       Switzerland Consumer Confidence (November)

·       Greece Balance of Trade (October)

·       Hungary Budget Balance (November)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Saudi Arabia GDP Growth Rate Q3

·       Israel Foreign Exchange Reserves (November)

Africa

Political/Social Events –

·       The 9th Pan African Congress will be held in Lome, Togo.

Economic & Financial Reports/Events –

·       Angola Inflation Rate (November)

·       Egypt Foreign Exchange Reserves (November)

Tuesday, December 9, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       The 25th NATO Parliamentary Assembly Transatlantic Forum takes place in Washington, D.C.

Economic & Financial Reports/Events –

·       The Federal Reserve Board’s Open Market Committee begins two days of meetings on interest rates.

·       USA NFIB Business Optimism Index (November)/ ADP Employment Change Weekly/ Redbook (December/06)/ JOLTs Job Openings & Quits (September and October)/ WASDE Report/ API Crude Oil Stock Change (December/05)

·       Chile Imports/ Exports/ Balance of Trade (November)

·       Mexico Inflation Rate (November)

·       Argentina Industrial Production (October)

Asia

Political/Social Events –

·       The Chinese Communist Party’s Central Economic Work Conference (CEWC) is expected to begin this week.  The CEWC is expected to ratify the decisions of the 4th Plenum of the Chinese Communist Party held this past October. 

Economic & Financial Reports/Events –

·       The Reserve Bank of Australia meets on interest rates and holds a press conference.

·       Australia NAB Business Confidence (November)/ Building Permits (October)/ Private House Approvals (October)

·       Philippines Foreign Direct Investment (September)/ Industrial Production (October)

·       Indonesia Consumer Confidence (November)

·       Japan Machine Tool Orders (November)/ BOJ Gov Ueda Speech

·       Taiwan Imports/ Exports/ Balance of Trade (November)

Europe

Political/Social Events –

·       The EU Competitiveness Council (Research and Space) will meet in Brussels.

Economic & Financial Reports/Events –

·       European Central Bank Board Member Claudia Buch gives the keynote speech at the ECB Banking Supervision Research Conference "Technological innovations in financial markets – Risks and opportunities in banking and regulation" in Frankfurt, Germany.

·       Great Britain BRC Retail Sales Monitor (November)/ BOE Gov Bailey Speech

·       Ireland Construction PMI (November)/ Industrial Production (October)

·       Germany Imports/ Exports/ Balance of Trade (October)

·       Hungary Inflation Rate (November)

·       Slovakia Balance of Trade (October)

·       Greece Inflation Rate (November)

·       Russia Vehicle Sales (November)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Today is Independence Day in Tanzania, a national holiday.

Economic & Financial Reports/Events –

·       South Africa Consumer Confidence Q4

·       Kenya Interest Rate Decision

Wednesday, December 10, 2025

Global

·       The UN Security Council is scheduled to hold a briefing, followed by consultations, on the United Nations Assistance Mission in Afghanistan (UNAMA).  UN Secretary-General Antonio Guterres is expected to deliver remarks. In the afternoon, the Security Council is scheduled to hold a debate on the International Residual Mechanism for Criminal Tribunals (IRMCT).

Americas

Political/Social Events –

·       The US government begins auctioning for oil and gas drilling rights in the Gulf of Mexico.

Economic & Financial Reports/Events –

·       The Federal Reserve Board’s Open Market Committee meets today and announces its decision on interest rates followed by a press conference with Fed Chair Jay Powell at 2:00 p.m.

·       The Bank of Canada meets to decide interest rates followed by a press conference with Bank of Canada Head Tiff Macklin.

·       Brazil Inflation Rate (November)

·       USA MBA Mortgage Market Index (December/05)/ MBA Purchase Index (December/05)/ Employment Cost Index Q3/ EIA Crude Oil & Gasoline Stocks Change (December)/

·       Brazil’s Central Bank meets to decide interest rates.

Asia

Political/Social Events –

China’s Premier Li Qiang holds the “1+10” Dialogue with the heads of major international economic organizations including President of the New Development Bank Dilma Rousseff, President of the World Bank Ajay Banga, Managing Director of the International Monetary Fund Kristalina Georgieva, Director-General of the World Trade Organization Ngozi Okonjo-Iweala, Secretary-General of the UN Conference on Trade and Development Rebeca Grynspan, Director-General of the International Labour Organization Gilbert F. Houngbo, General Manager of the Bank for International Settlements Pablo Hernandez de Cos, Chair of the Financial Stability Board Andrew Bailey, President of the Asian Infrastructure Investment Bank Jin Liqun, and Deputy Secretary-General of the Organization for Economic Co-operation and Development Frantisek Ruzicka.

·       Australia’s new social media age ban for under-16s comes into force.

