US New Residential Construction (Housing Starts) November 2026
2026-11-18 08:30 - 09:30 (America/New_York)
Next US New Residential Construction (Housing Starts): Wednesday, November 18, 2026 at 8:30 am ET (1:30 pm London). Covers October 2026 data.

Consensus
Not yet published
Actual
Pending

Updated August 25, 2026

← Previous US New Residential Construction (Housing Starts)Next US New Residential Construction (Housing Starts) →
The U.S. Census Bureau and Department of Housing and Urban Development (HUD) will release New Residential Construction data for October 2026 on Wednesday, November 18, 2026, at 8:30 a.m. Eastern Time. This monthly report covers housing starts, building permits, and completions for October, providing an early read on residential construction trends heading into the traditionally slower winter building season. The report date was confirmed via the Census Bureau’s Survey of Construction release schedule. Consensus forecasts are not yet available at the time of writing.
What Is the Housing Starts Report?
The New Residential Construction report is a monthly joint publication from the Census Bureau and HUD. It measures the number of new privately owned housing units where construction began during the reference month, expressed as a seasonally adjusted annual rate (SAAR). The report also includes building permits (a forward indicator for starts) and housing completions. Data is split between single-family homes and multi-family buildings (five or more units).
Housing starts are a leading economic indicator. Construction activity creates direct employment in building trades and generates downstream demand for materials, appliances, and home-related retail spending. The shelter component of the Consumer Price Index (CPI) is closely linked to housing supply over time: higher construction volumes add to supply, which tends to moderate rent growth and owners’ equivalent rent, two major inputs into headline inflation.
The data is released on the 12th business day after the reference month ends and is published at 8:30 a.m. Eastern Time. Initial estimates are subject to revision in subsequent months as the Census Bureau receives additional survey responses and administrative data.
Housing Starts Report: November 18, 2026
The November 18 release covers October 2026 construction activity. October marks the transition into the autumn construction season, when builders in northern states typically accelerate activity before winter weather slows outdoor work. The seasonally adjusted figure removes this pattern, but the absolute level of permit issuance in October is closely watched as a signal of builder intent heading into winter.
Consensus estimates for October 2026 starts are not yet available. The primary variables that will determine the result include mortgage rate conditions through the summer and early autumn (which have been the dominant suppressor of single-family activity in 2026), builder confidence as measured by the NAHB Housing Market Index, and the availability and cost of construction finance. If the Federal Reserve has begun easing by October, the resulting improvement in mortgage rates could provide a meaningful lift to single-family starts relative to the 930,000 SAAR recorded in April 2026.
The November 18 release builds on two preceding October housing data points: the September housing starts report (August data, released September 17) and the October housing starts report (September data, released October 20). The trend across these three releases will be closely watched for evidence of a durable recovery or continued softness in single-family construction.
Why This Report Matters
For the Federal Reserve, housing construction data feeds into both the real activity and inflation components of its mandate. Ongoing suppression of single-family starts reflects the direct transmission of monetary policy through mortgage rates: when the Fed raises rates, mortgage borrowing costs rise, reducing affordability and deterring buyers. Conversely, any improvement in starts in the October data would be an early indication that rate cuts (if any were implemented earlier in 2026) are beginning to flow through to the housing market.
For equity markets, the November 18 release directly affects homebuilder stocks (Lennar, D.R. Horton, PulteGroup, NVR), building materials companies (USG, Vulcan, Martin Marietta), and mortgage lenders. These sectors have been under pressure throughout much of 2026 due to the combination of high rates and affordability constraints. Any sign of improving starts would be a positive catalyst for the homebuilder index.
Building permits, the most closely watched forward indicator within the report, will also be assessed for their implications for construction activity through the winter months and into spring 2027, which is historically the strongest building season.
What to Watch For

Above consensus — Stronger-than-expected starts, particularly in single-family, would signal that the housing market is recovering despite elevated rates or benefiting from initial rate relief. Homebuilder stocks would likely rally, and the reading would be constructive for building materials and related sectors.
In line with consensus — A neutral result would maintain the existing housing narrative. Markets would focus on the building permits figure as a forward indicator and watch for meaningful revisions to the September reading (released the previous month).
Below consensus — A miss would reinforce concerns about housing affordability and the depth of the single-family construction slowdown. If multi-family starts also decline, it could signal broader weakness in residential investment, raising the risk of a housing-led drag on GDP growth in late 2026 and early 2027.

Historical Context

Release Date
Reference Month
Actual (SAAR)
MoM Change

May 21, 2026
April 2026
1.465 million
-2.8%

April 29, 2026
March 2026
1.507 million
+10.8%

March 12, 2026
January 2026
1.487 million
+7.2%

February 2026
December 2025
1.387 million
—

Market Positioning
Housing construction has been characterised throughout 2026 by a significant divergence between segments: multi-family construction has remained supported by strong rental demand and the continuing structural undersupply of housing in major metropolitan areas, while single-family construction has been suppressed by the combination of elevated mortgage rates and stretched affordability metrics. The November 18 release will arrive as markets are assessing whether any Fed easing undertaken in late 2026 is beginning to translate into lower mortgage costs and improving builder confidence. The US Retail Sales November 2026 report, due the same week, will provide complementary data on consumer demand conditions that underpin housing market fundamentals.
Related Events This Week

US CPI Report November 2026 — Released November 10, the CPI reading provides the inflation context for interpreting housing starts, particularly the shelter component.
US Retail Sales November 2026 — Released the same week, retail sales data frames consumer demand conditions that drive both housing need and spending after a home purchase.
FOMC Rate Decision December 2026 — The Fed’s December meeting will incorporate housing construction trends in its assessment of the transmission of monetary policy to the real economy.

Frequently Asked Questions
What does the housing starts report measure?
The New Residential Construction report measures the number of new privately owned residential units where construction began during the reference month. Published jointly by the Census Bureau and HUD, it covers single-family homes and multi-family buildings. The headline figure is expressed as a seasonally adjusted annual rate (SAAR) to allow comparison across months despite seasonal variation in construction activity.
When is the November 2026 housing starts report released?
The October 2026 housing starts data will be published on Wednesday, November 18, 2026, at 8:30 a.m. Eastern Time. This date was confirmed by the Census Bureau’s Survey of Construction release schedule, with the report typically released on the 12th business day after the end of the reference month.
Why does building permits data matter as much as housing starts?
Building permits are a reliable one-to-three month leading indicator for housing starts. Because a permit must be obtained before construction can legally begin, the monthly permits figure provides a window into builder intentions and the near-term construction pipeline. A sustained decline in permits reliably forecasts lower starts in subsequent months. For this reason, analysts often focus as much on the permits figure within the report as on the starts headline itself.

