The Global Week Ahead
EU Leaders Discuss defense and Ukraine aid; Trump talks Gaza with Netanyahu; US Nears Government Shutdown, and Markets Await Numerous Central Bank Speeches
September 28 - October 5, 2025
It is going to be another fast and furious week for markets to absorb and analyze. We believe the most important event of the week might be a gathering of EU leaders in Copenhagen on Wednesday to discuss common defense issues, how to better support Ukraine militarily, and possible enlargement. But the main topic will be how they can collectively respond to the spike of Russian intrusions into Polish, Romanian, Danish, and Latvian airspace with fighter jets and drones. The Russian actions can no longer be considered “accidental” and are clearly both a provocation and a testing of NATO response capabilities.
In last week’s report, we noted EU leaders were starting to consider the building of a “drone wall” on the border with Russia. The meeting in Copenhagen will likely solidify the plans. It may even authorize the use of frozen Russian assets to fund the layered defense strategy, which would include advanced radar, anti-aircraft missiles, and drones to counter any future Russian airspace trespassing.
The meetings will take place after Sunday’s elections in Moldova, which are being closely watched for potential Russian interference. The Moldovan government has already banned two political parties from participating in the election due to their alleged ties to the Kremlin. Concerns are rising over potential civil unrest in the coming days, potentially instigated by Russia. As of this writing Sunday night, the pro-EU Party is leading in the vote count.
Meanwhile, in Washington on Monday, Israeli Prime Minister Benjamin Netanyahu will meet at the White House with President Trump – their fourth such meeting this year at the White House – to discuss the crisis in Gaza and Israeli threats to begin annexing the West Bank – something President Trump has now voiced opposition to. While at the United Nations last week, Trump convened a meeting of Arab leaders to discuss potential Gaza peace options, and he is likely to discuss them with Netanyahu during the meeting. The deal contains 21 proposals and according to various reports, leaves the door open for the creation of a new Palestinian state.
Staying in Washington for a moment, markets are closely watching to see if Congress can hammer out a last-minute deal to avoid a government shutdown on Wednesday. President Trump has agreed to meet with Republican and Democratic Congressional leaders on Monday to discuss a possible deal. Otherwise, the House of Representatives, who passed a short-term Continuing Resolution to keep the government open before they left for the week last week, may not come back into session this week in an effort to force Senate Democrats into accepting their bill (Translation: you’d better vote for it or the shutdown is all your fault – and we won’t be here for another week to try again). For Democrats, the real risk of this is the White House is threatening to fire – instead of furloughing – large numbers of federal workers if there is a shutdown, something Democrats absolutely want to avoid happening (but we would note, this is clearly an indicator of where the Trump Administration wants to go with the 2026 budget which Congress will be working on later this fall – massive shrinkage of the federal government, continuing the DOGE effort first begun by Elon Musk).
Looking at the global economic and financial markets radar screen this week, in the US, the major data reports being released will focus on employment, with the JOLTS report scheduled for Tuesday and the ADP report for Wednesday. Also released this week are the Conference Board’s consumer confidence report on Tuesday, the ISM Manufacturing Index and ADP employment report on Wednesday, indices on Wednesday and Friday, and factory orders on Thursday. The ISM Services Index is scheduled for release on Friday.
Turning to Asia, Japan’s industrial production figures and the Bank of Japan’s summary of opinions are out on Tuesday, and the Tankan survey is out on Wednesday. On Tuesday, China releases September PMIs, and the Reserve Bank of Australia meets to discuss interest rates.
In Europe, markets are awaiting the flash CPIs for Germany, France, and Italy on Tuesday, as well as the Eurozone CPIs on Wednesday. Also, there are a number of central bank speeches being given this week, including two policy speeches by European Central Bank President Christine Lagarde (Tuesday and Friday) and one by Bank of England Governor Andrew Bailey (Friday).