Economic & Financial Reports/Events –

·       New Zealand Visitor Arrivals (October)

·       South Korea Unemployment Rate (November)

·       Japan PPI (November)

·       Australia RBA Chart Pack

·       Philippines Unemployment Rate (October)

·       China Inflation Rate (November)/ PPI (November)

·       Indonesia Retail Sales (October)

·       Malaysia Unemployment Rate (October)

·       India M3 Money Supply (November/28)

·       Kazakhstan PPI (November)

·       Hong Kong Interest Rate Decision

Europe

Political/Social Events –

·       There will be an informal meeting of EU Ministers for European Affairs in Lviv, Ukraine through December 11.

·       UK  Chancellor Rachel Reeves appears before the Treasury Committee in Westminster to give evidence on her recent Budget speech.

Economic & Financial Reports/Events –

·       European Central Bank President Christine Lagarde gives a  keynote interview with Financial Times columnist Martin Wolf on "What are the futures of the euro and the dollar as global currencies, and what are the opportunities for the digital euro?" at 9th Edition of The Global Boardroom: "Achieving growth in a disrupted world" in London, United Kingdom.

·       European Central Bank Board Member Sharon Donnery chairs a panel discussion at ECB Banking Supervision Research Conference "Technological innovations in financial markets – Risks and opportunities in banking and regulation" in Frankfurt, Germany.

·       European Central Bank Board Member Pedro Machado participates in panel discussion at the 20th High-level meeting on financial stability and regulatory and supervisory priorities jointly organized by AMF-BCBS-FSI in Abu Dhabi, United Arab Emirates.

·       Romania Balance of Trade (October)

·       Turkey Industrial Production (October)

·       Euro Area           ECB Machado Speech

·       Slovakia Industrial Production (October)

·       Italy Industrial Production (October)

·       Slovenia Industrial Production (October)

·       Greece Industrial Production (October)

·       Euro Area ECB President Lagarde Speech/ ECB Donnery Speech/ Eurogroup Meeting

·       Belarus Inflation Rate (November)

·       Ukraine Inflation Rate (November)

·       Russia Inflation Rate (November)

·       Spain Consumer Confidence (November)

Middle East

Political/Social Events –

·       Today is Iraq Victory Day, a national holiday.

Economic & Financial Reports/Events –

·       Israel Consumer Confidence (November)

·       Saudi Arabia Industrial Production (October)/ Interest Rate Decision

·       Jordan Inflation Rate (November)

·       Kuwait Interest Rate Decision

·       Oman Interest Rate Decision

·       Qatar Interest Rate Decision

·       United Arab Emirates Interest Rate Decision

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Ghana GDP Growth Rate Q3

·       South Africa Retail Sales (October)

·       Egypt Inflation Rate (November)

·       Mozambique Inflation Rate (November)

Thursday, December 11, 2025

Global

·       The UN Security Council is scheduled to hold a briefing, followed by consultations, on UNOCA/LRA. In the afternoon, the Security Council is scheduled to hold a TCC Metting on the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO). This will be followed by a TCC Meting on the United Nations Disengagement Observer Force (UNDOF).

·       OPEC publishes its monthly oil production report. 

Americas

Political/Social Events –

·       The Falkland Islands holds parliamentary elections.

Economic & Financial Reports/Events –

·       Brazil Retail Sales (October)/ Business Confidence (December)

·       Canada Imports/ Exports/ Balance of Trade (September)

·       USA Imports/ Exports/ Balance of Trade (September)/ Initial Jobless Claims (December/06)/ 15- & 30-Year Mortgage Rate (December/11)/ Fed Balance Sheet (December/10)/ PPI (October and November)

·       Paraguay Balance of Trade (November)

·       Argentina Inflation Rate (November)

·       Peru Interest Rate Decision/ Balance of Trade (October)

·       Ecadour Balance of Trade (October)

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       New Zealand Manufacturing Sales Q3

·       Japan BSI Large Manufacturing Q4/ Foreign Bond Investment (December/06)/ Stock Investment by Foreigners (December/06)

·       Australia Employment Change (November)/ Participation Rate (November)

·       Philippines Interest Rate Decision

Europe

Political/Social Events –

·       The Eurogroup meets in Brussels. Ministers will discuss macroeconomic developments and members states’ draft budgetary plans.

·       The EU Agriculture and Fisheries Council meets in Brussels through December 12.

·       Bank of England governor Andrew Bailey gives evidence to the Covid-19 inquiry in London.

·       Portugal’s two main trade unions, the CGTP and UGT, call a nationwide general strike against the center-right government’s proposal to ease dismissals, expand outsourcing and cut certain compassionate leave entitlements, including bereavement leave for miscarriages.

Economic & Financial Reports/Events –

·       Bank of England External Member of the Financial Policy Committee Randall Kroszner gives the keynote speech at the Arab Monetary Fund, Basel Committee on Banking Supervision and the Financial Stability Institute high-level meeting in Dubai.