FOMC Minutes November 2026
2026-11-18 14:00 - 15:00 (America/New_York)
Next FOMC Minutes: Wednesday, November 18, 2026 at 2:00 pm ET (7:00 pm London).
Date to be confirmed by the publisher; this is the scheduled date.

Consensus
Not yet published
Prior
Held at 3.50%-3.75% (July 29, 2026, vote 9-3)
Actual
Pending

Full schedule and background: FOMC Minutes.
Updated September 2, 2026

← Previous FOMC Minutes
The Federal Open Market Committee (FOMC) publishes the minutes of its October 27-28, 2026 meeting on Wednesday, November 18, 2026 at 2:00 pm ET, which is 7:00 pm in London. The minutes are released three weeks after the policy decision and give a detailed account of the discussion behind the vote, including how members weighed inflation, employment and financial stability risks. Full schedule and background: FOMC Minutes.
Note on timing: the Federal Reserve has not published a separate confirmation notice for this specific minutes release beyond the standing pattern. FOMC minutes are, as a rule, released three weeks after the second day of each scheduled meeting, so November 18, 2026 follows that established convention rather than a fresh announcement.
What is the FOMC and what does it decide?
The FOMC is the branch of the Federal Reserve System responsible for setting US monetary policy, principally the federal funds rate, the interest rate at which banks lend reserves to each other overnight. Its decisions ripple through mortgage rates, savings yields, business borrowing costs and the value of the dollar worldwide.
The committee operates under a dual mandate from Congress: maximum employment and stable prices, which the Fed interprets as inflation averaging around 2% over time. It comprises the seven members of the Board of Governors and five of the twelve regional Federal Reserve Bank presidents, who rotate voting rights annually (the New York Fed president votes every year).
The FOMC holds eight regularly scheduled meetings a year, roughly every six to eight weeks, according to the Federal Reserve’s own meeting calendar. Four of these meetings, in March, June, September and December, are accompanied by a Summary of Economic Projections, popularly known as the dot plot.
When is the October FOMC decision reflected in these minutes?
The minutes released on November 18, 2026 cover the two-day meeting held October 27-28, 2026, which is the meeting immediately before this minutes publication. The policy statement and rate decision from that meeting were announced on October 28 at 2:00 pm ET, with a press conference roughly 30 minutes later, in the Fed’s usual format. The October meeting did not carry a Summary of Economic Projections; that material is reserved for the March, June, September and December meetings. The minutes themselves add colour that the same-day statement cannot: the balance of views among members, any dissents, and how officials characterised the outlook for growth, inflation and the labour market.
What to expect
At its most recently confirmed decision before the autumn cycle, the FOMC held its target range at 3.50% to 3.75% at the July 28-29, 2026 meeting, a hold that passed 9-3, according to reporting summarised by FedRateCalc. That range had also been maintained at the March 18, 2026 meeting, as noted by Equals Money. Markets watching the September and October meetings have continued to price expectations through tools such as the CME FedWatch tool and overnight index swaps, though this page does not have a verified, sourced outcome for those two meetings at the time of writing. Readers should check the Federal Reserve’s own statement pages for the confirmed September 16 and October 28, 2026 decisions.

Meeting
Decision
Rate after meeting

March 17-18, 2026
Hold
3.50% – 3.75%

July 28-29, 2026
Hold (vote 9-3)
3.50% – 3.75%

Rows for meetings without an independently verified outcome have been omitted rather than guessed. Check the Fed’s official calendar and statements for the confirmed record of every meeting.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Minutes show a hawkish tilt
Traders may push back the timing of any future rate cut, according to typical patterns seen on CME FedWatch after hawkish minutes
Borrowing costs stay higher for longer, which can support the dollar but weigh on stock prices

Minutes show a dovish tilt
Futures markets often price in a higher probability of an earlier or larger rate cut
Cheaper borrowing becomes more likely sooner, which can lift shares but weaken the dollar

Minutes reveal a split committee
Analysts typically flag rising uncertainty about the next move, increasing volatility around subsequent data releases
No clear signal for savers or borrowers yet, so rates on mortgages and deposits may stay range-bound until the next meeting

What will the minutes signal?
Analysts read FOMC minutes for three things: forward guidance on the likely path of rates, evidence of internal disagreement (dissents), and any discussion of the Fed’s balance sheet, including the pace of asset holdings runoff or reinvestment. A minutes text that repeats a “data dependent” framing without new detail is usually read as a signal of no near-term change. A minutes text that shows several members pushing for a different path than the one taken at the meeting can move bond yields even though the policy decision itself is already three weeks old news.
Watch, too, for any language on financial stability, since minutes sometimes flag risks in specific markets such as commercial property or leveraged lending that do not appear in the shorter post-meeting statement.
What It Means for Your Money
The federal funds rate sets the base for a wide range of borrowing costs. If the minutes suggest the Fed is closer to cutting, US mortgage rates and other loan and credit card rates can start to drift lower even before an actual cut, because lenders price in expectations. If the minutes suggest the Fed will hold rates higher for longer, variable-rate loans and new fixed-rate mortgages tend to stay expensive, and savings accounts and money market funds keep paying attractive yields for a little longer.
For UK and eurozone readers, US rate expectations still matter. A more hawkish Fed tends to support the dollar against the pound and the euro, which makes imports priced in dollars, including oil, more expensive in London and Frankfurt. It can also pull global bond yields higher, indirectly nudging UK and eurozone mortgage and loan pricing even though the Bank of England and the European Central Bank set their own rates separately. For pensions and other investments, shifts in Fed rate expectations move US Treasury yields, which in turn affect global bond and equity valuations, including funds widely held in UK workplace pensions and European retirement schemes.
Related events