Below is the rest of our detailed report of the major geopolitical and geoeconomic events in the coming week:
Sunday, September 28, 2025
Global
· The UN General Assembly continues through Monday, September 29th.
· UN Sanctions against Iran “snap back” into place due to Iran’s refusal to maintain inspections of its nuclear program.
· The 7th Meeting of the BRICS Working Group on Material Sciences and Nanotechnology takes place in Brazil.
· The 4th Meeting of the BRICS Working Group on Geospatial Technologies and its Application takes place in Brazil.
Americas
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Nothing significant to report.
Asia
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Nothing significant to report.
Europe
Political/Social Events –
· Moldova holds parliamentary elections. There is significant concern about likely Russian interference in the election. Moldovan authorities barred two pro-Russia parties from this Sunday’s election.
· The chair of Russia's State Duma, Vyacheslav Volodin, will visit Vietnam through September 29th.
· Switzerland holds referendums on whether to accept a new version of a national electronic identity (e-ID) scheme, and separately a constitutional amendment to allow cantons to tax second homes for personal use.
· The UK Labor Party holds its annual conference in Liverpool.
Economic & Financial Reports/Events –
· Nothing significant to report.
Middle East
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Israel Manufacturing Production (July)
· Saudi Arabia M3 Money Supply (August)/ Private Bank Lending (August)
Africa
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Nothing significant to report.
Monday, September 29, 2025
Global
· The UN Security Council is scheduled to hold a briefing on the Middle East (specifically, the situation in Gaza, the West Bank, and Lebanon), followed by consultations.
Americas
Political/Social Events –
· President Trump will again host Israeli Prime Minister Benjamin Netanyahu at the White House to discuss the situation in Gaza and the West Bank.
· Ukrainian defense officials will travel to Washington to meet with Defense Secretary Pete Hegseth.
Economic & Financial Reports/Events –
· Federal Reserve Board Member Christopher Waller will give a speech on payments a the Sibos 2025 Conference in Frankfurt, Germany.
· Cleveland Federal Reserve Bank President Beth Hammack participates in a policy panel, "Inflation: Drivers and Dynamics Conference 2025," hosted by the European Central Bank (ECB), the Center for Inflation Research, and the Federal Reserve Bank of Cleveland.
· St. Louis Federal Reserve Bank President Alberto Musalem speaks at an event, "The Past, Present and Future of the Federal Reserve".
· New York Federal Reserve Bank President John Williams participates in a conversation organized by the Rochester Institute of Technology.
· Atlanta Federal Reserve Bank President Raphael Bostic moderates a conversation on Atlanta's economy, air travel, and leadership as part of the Atlanta Fed Leading Voices Series.
· Brazil IGP-M Inflation (September)/ Bank Lending (August)
· / Pending Home Sales (August)/ Dallas Fed Manufacturing Index (September)/ BCB Focus Market Readout/ Net Payrolls (August)
· Mexico Unemployment Rate (August)
· Argentina Current Account Q2
· MAJOR EARNINGS: Carnival
Asia
Political/Social Events –
· The ASEAN Economic Ministers Meeting in Kuala Lumpur concludes.
· The Asian Development Bank releases its latest economic assessment report.
Economic & Financial Reports/Events –
· Bank of Japan Member of the Policy Board Asahi Noguchi speaks at the Sapporo Chamber of Commerce and Industry Conference.
· Philippines PPI (August)
· Taiwan Consumer Confidence (September)
· Japan BoJ JGB Purchases/ Coincident Index (July)/ Leading Economic Index (July)
· Malaysia PPI (August)
· Singapore Export Prices (August)/ Import Prices (August)/ PPI (August)
· India Industrial Production (August)/ Manufacturing Production (August)
Europe
Political/Social Events –
· The final results of the Moldovan elections are announced.
· The EU Competitiveness Council (Internal market and Industry) meets in Brussels. Ministers will hold a policy debate on the European Competitiveness Fund (ECF), one of the main elements of the 2028-2034 long-term EU budget (the forthcoming multiannual financial framework (MFF). They will then hear a presentation on simplification, and exchange views on the Single Market Strategy.