·       Great Britain RICS House Price Balance (November)

·       Turkey Retail Sales (October)/ TCMB Interest Rate Decision/ Overnight Lending & Borrowing Rate (December)/ Foreign Exchange Reserves (December/05)/ Auto Production (November)

·       Slovakia Construction Output (October)

·       Switzerland SNB Interest Rate Decision

·       France IEA Oil Market Report

·       Ireland Inflation Rate (November)

·       Serbia Interest Rate Decision

·       Ukraine Interest Rate Decision

·       Euro Area           ECOFIN Meeting

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Imports/ Exports/ Balance of Trade (November)

Africa

Political/Social Events –

·       Today is Burkina Faso Republic Day, a national holiday.

Economic & Financial Reports/Events –

·       South Africa Gold Production (October)/ Mining Production (October)/ Building Permits (October)/         Manufacturing Production (October)  

Friday, December 12, 2025

Global

·       The UN Security Council is scheduled to hold a briefing, followed by consultations, on the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO). In the afternoon, the Security Council is scheduled to vote on 2713 Sanctions. Also in the afternoon, the Security Council is scheduled to hold a briefing on Haiti sanctions, as well as consultations on the United Nations Disengagement Observer Force (UNDOF).

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Cleveland Federal Reserve Bank President Beth Hammack speaks before the University of Cincinnati Real Estate Center Roundtable Series Program.

·       Philadelphia Federal Reserve Bank President Anna Paulson speaks on the economic outlook before the Delaware State Chamber of Commerce.

·       Chicago Federal Reserve Bank President Austan Goolsbee participates in moderated conversation before hybrid 39th Annual Economic Outlook Symposium at the Federal Reserve Bank of Chicago.

·       Mexico Industrial Production (October)

·       USA Fed Paulson Speech/ Baker Hughes Total Rigs Count (December/12)

·       Canada Building Permits (October)/ Capacity Utilization Q3/ New Motor Vehicle Sales (October)/ Wholesale Sales (October)

·       Uruguay Industrial Production (October)/ GDP Growth Rate Q3

Asia

Political/Social Events –

·       Today is Constitution Day in Thailand, a national holiday.

Economic & Financial Reports/Events –

·       South Korea Import and Export Prices (November)

·       New Zealand Business NZ PMI (November)/ Electronic Retail Card Spending (November)

·       Singapore Unemployment Rate Q3

·       Malaysia Industrial Production (October)/ Retail Sales (October)

·       Japan Capacity Utilization (October)/ Industrial Production (October)

·       India Inflation Rate (November)/ Bank Loan Growth (November/28)/ Deposit Growth (November/28)/ Foreign Exchange Reserves (December/05)

·       China Vehicle Sales (November)/ New Yuan Loans (November)/ M2 Money Supply (November)/ Outstanding Loan Growth (November)/ Total Social Financing (November)

Europe

Political/Social Events –

·       The EU Economic and Financial Affairs Council meets in Brussels.  Ministers will discuss Customs reform and the single currency package as well as imports of small parcels.

Economic & Financial Reports/Events –

·       Germany Inflation Rate (November)/ Current Account (October)

·       Romania Inflation Rate (November)

·       Turkey Current Account (October)

·       Great Britain Goods Trade Balance (October)/ Balance of Trade (October)/ Construction Output (October)/ GDP (October)/ Industrial Production (October)/ Manufacturing Production (October)/ NIESR Monthly GDP Tracker (November)           

·       Hungary Construction Output (October)/ Industrial Production (October)          

·       France Inflation Rate (November)

·       Spain Inflation Rate (November)

·       Serbia Inflation Rate (November)

·       Russia Balance of Trade (October)/ GDP Growth Rate Q3

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Today is Jamahuri Day in Kenya, otherwise known as Independence Day, a national holiday.

Economic & Financial Reports/Events –

·       South Africa Inflation Expectations Q4/ SACCI Business Confidence (October and November)

·       Ethiopia Inflation Rate (November)

Saturday, December 13, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Today is National Day in St. Lucia, a national holiday.

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 –

·       Today is Independence Day in Malta, a national holiday.

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 –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Sunday, December 14, 2025

Global

·       The Jewish holiday of Hanukkah, the Festival of Lights, begins tonight.

Americas

Political/Social Events –

·       Chile holds the second round of presidential elections between conservative Jose Antonio Kast and liberal Jeannette Jara.  Kast is expected to win.

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 –

·       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 –

·       Israel Current Account Q3

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

The Global Week Ahead

EU Defense Ministers and NATO Foreign Ministers Meet on Ukraine Peace Talks, Putin Goes to India, Canadian Prime Minister Carney May Come to Washington,  and Markets Brace for a Data-Heavy Week

November 30 - December 7, 2025

Efforts to reach a peace deal with Russia over their war against Ukraine will dominate the geopolitical agenda this week.  EU Defense Ministers will gather in Brussels on Monday to talk about President Trump’s amended peace plan – this comes after Ukrainian officials met with US officials in Miami, Florida, to try to hammer out final but critical aspects of a plan constructed by the US, Ukraine, and EU following Trump’s initial 28-point plan two weeks ago.