Previous FOMC minutes: October 2026 FOMC Minutes
The Fed’s official October 27-28, 2026 meeting statement and press conference, published on the Federal Reserve’s calendar page
US inflation (CPI) and employment (nonfarm payrolls) releases published in the weeks before the October and December FOMC meetings, which shape the discussion recorded in these minutes

Frequently Asked Questions
What time are the November 2026 FOMC minutes released?
The minutes are released at 2:00 pm ET on November 18, 2026, which is 7:00 pm in London.
Which meeting do these minutes cover?
They cover the two-day FOMC meeting held October 27-28, 2026, giving a fuller account of that meeting’s discussion than the same-day policy statement.
What is the current federal funds rate?
The target range was 3.50% to 3.75% after the July 28-29, 2026 meeting, according to Federal Reserve reporting; readers should check the Fed’s own statement for any change made at the September or October 2026 meetings.
When is the next FOMC meeting?
The FOMC’s final scheduled meeting of 2026 is on December 8-9, 2026, with the decision due on December 9 and accompanied by a fresh Summary of Economic Projections.
Where can I read the minutes in full?
The full text is published on the Federal Reserve’s own monetary policy calendar page alongside the original statement and implementation note.
← Previous FOMC Minutes

NVDA Earnings November 2026
2026-11-18 16:05 - 17:05 (America/New_York)
Next NVDA Quarterly Earnings: Wednesday, November 18, 2026 at 4:05 pm ET (9:05 pm London).
Date to be confirmed by the publisher; this is the scheduled date.

Consensus
Not yet published
Prior
Revenue $96.22bn, EPS $2.22 (Q2 FY2027, reported August 27, 2026)
Actual
Pending

Updated September 2, 2026

← Previous NVDA Quarterly Earnings
Nvidia is scheduled to report its fiscal third-quarter 2027 earnings on November 18, 2026, after the market close, with results and the earnings call expected around 4:05 pm ET (9:05 pm London). As Nvidia has not yet confirmed the exact date, this follows the company’s usual pattern of reporting roughly three months after its previous quarterly release, in the third or fourth week of the month. Nvidia is the world’s largest maker of graphics processing units (GPUs) and the dominant supplier of chips used to train and run artificial intelligence models, so its results are watched closely across global markets, not just by US tech investors. Full schedule and background: NVDA quarterly earnings dates.
What is Nvidia’s quarterly earnings report?
Nvidia’s quarterly earnings report is the company’s official disclosure of its financial performance for the preceding three-month period, filed with the US Securities and Exchange Commission and released alongside a shareholder letter and investor presentation. Management, led by chief executive Jensen Huang and chief financial officer Colette Kress, hosts a live conference call afterwards to discuss results and answer analyst questions. The report breaks revenue down by segment, chiefly Data Center (AI chips sold to cloud providers and enterprises), Gaming, Professional Visualization and Automotive. Because Nvidia’s chips underpin much of the current build-out of AI infrastructure, its numbers are treated as a barometer for AI spending worldwide, influencing sentiment in the UK, Europe and Asia as well as the US.
Nvidia’s fiscal year runs from late January to late January the following calendar year, so this report covers the third quarter of fiscal year 2027, spanning roughly August to October 2026. The company’s shares are among the most heavily traded in the world, and options activity around its earnings dates is often unusually high, reflecting how much uncertainty investors attach to a single quarterly release. Because so many index funds, pension schemes and retirement accounts hold Nvidia shares indirectly through broad market trackers, the report has a wider reach than a typical single-company earnings event.
When is the November 2026 report and how to follow it
The report is expected on Wednesday, November 18, 2026, with the press release typically issued shortly after 4:00 pm ET, followed by the earnings call around 4:05 pm ET (9:05 pm in London, and the early hours of Thursday in parts of Asia). Nvidia publishes results and a live audio webcast on its investor relations website, and the call is also carried by major financial news services and brokerages. Because Nvidia has not formally confirmed this date at the time of writing, readers should check the investor relations site nearer the time for any change.
What to expect
Nvidia does not publish a formal analyst consensus for this quarter in advance of the report, and no third-party consensus figure for fiscal third-quarter 2027 revenue or earnings per share (EPS) has yet been published by data providers such as Visible Alpha or Bloomberg. However, Nvidia’s own management guidance from the August 2026 earnings call pointed to revenue of around $108.0 billion for the quarter, according to reporting on the company’s Q2 FY2027 results. Analysts will focus on whether Data Center revenue, which has driven the bulk of recent growth, continues to expand at a similar pace, on any commentary about supply constraints for next-generation chips, and on guidance for the following quarter. Gross margin trends and comments on export restrictions to China are also likely to draw attention.

Quarter
Revenue
EPS
vs estimate

Q2 FY2027 (reported August 27, 2026)
$96.22 billion
$2.22
Beat ($92.07bn revenue, $2.09 EPS expected)

Earlier quarters are not yet independently verifiable from primary sources at the time of writing, so only the most recently confirmed quarter is shown above; readers can find the full history on Nvidia’s investor relations site.
What the outcome could mean

Scenario
Likely market read
Plain-English meaning

Beat on revenue and EPS, strong guidance
Shares could rise, AI-linked stocks and chip suppliers may follow
Demand for AI chips is holding up or accelerating, supporting the broader AI investment story

In line with guidance, cautious outlook
Muted or mixed share reaction
Growth is continuing roughly as expected, with no fresh catalyst either way

Miss or weak guidance, supply or demand concerns flagged
Shares could fall sharply, weighing on wider tech indices
Signs that AI infrastructure spending may be slowing or facing bottlenecks

What It Means for Your Money
Nvidia is one of the largest companies in the world by market value, so its share price swings can move index funds and pensions that track the S&P 500 or global technology indices, even for people who have never bought a tech stock directly. A strong report can lift related semiconductor and cloud-computing shares in the US, Europe and Asia, while a disappointing one can drag down the same group and dent broader stock market sentiment for a few days. The dollar can also see modest moves against the pound and euro around major US tech earnings if they shift expectations for US growth or interest rates. For everyday consumers, the report has little direct effect on mortgages or savings rates, but it can influence how much AI-related capital spending flows into cloud services, data centres and, over time, the cost and availability of AI-powered products.
Related events