· The Warsaw Security Forum will be held in Warsaw, Poland, through September 30th. On the sidelines of the Forum, German Foreign Minister Johann Wadephul will meet with his counterparts from Ukraine, France, and Poland as part of the “Weimar Triangle.”
· The Sibos Conference begins in Frankfurt, Germany, and runs through October 2. The theme of the conference is “The Next Frontiers of Global Finance” and will feature hundreds of speakers, including leading central bankers and government officials from around the world.
· The Vaclav Havel Rights Award will be announced in Strasbourg, France.
Economic & Financial Reports/Events –
· European Central Bank Board Member Piero Cipollone gives a keynote speech followed by a fireside chat at the Baltic Digital Euro Conference titled 'Payments & Policy in a Changing Environment' organized by Eesti Pank in Tallinn, Estonia.
· European Central Bank Board member Isabel Schnabel participates in an exchange of views on 'Current aspects of monetary policy' with the Committee on Economic and Monetary Policy of the Association of German Banks in Frankfurt am Main, Germany.
· European Central Bank Governing Council member Boris Vujcic chairs panel at European Bank Coordination initiative in Brussels
· European Central Bank Board Member Pedro Machado participates on a panel discussion at '10 years of the SRM - a decade delivering a more resilient financial system' organized by Banco de Portugal in Lisbon, Portugal.
· European Central Bank Board Member Philip R. Lane participates on a policy panel at 'Inflation: Drivers and Dynamics 2025' conference organized by the ECB and the Federal Reserve Bank of Cleveland in Frankfurt, Germany.
· Euro Economic Sentiment (September)/ Consumer Confidence (September)/ Consumer Inflation Expectations (September)/ Industrial Sentiment (September)/ Selling Price Expectations (September)/ Services Sentiment (September)
· Slovakia Business Confidence (September)/ Consumer Confidence (September)
· Spain Inflation Rate (September)/ Retail Sales (August)/ Business Confidence (September)
· Turkey Economic Confidence Index (September)
· Slovenia Retail Sales (August)
· Great Britain BoE Consumer Credit (August)/ Mortgage Approvals (August)/ Mortgage Lending (August)/ M4 Money Supply (August)/ Net Lending to Individuals (August)
· Ireland Retail Sales (August)
Middle East
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Israel Interest Rate Decision/ Composite Economic Index (August)
Africa
Political/Social Events –
· Africa Energy Week begins in Cape Town, South Africa, where senior government leaders and the OPEC Secretary General will gather to discuss energy policy for the continent.
Economic & Financial Reports/Events –
· Mozambique Interest Rate Decision
Tuesday, September 30, 2025
Global
· The UN Security Council is scheduled to vote on a draft resolution on Haiti. Then it will hold a briefing on MONUSCO, the United Nations Organization Stabilization Mission in the Democratic Republic of Congo, followed by consultations..
Americas
Political/Social Events –
· President Trump is expected to speak to Brazilian President Lula regarding US tariffs on Brazil.
· The US Senate returns after a week off for home business. It is unclear whether the House of Representatives will return, however, as Speaker of the House Mike Johnson (R-LA) has suggested he may keep the body from returning to try to force Senate Democrats to vote in favor of the Continuing Resolution the House passed ten days ago to keep the government open.
· At midnight, unless the US Congress passes a continuing resolution to fund the federal government, there will be a government shutdown. The Director of the Office of Management and Budget, Russell Voight, has threatened to fire large numbers of civil servants instead of simply furloughing them.
· The Regional Dialogue of the Fourth International Symposium on Transboundary Waters in Latin America and the Caribbean will take place in Lima, Peru, through October 2nd, with participation by government authorities and the Inter-American Development Bank.
· Secretary of Defense Pete Hegseth convenes an extraordinary meeting of top military officials at Marine Corps Base Quantico, Virginia.