While EU defense ministers are expected to focus on how to further support Ukraine’s military defense,  NATO foreign ministers will gather in Brussels on Wednesday, where the focus will again be on the ongoing negotiations.  However, US Secretary of State Marco Rubio is expected to skip the meeting, sending Deputy Secretary of State Christopher Landau in his place.  Rubio’s absence is seen as unusual, especially with the tight timelines of the negotiations with Russia. No formal reason has been given.

While all this is going on, Russian President Vladimir Putin will be traveling to India for meetings with Indian Prime Minister Narendra Modi to shore up relations between the two nations.  The visit comes following President Trump’s demands for India to stop buying Russian oil, which is being used to finance the war in Ukraine.  Putin describes the planned summit as one that underscores the “privileged strategic partnership” between the two countries.   It also shows how dependent Russia is now on Indian oil purchases to finance the war.

Finally, there appears to be a good chance Canadian Prime Minister Mark Carney will come to Washington, DC, this week for talks with President Trump over the ongoing trade dispute between the two countries.  Technically, Carney would be coming for the FIFA World Cup team drawing announcement for the upcoming World Cu,p which is being played in Canada, the US, and Mexico.  But talks on the sidelines with Trump are expected.

Looking at the global economic and finance radar screen this week, it is going to be a heavy week of economic and financial reporting. 

In the US, the University of Michigan survey for December is out on Friday, while the ISM indices for manufacturing are out on Monday and services on Wednesday.  Markets will also see delayed September indicators for industrial production out on Wednesday.   The Federal Reserve Board has gone into its “quiet period” before the Federal Open Market Committee meeting on interest rates on December 10th.  But Fed Chair Jay Powell will be giving short remarks at a commemorative event for former Secretary of State George Shultz, while Vice Chair Michelle Bowman will be testifying before the House Financial Services Committee and the Senate Banking Committee this week on regulatory issues.

Turning to Europe, CPIs will be out for the Eurozone, Germany, France, Switzerland, and Sweden.  Markets will be watching closely for any uptick in inflation.

In Asia this week, China releases its official PMIs on Sunday, and non-official PMIs are out on Wednesday.  And Japan’s Ministry of Finance’s Q3 Financial Statements Statistics are out on Sunday. 

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

Sunday, November 30, 2025

Global

·       Today is the first day of Advent.

·       OPEC+ meets to discuss market conditions and production goals.

Americas

Political/Social Events –

·       The US will host Ukrainian officials in Miami, Florida to discuss next steps in the proposed Ukraine-Russia Peace Plan.

·       Honduras holds presidential and parliamentary elections.

·       Today is Barbados Independence Day, a national holiday.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Kyrgyzstan holds parliamentary elections.

·       The  Conference of the parties of the Convention on International Trade in Endangered Species takes place in Samarkand, Uzbekistan.

Economic & Financial Reports/Events –

·       China NBS General/ Manufacturing/ Non-Manufacturing PMI (November)

·       Australia Cotality Dwelling Prices (November)

Europe

Political/Social Events –

·       Switzerland holds a referendum on environmental responsibility.

·       Transnistria holds parliamentary elections.

·       Scotland celebrates St. Andrew’s Day.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Turkey's main opposition party, the Republican People's Party, will hold a party congress in Ankara, Turkey.

Economic & Financial Reports/Events –

·       Saudi Arabia M3 Money Supply (October)/ Private Bank Lending (October)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Monday, December 1, 2025

Global

·       The U.S. assumes the presidency if the G20 from South Africa.

·       Slovenia assumes the chair of the UN Security Council for the month of December.

·       Today is the first day of the meteorological winter in the northern hemisphere.  Winter is officially here.

Americas

Political/Social Events –

·       St. Lucia holds parliamentary elections.

·       In the US, Cyber Monday is held with may e-retailers running special promotions.

Economic & Financial Reports/Events –

·       Federal Reserve Board Chair Jay takes part in an online panel discussion as part of the Hoover Institution George P Shultz Memorial Lecture Series.

·       Chile IMACEC Economic Activity (October)

·       Brazil S&P Global Manufacturing PMI (November)/ BCB Focus Market Readout

·       Canada S&P Global Manufacturing PMI (November)

·       USA S&P Global Manufacturing PMI (November)/ ISM Manufacturing PMI (November)/ ISM Manufacturing Employment (November)/ ISM Manufacturing Prices (November)/ Fed Chair Powell Speech/ Construction Spending (September & October)

·       Colombia Davivienda Manufacturing PMI (November)

·       Mexico S&P Global Manufacturing PMI (November)/ Foreign Exchange Reserves (November)

·       Peru Inflation Rate (November)

Asia

Political/Social Events –

·       Chinese Foreign Minister Wang Yi travels to Moscow, Russia for 20th round of China-Russia strategic security consultation.