NVDA Q2 FY2027 earnings, August 2026
US Federal Reserve interest rate decisions, which influence sentiment towards growth and technology stocks
Other major AI-linked earnings reports from cloud and chip companies in the same reporting season

Frequently Asked Questions
What time does Nvidia report earnings in November 2026?
Nvidia is expected to report after market close on November 18, 2026, with the call beginning around 4:05 pm ET (9:05 pm London), though the date has not been formally confirmed by the company.
Is there a confirmed consensus forecast for this quarter?
No, a consensus forecast has not yet been published for Nvidia’s fiscal third-quarter 2027 results; Nvidia’s own guidance from August 2026 pointed to revenue of around $108.0 billion.
What was Nvidia’s previous quarterly result?
In its fiscal second-quarter 2027 report on August 27, 2026, Nvidia posted revenue of $96.22 billion and EPS of $2.22, both ahead of the roughly $92.07 billion and $2.09 that had been expected.
Where can I watch the earnings call?
Nvidia streams its earnings call live on its investor relations website, and it is also typically covered live by major financial news outlets.
Why do Nvidia’s earnings matter outside the US?
Nvidia’s chips are central to AI infrastructure spending by companies and governments worldwide, so its results affect sentiment towards technology and AI-linked stocks in the UK, Europe and Asia, not only in the US.
← Previous NVDA Quarterly Earnings

Australia Labour Force November 2026
2026-11-18 19:30 - 20:30 (America/New_York)
Next Australia Labour Force: Thursday, November 19, 2026 at 11:30 am AEDT (7:30 pm ET, 12:30 am London).

Consensus
Not yet published
Prior
Unemployment rate 4.5% (April 2026, seasonally adjusted)
Actual
Pending

Full schedule and background: Australia Labour Force.
Updated August 25, 2026

← Previous Australia Labour Force
The Australia Labour Force report for November 2026 is due on Thursday, November 19, 2026 at 11:30 am AEDT, which is 7:30 pm ET on Wednesday, November 18 in the United States and 12:30 am London time on the same Thursday. It is published by the Australian Bureau of Statistics (ABS) and covers labour market conditions gathered during the reference period leading into the release. Full background and the release schedule for this series are on our Australia Labour Force hub page.
What is the Australia Labour Force report?
The Labour Force survey is Australia’s main monthly measure of employment, unemployment and participation. Each month the ABS surveys a large, rotating sample of households across the country and asks whether people worked, looked for work, or were out of the labour force entirely in the survey reference week. From those answers it builds the headline figures markets watch: the unemployment rate, the number of people employed (full-time and part-time), the participation rate (the share of the population aged 15 and over who are working or actively looking for work), and hours worked.
These numbers matter because the Reserve Bank of Australia (RBA) treats the labour market as one of the two main inputs, alongside inflation, into its interest rate decisions. A tight labour market with a falling unemployment rate can add to wage and price pressure, while a loosening labour market gives the RBA more room to hold or cut its cash rate. Because Australia is a major exporter of iron ore, coal and other commodities and a large trading partner for China, Japan and other parts of Asia, swings in its jobs data are watched well beyond its own borders, and they also move the Australian dollar, which in turn affects import prices for goods bought from the UK, Europe and the US.
The ABS reports both the original series and the seasonally adjusted series, which strips out predictable calendar effects such as school holidays. Most headlines and market reactions focus on the seasonally adjusted unemployment rate and the change in employment, usually expressed as a net gain or loss of jobs against the previous month.
When is the November Labour Force report released?
The ABS has this release scheduled for Thursday, November 19, 2026, at 11:30 am Australian Eastern Daylight Time. That translates to 7:30 pm ET in New York on the Wednesday evening before, and 12:30 am in London early on the Thursday. The report is published free on the ABS website under the “Labour Force, Australia” series, alongside detailed tables covering states, industries and demographic breakdowns. The ABS also lists this release, and all other upcoming statistical releases, on its release calendar.
What is the consensus forecast?
At the time of writing, a consensus forecast for the November 2026 Labour Force report has not yet been published. Economist surveys from Reuters and Bloomberg for this release typically appear only in the days immediately before publication, so figures will firm up closer to November 19, 2026.
The most recently verified official reading from the ABS, from its April 2026 release, showed the seasonally adjusted unemployment rate rising to 4.5%, with the number of unemployed people increasing by 33,000 to 692,500, according to the Australian Bureau of Statistics. The ABS also noted that the unemployment rate held at 4.6% for men and rose 0.4 percentage points to 4.4% for women in that release. Several further monthly reports will have been published between then and the November 2026 print; readers should check the ABS website directly for the most current figures once they land, since precise month-by-month numbers for the second half of 2026 were not independently verifiable at the time this preview was written.

Measure
Prior (most recently verified)
Consensus

Unemployment rate
4.5% (April 2026, seasonally adjusted)
Not yet published

Participation rate
Data not independently verified for this preview
Not yet published

What the result could mean

Scenario
Likely market read
What it means in plain English

Above consensus (unemployment rate higher, or job losses)
Traders may price in a higher chance of an RBA rate cut, and the Australian dollar could weaken against the US dollar and pound
A softer jobs market often means fewer new roles, slower wage growth, and could nudge the RBA toward cheaper borrowing costs over time

In line with consensus
Limited immediate market reaction, since the outcome largely confirms what was already expected
The picture stays broadly as expected: no fresh reason for the RBA to change its current stance

Below consensus (unemployment rate lower, or strong job gains)
Markets could reduce bets on RBA rate cuts, and the Australian dollar may strengthen
A tighter labour market can support wage growth and consumer spending, but may also keep the RBA cautious about cutting rates too soon