Economic & Financial Reports/Events –
· Federal Reserve Board Vice Chair Philip Jefferson will give a speech on Monetary Policy Frameworks and the US Economic Outlook at the Bank of Finland International Monetary Policy Conference in Helsinki, Finland.
· Boston Federal Reserve Bank President Susan Collins makes remarks at the Council on Foreign Relations’ C. Peter McColough Series on International Economics in New York.
· Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the Federal Reserve Bank of Chicago Midwest Agriculture Conference: Midwest Agriculture and Trade Uncertainty
· USA Redbook (September/27)/ S&P/Case-Shiller Home Price (July)/ House Price Index (July)/ Chicago PMI (September)/ JOLTs Job Openings (August)/ CB Consumer Confidence (September)/ Dallas Fed Services Index (September)/ Quarterly Grain Stocks – Corn/ Soy/ Wheat (September)/ API Crude Oil Stock Change (September/26)
· Brazil Gross Debt to GDP (August)/ Nominal Budget Balance (August)/ Unemployment Rate (August)
· Chile Copper Production (August)/ Industrial Production (August)/ Manufacturing Production (August)/ Retail Sales (August)/ Unemployment Rate (August)
· Colombia Unemployment Rate (August)/ Interest Rate Decision/ Cement Production (August)
· Costa Rica GDP Growth Rate Q2/ Current Account Q2
· El Salvador Current Account Q2
· Uruguay Balance of Trade (August)/ Current Account Q2
· Mexico Fiscal Balance (August)
· MAJOR EARNINGS: Nike
Asia
Political/Social Events –
· Today is China National Day, otherwise known as Martyrs’ Day.
· North Korea's Foreign Minister Choe Son Hui will visit China through September 30th.
· Outgoing Japanese Prime Minister Shigeru Ishiba will meet South Korean President Lee Jae-myung in Busan, South Korea, through October. 1st.
Economic & Financial Reports/Events –
· South Korea Industrial Production (August)/ Retail Sales (August)
· Japan BoJ Summary of Opinions/ Retail Sales (August)/ Industrial Production (August)/ Housing Starts (August)/ Construction Orders (August)
· New Zealand ANZ Business Confidence (September)
· Philippines Imports/ Exports/ Balance of Trade (August)
· Reserve Bank of Australia Interest Rate Decision and press conference Australia Private Sector Credit (August)/ Private House Approvals (August)/ Housing Credit (August)/ Building Permits (August)/Cotality Dwelling Prices (September)
· China NBS General/Non-Manufacturing/ Manufacturing PMI (September)/ RatingDog General & Services & Manufacturing PMI (September)/ Current Account Q2
· Singapore Bank Lending (August)
· Thailand Industrial Production (August)/ Current Account (August)/ Private Consumption & Investment (August)/ Retail Sales (July)
· Malaysia M3 Money Supply (August)
· Sri Lanka Inflation Rate (September)/ PPI (August)/ Unemployment Rate Q2/ Balance of Trade (August)
· India Government Budget Value (August)/ External Debt Q2
Europe
Political/Social Events –
· The EU Competitiveness Council (Research) will meet in Brussels. Ministers are expected to approve Council conclusions on the importance of research and innovation for the EU Startup and Scaleup Strategy.
Economic & Financial Reports/Events –
· European Central Bank President Christine Lagarde gives the keynote speech at the 4th Bank of Finland's International Monetary Policy Conference in Helsinki, Finland.
· The Bank of Finland will organize the 4th International Monetary Policy Conference on Monetary Policy in the Shadow of Geopolitical Tensions and Trade Conflicts (virtual).
· European Central Bank Board Member Pedro Machado gives the keynote speech at the S&P Global Ratings 2025 European Financial Institutions Conference in Frankfurt, Germany.
· European Central Bank Board Member Piero Cipollone participates on a panel discussion titled 'View from the Top: Securing Europe; s financial future - Resilience, autonomy, and global impact' at Sibos in Frankfurt am Main, Germany.
