Macro Calendar Summary - October 23, 2026

Market Overview

The financial markets are entering the final session of the week with a focus on key economic indicators and the ongoing earnings season on Wall Street. Investors are particularly attentive to developments in global economic growth and inflation, especially in light of the geopolitical uncertainties in the Middle East. The day is expected to be influenced heavily by the preliminary PMI (Purchasing Managers' Index) releases for both manufacturing and services sectors across Europe and the United States.

Key Economic Indicators

Today's session will see the release of preliminary October PMI figures, which are crucial for understanding how major economies are managing the pressures of higher interest rates and the state of demand as they enter the fourth quarter. The highest volatility is anticipated in currency pairs such as EUR/USD and GBP/USD, as well as major stock indices including the DAX, S&P 500, and Nasdaq.

Asian Session Highlights

In Japan, the Consumer Price Index (CPI) for September showed an increase to 2.1% year-on-year, up from 1.9% previously, with the core CPI also meeting expectations at 2.1%. However, Japan's preliminary manufacturing PMI for October decreased to 53.3 from 54.1, falling short of the consensus estimate of 54.5.

In Australia, the preliminary manufacturing PMI for October slightly improved to 49.7 from 49.6, while the services PMI experienced a notable decline to 47.8 from 51.9 in the previous month.

Macroeconomic Calendar

• 00:01 Australia - Preliminary Manufacturing PMI: Previous 49.6
• 00:01 Australia - Preliminary Services PMI: Previous 51.9
• 01:30 Japan - Core CPI y/y: Previous 1.7%
• 02:30 Japan - Preliminary Manufacturing PMI: Previous 54.1
• 08:00 United Kingdom - Retail Sales m/m: Previous 0.5%
• 09:15 France - Preliminary Manufacturing PMI: Previous 50.6
• 09:15 France - Preliminary Services PMI: Previous 51.2
• 09:30 Germany - Preliminary Manufacturing PMI: Previous 53.9
• 09:30 Germany - Preliminary Services PMI: Previous 52.9
• 10:00 Eurozone - Preliminary Manufacturing PMI: Previous 52.9
• 10:00 Eurozone - Preliminary Services PMI: Previous 53.0
• 10:30 United Kingdom - Preliminary Manufacturing PMI: Previous 51.9
• 10:30 United Kingdom - Preliminary Services PMI: Previous 52.1
• 14:30 Canada - Retail Sales m/m: Previous -0.7%
• 15:45 USA - Preliminary Manufacturing PMI: Previous 55.9
• 15:45 USA - Preliminary Services PMI: Previous 58.8
• 16:00 USA - Final University of Michigan Consumer Sentiment: Previous 48.1
• 19:00 USA - Baker Hughes Oil Rig Count: Previous 459

Corporate Earnings

Before the market opens, American Express is set to release its earnings report in the financial services/payments sector. No major mega-cap earnings releases are scheduled for after the market closes.

Markets to Watch

• EUR/USD: The preliminary PMI releases for France, Germany, and the Eurozone will influence the direction of the euro, while US data later in the day will test the strength of the dollar.
• S&P 500 / Dow Jones: The quarterly results from American Express and incoming service and manufacturing data will shape market sentiment on US exchanges.
• GBP/USD: UK retail sales data and preliminary PMI metrics are expected to create volatility in the British pound ahead of the US PMI release.