These are possibilities discussed by analysts and traders, not predictions of the actual result.
Why does this release matter right now?
The RBA has repeatedly said it watches the labour market closely alongside inflation when setting the cash rate, and commentary from the bank’s board minutes and statements consistently frames a “gradual loosening” or tightening of labour conditions as a key signal for future policy moves, according to the Reserve Bank of Australia. Through the first half of 2026, the unemployment rate had drifted higher from earlier lows, with the ABS recording a rise to 4.5% in April 2026 after an increase in the number of unemployed people. Whether that gradual upward drift continued, stabilised, or reversed through the second half of the year is central to how the RBA reads the strength of the domestic economy heading into its final policy decisions of 2026 and its outlook for 2027.
Beyond the RBA, the report also matters to trading partners. China remains Australia’s largest export market, so a weaker Australian labour market can sometimes be an early signal of softening demand for commodities linked to Chinese industrial activity. A stronger or weaker than expected Australian dollar following the release also changes the price of goods and services traded with the UK, Europe and Asia, and can move commodity-linked currencies such as the New Zealand dollar and, to a lesser extent, sentiment around other resource exporters.
What It Means for Your Money
Mortgages and borrowing: in Australia, a weaker jobs report that raises the odds of an RBA rate cut can eventually flow through to lower variable mortgage rates, while a stronger report can keep borrowing costs higher for longer. Homeowners with variable-rate loans are the most directly affected.
Savings: Australian savings account and term deposit rates broadly track the RBA cash rate, so the same logic applies in reverse: weaker jobs data that points toward rate cuts tends to mean lower returns on cash savings over time.
Jobs and wages: the report itself is a direct read on how easy it is to find work in Australia and whether wage pressure is building. A falling unemployment rate with rising participation is generally read as a healthy sign for workers’ bargaining power.
The Australian dollar and overseas shoppers: a weaker labour market that weighs on the Australian dollar makes Australian exports and assets cheaper for foreign buyers, including UK, US and Asian investors, but it also makes imports and overseas holidays more expensive for Australians.
Investments and pensions: Australian equities, particularly banks and retailers exposed to domestic consumer spending, tend to be sensitive to labour market health, which matters for anyone holding Australian shares or superannuation funds with Australian equity exposure, including many UK and international pension funds with global allocations.
Related events

Previous release: Australia Labour Force, October 2026
Full release schedule and background: Australia Labour Force hub page
Reserve Bank of Australia cash rate decisions, which respond to trends in this data

Frequently Asked Questions
What time does the November 2026 Australia Labour Force report come out?
The ABS publishes the report at 11:30 am AEDT on Thursday, November 19, 2026, which is 7:30 pm ET on the Wednesday evening before in the US, and 12:30 am London time on the Thursday.
How should I read the unemployment rate figure?
Focus on the seasonally adjusted rate rather than the original series, since it removes predictable calendar effects, and compare it against both the prior month and the consensus forecast published shortly before release.
How does this report affect interest rates?
The Reserve Bank of Australia weighs labour market strength alongside inflation when setting its cash rate, so a materially weaker or stronger jobs report than expected can shift market expectations for future RBA decisions.
Where can I find the official release?
The full statistical release, including detailed tables, is published on the Australian Bureau of Statistics website under the “Labour Force, Australia” series.
When is the next Labour Force report after this one?
The ABS publishes Labour Force data monthly, so the following report typically arrives around four weeks later; check the ABS release calendar for the confirmed date.
← Previous Australia Labour Force

US Initial Jobless Claims: November 19, 2026
2026-11-19 08:30 - 09:30 (America/New_York)
Next US Initial Jobless Claims: Thursday, November 19, 2026 at 8:30 am ET (1:30 pm London).

Consensus
Not yet published
Prior
Not yet confirmed for the November 14, 2026 week
Actual
Pending

Full schedule and background: US Initial Jobless Claims.
Updated September 2, 2026

← Previous US Initial Jobless Claims
The US Department of Labor releases its weekly initial jobless claims report on Thursday, November 19, 2026, at 8:30 am ET (1:30 pm London). The report covers the week ending November 14, 2026, and measures how many people filed for unemployment insurance for the first time in that week. It is one of the most timely readings of the US labour market and is watched closely by the Federal Reserve, bond traders and anyone tracking hiring conditions.
What is the consensus forecast?
As of publication, a consensus forecast for the November 14, 2026 week has not yet been published. Economists surveyed by outlets such as Reuters and Bloomberg typically release their forecasts in the day or two before the report, once other labour-market signals for the week are in.
Weekly claims have generally hovered in a range around 200,000 to 210,000 through much of 2026, according to Investing.com’s economic calendar, which reported a reading of 203,000 against a forecast of 208,000 in one recent week, following a previous figure of 207,000. Continuing claims, which count people who remain on unemployment benefits for more than a week, have been running somewhat higher and are watched as a signal of how long it takes laid-off workers to find new jobs.

Measure
Prior
Consensus

Initial claims
Not yet confirmed for this week
Not yet published

Continuing claims
Not yet confirmed for this week
Not yet published

What the result could mean

Scenario
Likely market read
Plain-English meaning

Above consensus
Bond yields could fall, dollar may soften, stocks may rise on rate-cut hopes
More people than expected filed for unemployment, suggesting the labour market is cooling faster

In line with consensus
Limited market reaction, focus shifts to other data
The labour market is behaving broadly as economists expected

Below consensus
Yields could rise, dollar may strengthen, some pressure on rate-cut expectations
Fewer people than expected filed for unemployment, pointing to a still-resilient jobs market

Why it matters this week
Weekly claims data feeds directly into how the Federal Reserve reads the health of the US labour market between the monthly non-farm payrolls reports. A run of readings staying near recent levels, broadly in the 200,000 to 210,000 range according to Investing.com, has generally been read as consistent with a labour market that is cooling gradually rather than cracking.
Because this is one weekly data point among many the Fed considers alongside inflation and growth figures, a single reading rarely shifts policy on its own. Traders instead watch for a sustained trend, several weeks in a row moving in the same direction, before adjusting expectations for the Fed’s next move.
What It Means for Your Money
If claims come in higher than expected, it can be read as a sign that jobs are becoming harder to hold onto, which sometimes leads investors to expect interest rate cuts sooner. That can push mortgage and savings rates down over time, though the effect from a single week’s data is usually small.
A weaker labour market reading can also affect stock markets and pensions invested in them, sometimes positively in the short term if it raises hopes of lower borrowing costs, though it can also unsettle markets if it signals a broader slowdown. For anyone with savings in dollars, a run of weak claims data can weigh on the dollar’s value against the pound and the euro.
None of this is likely to change household finances immediately from one release. It is the trend across several weeks, alongside other reports such as non-farm payrolls, that tends to matter most for mortgages, savings rates and job security.
Frequently Asked Questions
What time is the jobless claims report released?
The report is released at 8:30 am ET, which is 1:30 pm in London, on Thursday, November 19, 2026.
What counts as a big surprise in jobless claims?
A move of more than around 20,000 to 30,000 above or below the consensus forecast is generally seen as a notable surprise that can move bond yields and the dollar.
When is the next jobless claims report?
The next weekly report follows on the subsequent Thursday. See the full weekly jobless claims schedule for upcoming dates.
Where does the data come from?
The figures are published by the US Department of Labor’s Employment and Training Administration, based on state unemployment insurance filings.
← Previous US Initial Jobless Claims

WMT Earnings November 2026
2026-11-19 16:05 - 17:05 (America/New_York)
Next WMT Quarterly Earnings: Thursday, November 19, 2026 at 4:05 pm ET (9:05 pm London).
Date to be confirmed by the publisher; this is the scheduled date.