· European Central Bank Board Member Frank Elderson participates in a panel discussion at a high-level event, 'Climate action that works for you - An agenda for competitiveness, prosperity and resilience' in Brussels, Belgium.
· Bank of England Deputy Governor Sarah Breeden gives a speech at the Cardiff Business School.
· Germany Retail Sales (August)/ Import Prices (August)/ Unemployment Rate (September)/Baden-Württemberg CPI (September)/ Bavaria CPI (September)/ Brandenburg CPI (September)/ Hesse CPI (September)/ North Rhine-Westphalia CPI (September)/ Saxony CPI (September)/ Inflation Rate (September)
· Great Britain Current Account Q2/ Business Investment Q2/ GDP Growth Rate Q2/ BoE Lombardelli Speech/ BoE Ramsden Speech/ BoE L Mann Speech/ BoE Breeden Speech
· Hungary Balance of Trade (August)/ PPI (August)
· France Inflation Rate (September)/ PPI (August)
· Switzerland KOF Leading Indicators (September)
· Turkey Import/ Export/ Balance of Trade (August)/ Unemployment Rate (August)/ Participation Rate (August)
· Italy PPI (August)/ Inflation Rate (September)
· Poland Inflation Rate (September)
· Slovenia Inflation Rate (September)
· Spain Current Account (July)
· Greece PPI (August)/ Retail Sales (July)
· Ireland Industrial Sales (July)
· Serbia Balance of Trade (August)/ Industrial Production (August)/ Retail Sales (August)
· Ukraine Current Account (August)
· Russia M2 Money Supply (August)
· FINANCIAL EARNINGS REPORTS: Tesco
Middle East
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Saudi Arabia Unemployment Rate Q2
Africa
Political/Social Events –
· The US-Africa Growth and Opportunity Act, which went into effect 25 years ago, expires. The Act allowed duty-free trade between a number of African nations and the US.
· The West Africa Mining Security Conference begins in Accra, Ghana.
· Today is Botswana Independence Day.
Economic & Financial Reports/Events –
· South Africa M3 Money Supply (August)/ Private Sector Credit (August)/ Balance of Trade (August)/ Budget Balance (August)
· Nigeria Foreign Exchange Reserves (September)
· Zimbabwe Inflation Rate (September)
· Kenya Inflation Rate (September)
Wednesday, October 1, 2025
Global
· Russia assumes the chair of the UN Security Council for the month of October. There will be a press briefing by Ambassador Vassily Nebenzia, Permanent Representative of the Russian Federation to the United Nations and President of the Security Council for the month, on the Programme of Work for the month of October they intend to pursue.
· Yom Kippur, the holiest day of the Jewish year, begins at sundown and ends at nightfall on October 2nd.
Americas
Political/Social Events –
· New US tariffs on pharmaceuticals, large trucks, and other goods go into effect.
Economic & Financial Reports/Events –
· USA MBA Mortgage Market Index (September/26)/ MBA Purchase Index (September/26)/ ADP Employment Change (September)/ S&P Global Manufacturing PMI (September)/ ISM Manufacturing PMI (September)/ EIA Crude Oil & Gasoline Stocks Change (September/26)
· Chile IMACEC Economic Activity (August)
· Mexico Business Confidence (September)/ S&P Global Manufacturing PMI (September)/ Foreign Exchange Reserves (September)
· Brazil S&P Global Manufacturing PMI (September)
· Canada S&P Global Manufacturing PMI (September)/ Bank of Canada Summary of Deliberations
· Bank of Canada Senior Deputy Governor Carolyn Rogers sits for a fireside chat at Canada’s Competition Summit 2025 in Ottawa, Ontario.