·       Today is Kazakhstan’s First President’s Day, a national holiday.

Economic & Financial Reports/Events –

·       New Zealand Building Permits (October), Anna Breman becomes Reserve Bank of New Zealand governor, succeeding Christian Hawkesby who replaced Adrian Orr in March.

·       Bank of Japan governor Kazuo Ueda speaks at a meeting with business leaders in Nagoya, Japan.

·       Australia S&P Global Manufacturing PMI (November)/ TD-MI Inflation Gauge (November)/ Company Gross Profits Q3/ ANZ-Indeed Job Ads (November)/ Business Inventories Q3/ Commodity Prices (November)/ Cotality Dwelling Prices (November)

·       Japan Capital Spending Q3/ S&P Global Manufacturing PMI (November)

·       South Korea Imports/ Exports/ Balance of Trade (November)/ S&P Global Manufacturing PMI (November)

·       Indonesia S&P Global Manufacturing PMI (November)/ Inflation Rate (November)/ Imports/ Exports/ Balance of Trade (October)/ Tourist Arrivals (October)

·       Malaysia S&P Global Manufacturing PMI (November)

·       Philippines S&P Global Manufacturing PMI (November)/ PPI (October)

·       Taiwan S&P Global Manufacturing PMI (November)

·       Vietnam S&P Global Manufacturing PMI (November)

·       China RatingDog Manufacturing PMI (November)      

·       India HSBC Manufacturing PMI (November)/ Industrial Production (October)/ Manufacturing Production (October) 

·       Hong Kong Retail Sales (October)

·       Sri Lanka PPI (October)/ Inflation Rate (November)

·       Kazakhstan Inflation Rate (November)

Europe

Political/Social Events –

·       EU defense ministers meet in Brussels. The meeting, which will exclusively focus on Ukraine, will be chaired by the EU High Representative for Foreign Affairs and Security Policy Kaja Kallas.

·       Prime Minister Sir Keir Starmer delivers the annual Lady Mayor’s Banquet speech in London. This is traditionally a speech about foreign policy.

·       The EU Employment, Social Policy, and Consumer Affairs Council (Employment and Social Policy) meets in Brussels.

·       German-Polish government consultations are to be held with Chancellor Friedrich Merz and Prime Minister Donald Tusk meeting in Berlin.

·       EU President Ursula von der Leyen meets with Deutsche Bank CEO Christian Sewing in Brussels.

·       The EU-Kazakhstan Cooperation Council meets in Brussels.

·       Today is Portugal Independence Day, national holiday.

·       Today is Romania Independence Day, a national holiday.

Economic & Financial Reports/Events –

·       Ireland AIB Manufacturing PMI (November)/ Inflation Rate (November)             

·       Russia S&P Global Manufacturing PMI (November)

·       Turkey GDP Growth Rate Q3/ Istanbul Chamber of Industry Manufacturing PMI (November)          

·       Hungary Balance of Trade (October)/ HALPIM Manufacturing PMI (November)

·       Switzerland Retail Sales (October)/ procure.ch Manufacturing PMI (November)            

·       Poland S&P Global Manufacturing PMI (November)/ GDP Growth Rate Q3

·       Spain HCOB Manufacturing PMI (November)

·       Italy HCOB Manufacturing PMI (November)

·       France HCOB Manufacturing PMI (November)

·       Germany HCOB Manufacturing PMI (November)

·       Euro Area HCOB Manufacturing PMI (November)

·       Greece S&P Global Manufacturing PMI (November)

·       Great Britain BoE Consumer Credit (October)/ Mortgage Approvals & Lending (October)/ M4 Money Supply (October)/ S&P Global Manufacturing PMI (November)

·       Serbia GDP Growth Rate Q3

·       Ukraine Current Account (October)

Middle East

Political/Social Events –

·       Pope Leo XIV begins a two-day apostolic visit, including prayers at the tomb of Saint Charbel Makluf at the Monastery of Saint Maroun.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Today is Central African Republic Day, a national holiday.

·       Today is Freedom and Democracy Day in Chad, a national holiday.

Economic & Financial Reports/Events –

·       Nigeria Stanbic IBTC Bank Nigeria PMI (November)

·       South Africa ABSA Manufacturing PMI (November)

Tuesday, December 2, 2025

Global

·       The OECD publishes its latest Global Economic Outlook.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Federal Reserve Board Vice Chair for Supervision Michelle Bowman testifies before the U.S. House Financial Services Committee,

·       Brazil IPC-Fipe Inflation (November)/ Industrial Production (October)

·       Mexico Business Confidence (November)

·       USA Redbook (November/29)/ Fed Bowman Speech/ RCM/TIPP Economic Optimism Index (December)/ API Crude Oil Stock Change (November/28)/ Total Vehicle Sales (November)

·       Paraguay Inflation Rate (November)

·       Argentina Tax Revenue (November)

Asia

Political/Social Events –

·       Today is Laos National Day, a holiday.