Consensus
Not yet published
Prior
Q2 FY27: revenue $187.94bn, comp sales +2.6% (August 20, 2026)
Actual
Pending

Updated September 2, 2026

← Previous WMT Quarterly Earnings
Walmart Inc. (NYSE: WMT) is expected to report its third-quarter fiscal 2027 results on Thursday, November 19, 2026, with the earnings release and management commentary due around 4:05 pm ET (9:05 pm London). Walmart has not yet confirmed this exact date; the company typically reports third-quarter results in the third week of November, and this page will be updated once Walmart’s investor relations calendar confirms the slot. As the largest retailer in the world by revenue, Walmart’s results are watched closely as a barometer of consumer spending in the United States and, increasingly, of global e-commerce and advertising growth. Full background and the earnings schedule for this series can be found on the US CPI report dates hub, alongside other market-moving releases this quarter.
What is the WMT Q3 FY2027 earnings release?
This is Walmart’s quarterly results announcement covering the three months to roughly October 31, 2026, known as the fiscal third quarter of Walmart’s 2027 financial year. Walmart’s fiscal year runs from February to January, so its “Q3” covers August, September and October trading, including the run-up to the US holiday shopping season. The release includes total revenue, net income, earnings per share (EPS, the portion of profit allocated to each share), comparable sales for Walmart US and Sam’s Club, and e-commerce growth. Management also updates guidance for the following quarter and, at this stage of the year, for the full fiscal year. The call is hosted by Walmart’s chief executive and chief financial officer, with analysts from major banks and research firms asking questions afterwards.
When is the WMT earnings call and how to follow it
Walmart typically issues its earnings release before US markets open and holds an investor call later the same morning, though some recent quarters have shifted timing. Assuming the pattern from its Q2 fiscal 2027 release on August 20, 2026, materials should be published on Walmart’s corporate investor relations site early on the morning of the report, with a conference call and webcast to follow. Because the November date has not yet been formally confirmed by Walmart, readers should check the company’s official investor relations page closer to the date for the exact time. Live coverage typically appears on major financial news sites and business channels, and the audio webcast is usually archived on Walmart’s site afterwards for anyone who cannot follow it live.
What to expect
Walmart does not routinely publish a formal earnings-per-share estimate itself, but management gave forward guidance alongside its second-quarter results on August 20, 2026. At that point the company said it expected adjusted EPS of $0.62 to $0.64 for the third quarter of fiscal 2027, with net sales growing 3.0% to 3.75% in constant currency and adjusted operating income growing 2.0% to 4.0%, according to Walmart’s official Q2 FY27 earnings release. Independent analyst consensus for the November report has not yet been published; a wider Wall Street consensus typically firms up in the weeks before the release as analysts update their models following the prior quarter’s results.
Investors will focus on several areas: whether US comparable sales momentum from the second quarter, when Walmart US comp sales grew 2.6%, has carried into the holiday run-up; the pace of e-commerce growth, which grew 23% globally in the second quarter; and the health of Walmart’s advertising and membership businesses, including Walmart Connect, which grew strongly in the prior quarter. Analysts will also watch commentary on tariff-related costs and price adjustments, an issue Walmart’s chief financial officer discussed directly after the August results, and any change to full-year guidance given the approach of the holiday quarter.
A verified table of the last four quarters’ revenue and EPS against estimates is not included here because not all of the underlying figures for upcoming periods are yet confirmed on Walmart’s investor relations site. Readers wanting the full historical run of results can find them directly on Walmart’s corporate investor relations pages.
What the outcome could mean

Scenario
Likely market read
Plain-English meaning

Beat on revenue and EPS, guidance raised
Shares likely to rise; seen as a sign of resilient consumer spending into the holidays
Walmart sold more and made more profit than expected, and expects the trend to continue

In line with guidance
Muted reaction; focus shifts to holiday-quarter guidance
Results matched what management had already signalled, so there is little new information

Miss or guidance cut
Shares likely to fall; could weigh on other retailers and consumer discretionary stocks
Walmart sold less or earned less than expected, which may signal households are pulling back on spending

What It Means for Your Money
Walmart is one of the largest single holdings in many US and global index funds, so its results feed directly into pension pots and workplace investment schemes that track the S&P 500 or broad US equity indices, even for savers who have never bought a Walmart share directly. A strong report can lift confidence in US consumer spending broadly, which tends to support other retail and consumer goods shares; a weak one can do the opposite and drag down the wider sector. For shoppers, Walmart’s commentary on pricing and costs, including how it plans to use tariff refunds to hold down prices, can offer an early signal of whether US grocery and household goods prices are likely to rise or fall into the new year. The dollar can also move modestly on unexpectedly strong or weak US consumer data of this kind, which has knock-on effects for the pound, the euro and import costs for UK and European businesses that price goods in dollars. None of this is likely to move mortgage or savings rates directly, but it forms part of the broader picture the Federal Reserve and other central banks use when judging the strength of the US economy.
Related events

Walmart’s second-quarter fiscal 2027 results, reported August 20, 2026
US retail sales data for October and November 2026, published by the US Census Bureau
Other major US retailer earnings reporting around the same week, including Target and Home Depot