· Colombia Davivienda Manufacturing PMI (September)
· Paraguay Current Account Q2
· Peru Inflation Rate (September)
· FINANCIAL EARNINGS REPORTS: ConAgra, Acuity
Asia
Political/Social Events –
· Today is National Day of the People’s Republic of China, celebrating Mao Zedon’g formal proclamation of the establishment of the communist state – otherwise known as Golden Week. Observed on October 1st, another six days are added to the official holiday.
· Today is Tuvalu Independence Day.
Economic & Financial Reports/Events –
· New Zealand Building Permits (August)
· Australia Ai Group Industry/ Construction/ Manufacturing Index (September)/ S&P Global Manufacturing PMI/ RBA Chart Pack/ Commodity Prices (September)
· Japan Tankan Large All Industry/ Manufacturers Index Q3/ Tankan Large Manufacturing Outlook Q3/ Tankan Small Manufacturers Index Q3/ S&P Global Manufacturing PMI (September)
· South Korea Imports/ Exports/ Balance of Trade (September)/ S&P Global Manufacturing PMI (September)
· Indonesia S&P Global Manufacturing PMI (September)/ Imports/ Exports/ Balance of Trade (September)/ Inflation Rate (September)/ Tourist Arrivals (August)
· Malaysia S&P Global Manufacturing PMI (September)
· Philippines S&P Global Manufacturing PMI (September)
· Taiwan S&P Global Manufacturing PMI (September)
· Thailand S&P Global Manufacturing PMI (September)
· Vietnam S&P Global Manufacturing PMI (September)
· India RBI Interest Rate Decision/ Cash Reserve Ratio/ HSBC Manufacturing PMI (September)/ M3 Money Supply (September/19)
· Kazakhstan Inflation Rate (September)
· Pakistan Inflation Rate (September)/ Wholesale Prices (September)
Europe
Political/Social Events –
· There will be an informal meeting of EU heads of state in Copenhagen. EU leaders will discuss how to strengthen Europe’s defense, also in light of Russia’s recent airspace violations in several EU member states. They will also discuss ways of further supporting Ukraine.
· Russia officially begins its annual autumn military conscription.
· Russian Foreign Minister Sergei Lavrov will meet with his counterparts from the Georgian breakaway regions of Abkhazia and South Ossetia in Sochi, Russia.
· Greece is bracing for a general nationwide strike.
Economic & Financial Reports/Events –
· European Central Bank Board Member Luis de Guindos will give a one-on-one interview and then participate in a panel discussion at the POLITICO Competitive Europe Summit in Brussels, Belgium.
· European Central Bank Board Member Frank Elderson gives the keynote speech at the ECB Industry Dialogue on Climate and nature risk management: Taking stock and looking ahead in Frankfurt am Main, Germany.
· Ireland AIB Manufacturing PMI (September)/ Unemployment Rate (September)
· Russia S&P Global Manufacturing PMI (September)/ Business Confidence (September)/ Real Wage Growth (July)/ Retail Sales (August)/ Unemployment Rate (August)
· Great Britain Nationwide Housing Prices (September)/ S&P Global Manufacturing PMI (September)
· Switzerland Retail Sales (August)/ procure.ch Manufacturing PMI (September)/ SNB Quarterly Bulletin
· Hungry HALPIM Manufacturing PMI (September)
· Poland S&P Global Manufacturing PMI (September)
· Turkey Istanbul Chamber of Industry Manufacturing PMI (September)
· Spain HCOB Manufacturing PMI (September)/ New Car Sales (September)
· Euro HCOB Manufacturing PMI (September)/ Inflation Rate (September)/ CPI Flash (September)
· Italy HCOB Manufacturing PMI (September)/ New Car Registrations (September)
· France HCOB Manufacturing PMI (September)
· Germany HCOB Manufacturing PMI (September)
· Greece S&P Global Manufacturing PMI (September)
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 ABSA Manufacturing PMI (September)/ Total New Vehicle Sales (September)
· Egypt M2 Money Supply (August)
Thursday, October 2, 2025
Global
· Nothing significant to report.