Economic & Financial Reports/Events –

·       New Zealand Export & Import Prices Q3/ Terms of Trade Q3/ Global Dairy Trade Price Index (December/02)

·       South Korea Inflation Rate (November)

·       Japan Monetary Base/ Consumer Confidence (November)

·       Australia Building Permits (October)/ Current Account Q3

·       Singapore SIPMM Manufacturing PMI (November)

·       Pakistan Inflation Rate (November)/ Wholesale Prices (November)/ Balance of Trade (November)

Europe

Political/Social Events –

·       The EU Employment, Social Policy, Health and Consumer Affairs (Health) Council will meet in Brussels.

·       The EU-Armenia Partnership Council meets in Brussels.

·       Ukraine’s parliament will debate the 2026 draft budget, which the country must adopt in line with the IMF’s demands.

·       French unions are calling for nationwide strikes calling for higher pay and better benefits.

Economic & Financial Reports/Events –

·       The Bank of England publishes the Bank Capital Stress Test of major lenders and its half-yearly Financial Stability Report into risks facing Britain’s financial system.

·       European Central Bank Board Member Claudia Buch participates on a  panel discussion at first Data Day "Burden Reduction in the Digitalization Era" organized by European Securities and Markets Authority (ESMA).

·       The FT Global Banking Summit 2025 begins in London, running until Thursday.

·       Bank of England director prudential policy Philip Evans speaks at the International Swaps and Derivatives Association trading book capital conference on the implementation of Basel III.

·       Great Britain BRC Shop Price Inflation (November)/ Nationwide Housing Prices (November)           

·       Romania Unemployment Rate (October)

·       Hungary GDP Growth Rate Q3

·       France Budget Balance (October)/ New Car Registrations (November)

·       Slovakia Real Wages Q3

·       Spain Unemployment Change (November)/ New Car Sales (November)

·       Euro Area           ECB Buch Speech

·       Italy Unemployment Rate (October)/ PPI (October)/ New Car Registrations (November)

·       Euro Area Inflation Rate (November)/ Unemployment Rate (October)/ CPI (November)

·       Greece Unemployment Rate (October)

Middle East

Political/Social Events –

·       Saudi Arabia to announce its 2026 budget, followed by a press conference with Finance Minister Mohammed al-Jadaan.

·       Today is UAE National Day, a holiday.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       The West Africa Energy Cooperation Summit will convene in Accra, Ghana through December 3. 

Economic & Financial Reports/Events –

·       South Africa GDP Growth Rate Q3/ Total New Vehicle Sales (November)

·       Egypt M2 Money Supply (October)

Wednesday, December 3, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       The New York Times DealBook Summit begins in New York. Among those speaking will be Treasury Secretary Scott Bessent , California Governor Gavin Newsom,  Dario Amodei, the C.E.O. and co-founder of Anthropic; Brian Armstrong, the C.E.O. of Coinbase; Mary Barra, the chair and C.E.O. of General Motors;  Larry Fink, the chairman and C.E.O. of BlackRock; Alex Karp, the C.E.O. and co-founder of Palantir; and Erika Kirk, the C.E.O. and chair of Turning Point USA.

·       Chilean presidential candidates Jeannette Jara and Jose Antonio Kast will participate in a debate ahead of the December 14 presidential runoff. 

Economic & Financial Reports/Events –

·       Mexico Gross Fixed Investment (September)

·       USA MBA Mortgage Market Index (November/28)/ ADP Employment Change (November)/ Import & Export Prices (September)/ Capacity Utilization (September)/ Industrial Production (September)/ Manufacturing Production (September)/ S&P Global Composite & Services PMI (November)/ ISM Services PMI (November)/ EIA Crude Oil & Gasoline Stocks Change (November)

·       Brazil S&P Global Composite & Services PMI (November)

·       Canada Labor Productivity Q3/ S&P Global Composite & Services PMI (November)

Asia

Political/Social Events –

·       French President Emmanuel Macron begins a three-day tour of China with a scheduled meeting with his host, Chinese President Xi Jinping, in Beijing. The two leaders are expected to discuss bilateral ties as well as global affairs.

·       The FT Live Commodities Asia Summit begins in Marina Bay, Singapore, and online. The theme of the two-day gathering is how global fragmentation is reshaping commodity markets.

Economic & Financial Reports/Events –

·       South Korea Foreign Exchange Reserves (November)/ GDP Growth Rate Q3

·       Australia Ai Group Industry Index (November)/ GDP Growth Rate Q3/ GDP Capital Expenditure Q3/ GDP Consumption Q3

·       Hong Kong S&P Global PMI (November)

·       Japan S&P Global Composite & Services PMI (November)   

·       Singapore S&P Global PMI (November)

·       China RatingDog Composite & Services PMI (November)

·       India HSBC Composite & Services PMI (November)

Europe

Political/Social Events –

·       NATO foreign ministers’ meeting begins at the military alliance’s headquarters in Brussels, chaired by Nato secretary-general Mark Rutte.  Secretary of State Marco Rubio is planning on not attending.