Frequently Asked Questions
When exactly will Walmart report Q3 fiscal 2027 earnings?
Walmart has not yet confirmed the date; November 19, 2026 is the expected date based on the company’s usual mid-to-late November reporting pattern, and it will be updated once confirmed.
What was Walmart’s guidance for this quarter?
In its August 20, 2026 release, Walmart guided to adjusted EPS of $0.62 to $0.64 and net sales growth of 3.0% to 3.75% for the third quarter of fiscal 2027, according to the company’s official earnings release.
Is there a published consensus forecast yet?
A consensus forecast has not yet been published for this specific report; analyst estimates typically firm up closer to the release date.
Where can I watch the earnings call live?
Walmart usually streams its earnings call and webcast through its corporate investor relations website, with the audio archived afterwards for later listening.
Why does Walmart’s report matter outside the United States?
As the world’s largest retailer, Walmart’s sales and pricing commentary are widely used as an indicator of US consumer health, which feeds into global market sentiment, currency moves and the outlook for retailers in the UK, Europe and Asia.
← Previous WMT Quarterly Earnings

Japan CPI November 2026
2026-11-19 18:30 - 19:30 (America/New_York)
Next Japan CPI: Friday, November 20, 2026 at 8:30 am JST (6:30 pm ET, 11:30 pm London). Covers October 2026 data.

Consensus
Not yet published
Prior
Core CPI 1.8% YoY, headline 1.9% YoY (July 2026)
Actual
Pending

Full schedule and background: Japan CPI.
Updated September 2, 2026

← Previous Japan CPI
Japan’s national Consumer Price Index (CPI) for October 2026 is released on Friday, November 20, 2026, at 8:30 am Japan Standard Time, which is 6:30 pm ET on November 19, 2026 and 11:30 pm in London on the same evening. The data comes from the Statistics Bureau of Japan, part of the Ministry of Internal Affairs and Communications, and covers price changes for October 2026. Full schedule and background on this series: Japan CPI.
What is the Japan CPI?
The Consumer Price Index tracks the average change in prices paid by households for a fixed basket of goods and services, including food, housing, transport, healthcare and recreation. It is the main gauge of inflation in Japan and the figure the Bank of Japan (BoJ) watches most closely when setting interest rates.
Japan’s statisticians publish three versions each month: the headline figure (all items), the figure excluding fresh food (often called “core” in Japan, and closely tracked by the BoJ), and the figure excluding both fresh food and energy (sometimes called “core-core”). Because fresh food and energy prices swing sharply from month to month, the ex-fresh-food figure is usually treated as the cleanest read on underlying price pressure.
Markets watch this release because Japan spent decades fighting deflation, and the BoJ’s decision to raise interest rates away from near-zero levels in recent years has been justified by inflation staying near or above its 2% target. A CPI print that surprises in either direction can move the yen, Japanese government bond yields and the Nikkei within minutes of release.
When is the October Japan CPI released?
The Statistics Bureau of Japan publishes the release at 8:30 am JST on November 20, 2026 (6:30 pm ET / 11:30 pm London on November 19). The data is published on the Statistics Bureau of Japan’s CPI page. This report covers October 2026 price data. The previous month’s release, covering September 2026, is tracked at Japan CPI October 2026.
What is the consensus forecast?
A consensus forecast for the October 2026 reading has not yet been published by major polling services at the time of writing. Economists’ estimates typically firm up in the days immediately before release, once the Tokyo CPI figure for the following month (a leading indicator for the national number) has been published.
The most recent confirmed official readings, from the Statistics Bureau of Japan via Trading Economics, show headline inflation running at 1.9% year-on-year and the ex-fresh-food (“core”) figure at 1.8% year-on-year for July 2026, both matching or nearing market expectations at the time.

Measure
Prior (most recent confirmed print)
Consensus

Headline CPI (YoY)
1.9% (July 2026)
Not yet published

Core CPI, ex-fresh food (YoY)
1.8% (July 2026)
Not yet published

Note: figures for August and September 2026 were not independently verifiable from official sources at the time this page was prepared. Readers should treat the July 2026 figures as the last confirmed data point pending the official September release ahead of this report.
What the result could mean

Scenario
Likely market read
What it means in plain English

Above consensus
Yen could strengthen, Japanese government bond yields may rise on expectations of further BoJ tightening
Inflation is running hotter than expected, adding pressure on the BoJ to consider raising rates again

In line with consensus
Limited market reaction, existing BoJ policy path stays intact
Prices are behaving broadly as expected, so investors are unlikely to shift bets on the next rate move

Below consensus
Yen could weaken, bond yields may ease on reduced tightening expectations
Inflation is cooling faster than forecast, which could make the BoJ more cautious about further rate rises

These are possible market reactions, not predictions. Actual moves depend on the size of any surprise, the wider global backdrop and what other central banks are doing at the same time.
Why does this release matter right now?
The BoJ has spent the past two years gradually raising its policy rate from near-zero, and in its July 2026 Outlook for Economic Activity and Prices, the Bank said underlying inflation is expected to rise gradually toward a level “generally consistent with the price stability target” between the second half of fiscal 2026 and fiscal 2027. An October CPI reading that runs hotter than this path would strengthen the case for another rate rise; a reading that undershoots would support a more patient BoJ.
Inflation had been running above the BoJ’s 2% target for much of the past two years, driven partly by food prices and the phasing out of government energy subsidies that had previously held down utility bills. Whether October’s data shows that trend persisting, or easing as base effects fade, will shape expectations for the BoJ’s next policy meeting.
What It Means for Your Money

Mortgages and loans: if the data supports further BoJ rate rises, Japanese mortgage and business borrowing costs could edge higher, a shift from decades of ultra-cheap credit in Japan.
Savings: higher Japanese rates would mean better returns on yen deposits and savings accounts after years of near-zero interest.
Jobs and wages: persistent inflation above target keeps pressure on Japanese employers to raise wages, which the BoJ has flagged as a key condition for durable inflation.
Currencies: a stronger yen, which tends to follow a hot CPI print and rate-rise expectations, makes Japanese exports pricier abroad but imports and overseas holidays cheaper for Japanese households. It also affects anyone holding yen-denominated assets or hedging exposure to the currency.
Investments and pensions: global investors in Japanese equities and bonds watch this release closely, since BoJ policy shifts affect Japanese government bond yields, which in turn influence global fixed income markets and pension fund returns.