Americas
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Dallas Federal Reserve Bank President Lorie Logan participates in a moderated conversation before the UT Evolving Energy and Policy Landscape Conference.
· Brazil IPC-Fipe Inflation (September)
· USA Challenger Job Cuts (September)/ Initial Jobless Claims (September/27)/ Factory Orders (August)/EIA Natural Gas Stocks Change (September/26)/ Fed Balance Sheet (October/01)/ Total Vehicle Sales (September)
· Paraguay Inflation Rate (September)
· Canada BoC Mendes Speech
· Argentina Tax Revenue (September)
Asia
Political/Social Events –
· The 62nd US–Japan Business Conference begins in Tokyo and runs through Saturday.
Economic & Financial Reports/Events –
· South Korea Inflation Rate (September)/ Current Account (August)
· Japan Foreign Bond Investment (September/27)/ Stock Investment by Foreigners (September/27)/ Consumer Confidence (September)/ BoJ Uchida Speech
· Singapore URA Property Index Q3
· Australia Imports/ Exports/ Balance of Trade (August)/ RBA Financial Stability Review/ Household Spending (August)
· Hong Kong Retail Sales (August)
· Singapore SIPMM Manufacturing PMI (September)
· Sri Lanka Current Account Q2
· Pakistan Balance of Trade (September)
· Russia GDP (August)
Europe
Political/Social Events –
· The 7th European Political Community begins in Copenhagen, Denmark. More than 50 European leaders will participate as well as the EU Parliament, EU Commission, and the European Council.
· French unions have called for nationwide strikes today in opposition to proposed parliamentary austerity proposals.
Economic & Financial Reports/Events –
· European Central Bank Board Member Patrick Montagner participates in a fireside chat at EC-EIB-ESM Capital Markets Seminar in Luxembourg.
· European Central Bank Board Member Luis de Guindos participates in a fireside chat at ESADE Business School in Madrid, Spain.
· Romania PPI (August)/ Unemployment Rate (August)
· Switzerland Inflation Rate (September)
· France Budget Balance (August)
· Spain Unemployment Change (September)/ Tourist Arrivals (August)
· Euro Area Unemployment Rate (August)
· Italy Unemployment Rate (August)
· Great Britain DMP 1Y CPI Expectations (September)/ DMP 3M Output Price Expectations (September)
· Greece Unemployment Rate (August)
· Turkey Foreign Exchange Reserves (September/26)
Middle East
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Kuwait Inflation Rate (August)/ M2 Money Supply (August)
Africa
Political/Social Events –
· Today is Guinea Independence Day.
Economic & Financial Reports/Events –
· Nigeria Stanbic IBTC Bank Nigeria PMI (September)
· Egypt Interest Rate Decision/ Overnight Lending Rate
· Kenya GDP Growth Rate Q2
Friday, October 3, 2025
Global
· Nothing significant to report.
Americas
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Federal Reserve Vice Chair Philip Jefferson will give a speech on the US Economic Outlook and the Fed’s Monetary Policy Framework at the Drexel Economic Forum in Philadelphia, Pennsylvania.
· New York Federal Reserve Bank President John Williams gives a keynote before the Klaas Knot Farewell Symposium organized by De Nederlandsche Bank (DNB)
· USA Non-Farm Payrolls (September)/ Unemployment Rate (September)/ Average Hourly Earnings (September)/ Participation Rate (September)/ Government Payrolls (September)/ Manufacturing Payrolls (September)/ U-6 Unemployment Rate (September)/ S&P Global Services & Composite PMI (September)/ ISM Services PMI (September)/ Baker Hughes Total Rigs Count (October/03)
· Brazil Industrial Production (August)/ S&P Global Services & Composite PMI (September)
· Mexico Gross Fixed Investment (July)
· Canada S&P Global Services & Composite PMI (September)
· Ecuador Inflation Rate (September)
· Uruguay Inflation Rate (September)
· El Salvador GDP Growth Rate Q2
Asia
Political/Social Events –
· South Korea celebrates National Foundation Day, a public holiday. Financial markets are closed.