·       German President Frank-Walter Steinmeier begins a state visit to the United Kingdom.

·       The European Commission will unveil the "Resource EU" economic security doctrine on how to secure rare earth and critical minerals.

Economic & Financial Reports/Events –

·       European Central Bank President Christine Lagarde gives an introductory statement at the ECON Hearing before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels, Belgium.

·       Bank of England Monetary Policy Committee member Catherine Mann is a panelist at the GIC College of Central Bankers Symposium in New York.

·       European Central Bank Chief Economist Philip R. Lane gives a keynote speech at the 15th Workshop on Exchange Rates jointly organized by Banca d’ Italia, Bank for International Settlements, European Central Bank and National Bank of Belgium in Ljubljana, Slovenia.

·       Ireland AIB Services PMI (November)/ Unemployment Rate (November)

·       Russia S&P Composite & Services PMI (November)/ Unemployment Rate (October)/ Business Confidence (November)/ Real Wage Growth (September)/ Retail Sales (October)

·       Romania PPI (October)

·       Turkey Inflation Rate (November)/ PPI (October)

·       Switzerland Inflation Rate (November)

·       Spain Tourist Arrivals (October)/ HCOB Composite & Services PMI (November)

·       Italy HCOB Composite & Services PMI (November)

·       France HCOB Composite & Services PMI (November)

·       Germany HCOB Composite & Services PMI (November)

·       Euro Area HCOB Composite & Services PMI (November)/ PPI (October)

·       Great Britain S&P Global Composite & Services PMI (November)

·       Hungary Monetary Policy Meeting Minutes

·       Poland Interest Rate Decision (December)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Saudi Arabia Riyad Bank PMI (November)

·       Jordan PPI (October)

Africa

Political/Social Events –

·       Egypt holds the 2nd round of the House of Representatives elections.

Economic & Financial Reports/Events –

·       Egypt S&P Global PMI (November)

·       South Africa S&P Global PMI (November)/ Business Confidence Q4

·       Angola GDP Growth Rate Q3

Thursday, December 4, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Federal Reserve Vice Chair for Supervision Michelle Bowman testifies before the Senate Banking Committee.

·       Brazil GDP Growth Rate Q3/ Car Production (November)/ New Car Registrations (November)/ Balance of Trade (November)

·       USA Challenger Job Cuts (November)/ Initial Jobless Claims (November/29)/ Continuing Jobless Claims (November/22)/ EIA Natural Gas Stocks Change (November/280/15- & 30-Year Mortgage Rate (December/04)/ Fed Balance Sheet (December/03)/ Imports/ Exports/ Balance of Trade (September)

·       Canada Ivey PMI s.a (November)

·       Colombia Exports (October)/ PPI (November)

·       Uruguay Inflation Rate (November)

Asia

Political/Social Events –

·       Russian President Vladimir Putin begins a two-day state visit to India.  The visit is significant as it comes following U.S. President Donald Trump's imposition of punitive tariffs on India in August for purchasing Russian oil. The leaders are expected to "exchange views on regional and global issues of mutual interest," according to a statement issued by India's Ministry of External Affairs on Friday.

Economic & Financial Reports/Events –

·       Japan Foreign Bond Investment (November/29)/ Stock Investment by Foreigners (November/29)

·       Australia Imports/ Exports/ Balance of Trade (October)/ Household Spending (October)

Europe

Political/Social Events –

·       The EU Transport, Telecommunications, and Energy Council meets in Brussels through December 5.

Economic & Financial Reports/Events –

·       European Central Bank Board Member Piero Cipollone chairs a policy panel  discussing "Priorities and challenges for fiscal policies in Europe" at ECB-IMF conference on fiscal policy and EMU governance in Frankfurt, Germany.

·       European Central Bank Chief Economist Philip R. Lane chairs a  keynote lecture by George-Marios Angeletos at ECB-IMF conference on fiscal policy and EMU governance in Frankfurt, Germany.

·       European Central Bank Vice President Luis de Guindos gives a speech at the Cinco Días Business Innovation Awards ceremony in Madrid, Spain.

·       The Bank of England publishes monthly Decision Maker Panel data, from a survey of chief financial officers from small, medium and large businesses.

·       Bank of England Monetary Policy Committee member Catherine Mann speaks at the Economic Policy: Papers on European and Global Issues conference in Paris, France.

·       Hungary Retail Sales (October)

·       Slovakia Retail Sales (October)

·       Switzerland Unemployment Rate (November)

·       Euro Area HCOB Construction PMI (November)/ Retail Sales (October)

·       France HCOB Construction PMI (November)

·       Germany HCOB Construction PMI (November)

·       Italy HCOB Construction PMI (November)

·       Great Britain New Car Sales (November)/ S&P Global Construction PMI (November)

·       Ireland Current Account Q3/ GDP Growth Rate Q3/ GNP Q3

·       Turkey Foreign Exchange Reserves (November/28)/ Imports/ Exports/ Balance of Trade (November)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Israel Tourist Arrivals (November)

Africa

Political/Social Events –

·       The East African Community will hold its fifth ordinary summit of heads of states in Nairobi, Kenya through December 5.

Economic & Financial Reports/Events –

·       South Africa Current Account Q3

·       Mozambique GDP Growth Rate Q3

·       Egypt Foreign Exchange Reserves (November)

·       Kuwait M2 Money Supply (October)

Friday, December 5, 2025 

Global

·       The UN Environment Assembly (UNEA-7) Cities and Regions Summit begins in Nairobi, Kenya.

Americas

Political/Social Events –

· President Trump will attend the final draw for the 2026 FIFA World Cup to determine the groups for next summer’s 48-team competition being held in the US, Canada, and Mexico.

Economic & Financial Reports/Events –

·       Chile Inflation Rate (November)

·       Brazil PPI (October)

·       Mexico Consumer Confidence (November)

·       Canada Unemployment Rate (November)/ Employment Change (November)/ Participation Rate (November)/ Average Hourly Wages (November)

·       Ecuador Inflation Rate (November)

·       USA Personal Income & Spending (September)/ PCE Price Index (September)/ Michigan Current Conditions (December)/ Baker Hughes Total Rigs Count (December/05)/ Consumer Credit Change (October)/ Used Car Prices (November)/ Factory Orders (September & October)

·       Costa Rica Inflation Rate (November)

·       Argentina Industrial Production (October)

·       Colombia Inflation Rate (November)

·       El Salvador Inflation Rate (November)

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Japan Reuters Tankan Index (December)/ Household Spending (October)/ Foreign Exchange Reserves (November)/ Coincident Index (October)/ Leading Economic Index (October)  

·       South Korea Current Account (October)

·       Philippines Inflation Rate (November)/ Foreign Exchange Reserves (November)

·       Indonesia Foreign Exchange Reserves (November)

·       India RBI Interest Rate Decision/ Cash Reserve Ratio/ Foreign Exchange Reserves (November/28)

·       Singapore Retail Sales (October)

·       Taiwan Inflation Rate (November)/ Foreign Exchange Reserves (November)

·       Hong Kong Foreign Exchange Reserves (November)

Europe

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       European Central Bank Chief Economist Philip R. Lane participates on a panel on "Global Imbalances and the International Monetary Order" at CEPR Paris Symposium in Paris, France.

·       Germany Factory Orders (October)/ New Car Registrations (November)

·       Romania GDP Growth Rate Q3/ Retail Sales (October)

·       Great Britain Halifax House Price Index (November)/ BBA Mortgage Rate (November)

·       Hungary Industrial Production (October)

·       France Imports/ Exports/ Balance of Trade (October)/ Current Account (October)/ Foreign Exchange Reserves (November)

·       Slovakia GDP Growth Rate Q3

·       Spain Industrial Production (October)

·       Switzerland Foreign Exchange Reserves (November)

·       Italy Retail Sales (October)

·       Slovenia Balance of Trade (October)

·       Euro Area Employment Change Q3/ GDP Growth Rate Q3/ ECB Lane Speech

·       Greece GDP Growth Rate Q3

·       Serbia PPI (November)

·       Poland Foreign Exchange Reserves (November)

·       Russia Foreign Exchange Reserves (November)/ GDP (October)

·       Turkey Treasury Cash Balance (November)

·       Ukraine Foreign Exchange Reserves (November)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       United Arab Emirates S&P Global PMI (November)

·       Jordan Unemployment Rate Q3

·       Israel Foreign Exchange Reserves (November)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       South Africa Foreign Exchange Reserves (November)

·       Ghana Inflation Rate (November)

Saturday, December 6, 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 –

·       Vietnam Balance of Trade (November)/ Foreign Direct Investment (November)/ Industrial Production (November)/ Inflation Rate (November)/ Retail Sales (November)/ Tourist Arrivals (November)

Europe

Political/Social Events –

·       Spain celebrates Constitution Day, a national holiday.

·       Today is Finland's Independence Day, a national holiday.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       The Doha Forum begins and runs through December 7.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Sunday, December 7, 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 –

·       Hong Kong holds a Legislative Council election, the second since Chinese authorities overhauled the system and imposed a strict national security law on the special administrative region. Only a small fraction of seats are directly elected, and all candidates are strictly vetted to ensure loyalty to Beijing. 

Economic & Financial Reports/Events –

·       China Foreign Exchange Reserves (November)

·       Indonesia Motorbike Sales (November)

Europe

Political/Social Events –

·       German Chancellor Friedrich Mertz travels to Israel to meet with Israeli Prime Minister Benjamin Netanyahu.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Israel Business Confidence (November)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.