Economic & Financial Reports/Events –
· Bank of Japan Governor Kazuo Ueda gives a speech to a group of business leaders in Osaka.
· Australia S&P Global Services & Composite PMI (September)
· Japan Unemployment Rate (August)/ Jobs/applications ratio (August)/ S&P Global Services & Composite PMI (September)
· Singapore S&P Global PMI (September)/ Retail Sales (August)
· Thailand Business Confidence (September)
· India Foreign Exchange Reserves (September/26)
Europe
Political/Social Events –
· Germany celebrates the 35th anniversary of reunification. French President Emmanuel Macron will join German Chancellor Friedrich Merz in Saarbrucken to celebrate.
· The Czech Republic holds elections for its Chamber of Deputies.
Economic & Financial Reports/Events –
· European Central Bank President Christine Lagarde gives a farewell symposium for DNB President Klaas Knot, 'Europe in the world - Challenges and Opportunities', organized by De Nederlandsche Bank in Amsterdam, Netherlands.
· Bank of England Governor Andrew Bailey gives a speech at the DNB President Klaas Knot 'Europe in the world - Challenges and Opportunities' organized by De Nederlandsche Bank in Amsterdam, Netherlands.
· European Central Bank Board Member Isabel Schnabel participates in a panel discussion at farewell symposium for DNB President Klaas Knot 'Europe in the world - Challenges and Opportunities' organized by De Nederlandsche Bank in Amsterdam, Netherlands.
· Ireland AIB Services PMI (September)
· Russia S&P Global Services & Composite PMI (September)
· France Industrial Production (August)/ HCOB Services & Composite PMI (September)
· Turkey Inflation Rate (September)/ PPI (September)
· Spain HCOB Services & Composite PMI (September)
· Italy HCOB Services & Composite PMI (September)/ Retail Sales (August)
· Germany HCOB Services & Composite PMI (September)/ New Car Registrations (September)
· Euro Area HCOB Services & Composite PMI (September)/ PPI (August)
· Slovenia Balance of Trade (August)
· Great Britain S&P Global Services & Composite PMI (September)/ BoE Gov Bailey Speech
Middle East
Political/Social Events –
· Today is Iraq's Independence Day.
Economic & Financial Reports/Events –
· United Arab Emirates S&P Global PMI (September)
Africa
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· South Africa S&P Global PMI (September)
· Ghana Inflation Rate (September)
Saturday, October 4, 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 –
· The Japanese Liberal Democratic Party holds its leadership elections.
Economic & Financial Reports/Events –
· South Korea Foreign Exchange Reserves (September)
Europe
Political/Social Events –
· Georgia will hold municipal elections to select mayors and members of local representative councils, the Sakrebulo.
· Today in Germany is National Unity Day, celebrating German reunification.
Economic & Financial Reports/Events –
· Nothing significant to report.
Middle East
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Israel Business Confidence (September)
Africa
Political/Social Events –
· Today is Lesotho Independence Day.
Economic & Financial Reports/Events –
· Nothing significant to report.
Sunday, October 5, 2025
Global
· OPEC+ will hold a virtual meeting to consider increased output of at least 137,000 bpd.
Americas
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Nothing significant to report.
Asia
Political/Social Events –
· South Korea celebrates Chuseok, the Korean Thanksgiving festival, through Wednesday.
Economic & Financial Reports/Events –
· Nothing significant to report.
Europe
Political/Social Events –
· The UK’s Conservative Party holds it annual conference in Manchester, running through Wednesday.
Economic & Financial Reports/Events –
· Nothing significant to report.
Middle East
Political/Social Events –
· Syria will hold parliamentary elections.
Economic & Financial Reports/Events –
· Saudi Arabia Riyad Bank PMI (September)
Africa
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Egypt S&P Global PMI (September)