Related events

Previous release: Japan CPI October 2026 (September 2026 data)
Tokyo CPI, usually published around three weeks before the national figure and treated as a leading indicator for it
The next Bank of Japan policy decision, which weighs this CPI print alongside wage and growth data

Frequently Asked Questions
What time is the Japan CPI released?
The Statistics Bureau of Japan releases the report at 8:30 am JST on November 20, 2026, which is 6:30 pm ET and 11:30 pm London time on November 19, 2026.
How should I read the headline versus core figures?
The headline figure includes all items, while the core figure (ex-fresh food) is the BoJ’s preferred gauge because it strips out volatile fresh food prices; the core-core figure removes energy as well for an even steadier read.
How does this data affect Bank of Japan interest rate decisions?
The BoJ uses CPI trends, alongside wage growth, to judge whether inflation is sustainably near its 2% target, which is a key input into its interest rate decisions.
Where can I find the official release?
The data is published directly by the Statistics Bureau of Japan.
When is the next Japan CPI release?
The following month’s report, covering November 2026 data, is typically published in mid to late December 2026 by the Statistics Bureau of Japan.
← Previous Japan CPI

PBoC Loan Prime Rate November 2026
2026-11-19 20:00 - 21:00 (America/New_York)
Next PBoC Loan Prime Rate: Friday, November 20, 2026 at 9:00 am CST (8:00 pm ET, 1:00 am London).

Consensus
Not yet published
Prior
Held at 3.0% (1-year) / 3.5% (5-year), unchanged since at least April 2026
Actual
Pending

Full schedule and background: PBoC Loan Prime Rate.
Updated September 2, 2026

← Previous PBoC Loan Prime Rate
The People’s Bank of China (PBoC) announces its Loan Prime Rate (LPR) decision for November 2026 on Friday, November 20, 2026, at 9:00 am China Standard Time, which is 8:00 pm ET on Thursday, November 19, and 1:00 am London time on Friday. The LPR is China’s benchmark lending rate, published monthly and used as the reference point for new bank loans and mortgages across the country. Full schedule and background: PBoC Loan Prime Rate.
What is the PBoC and what does it decide?
The People’s Bank of China is the country’s central bank. Unlike the US Federal Reserve or the Bank of England, it does not set a single headline interest rate through a vote by a rate-setting committee. Instead, the PBoC calculates and publishes the Loan Prime Rate each month based on submissions from a panel of 18 designated commercial banks, which quote the rate they charge their best corporate customers.
There are two LPR figures: the one-year rate, which anchors most new corporate and consumer loans, and the five-year-plus rate, which is the reference point for mortgage pricing. The PBoC’s Monetary Policy Committee, an advisory body rather than a voting board, meets quarterly to review broader policy settings, but the LPR itself is fixed on the 20th of each month (or the next business day if that falls on a weekend or holiday), based on the previous day’s bank submissions.
Changes in the LPR flow through to the real economy quickly. A lower one-year LPR reduces borrowing costs for small businesses and consumer loans, while a lower five-year LPR cuts the cost of new mortgages, a lever Beijing has used repeatedly to support its property sector.
When is the November PBoC decision announced?
The November 2026 fixing is released on Friday, November 20, 2026, at 9:00 am local time in Beijing (8:00 pm ET the previous evening, 1:00 am London time). There is no accompanying press conference or written statement in the way the Federal Reserve or European Central Bank publish one. The PBoC simply posts the one-year and five-year LPR figures on its official website, alongside the results of the loan prime rate quoting mechanism.
Any broader signal on policy direction typically comes separately, through the PBoC’s quarterly Monetary Policy Report or statements around reserve requirement ratio changes, rather than through commentary tied to the LPR release itself.
What to expect
As of the most recent verified reading, the PBoC held the one-year LPR at 3.0% and the five-year LPR at 3.5% in April 2026, marking an 11th consecutive month without a change, according to CNBC. That freeze reflected resilient first-quarter growth and policymakers’ preference to hold back stimulus while assessing external risks, including the impact of higher global oil prices at the time.
A formal, widely published consensus forecast in the style of a Reuters poll is not routinely produced for the monthly LPR fixing in the way it is for Federal Reserve or Bank of England meetings. Economists watching Chinese policy generally frame their expectations around whether the PBoC will use other tools first, such as the reserve requirement ratio or open market operations, before adjusting the LPR itself.

Meeting
Decision
Rate after meeting (1-year / 5-year)

April 2026
Held
3.0% / 3.5%

Only the April 2026 fixing above has been independently verified against a primary source at the time of writing. Readers should check the PBoC’s own release for the confirmed history of monthly fixings between April and November 2026.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold
Read as a signal that Beijing sees current growth and inflation conditions as manageable without fresh stimulus
Borrowing costs for mortgages and business loans in China stay the same

Cut
Typically read as a sign of concern about slowing growth, weak property demand or soft consumer spending
Cheaper loans and mortgages in China, but a signal the economy may need support

Guidance shift via other tools
Analysts watch reserve requirement ratio changes or liquidity operations as an alternative to moving the LPR directly
Banks may have more cash to lend even if the headline LPR does not move

What will the statement and press conference signal?
There is no press conference tied to the LPR fixing, so markets instead look for context clues: comments from PBoC officials in state media, the pace of medium-term lending facility operations, and any adjustment to bank reserve requirements in the days around the announcement. Analysts also watch whether commercial banks’ net interest margins are under pressure, since squeezed bank profitability can make lenders reluctant to lower their LPR quotes even if the PBoC wants looser policy.
Dissent in the formal sense does not apply here, since the LPR is a weighted average of submissions from the 18 quoting banks rather than a committee vote. The main risk analysts flag is a mismatch between the LPR and the property market: if mortgage demand stays weak despite low rates, further mortgage-specific support measures could follow outside the LPR mechanism itself.
What It Means for Your Money
For people with loans or mortgages in China, a lower five-year LPR directly reduces the reference rate used to price new and, in many cases, existing floating-rate mortgages, lowering monthly repayments. A hold keeps repayments unchanged. For savers in China, deposit rates tend to move in the same direction as the LPR over time, so a prolonged freeze also means little change to returns on bank deposits.
Outside China, the LPR decision matters mainly through its effect on global growth expectations and the exchange rate. A weaker Chinese economy, signalled by repeated LPR cuts, can dampen demand for commodities and goods exported by the UK, eurozone and other Asian economies, while affecting the value of the yuan against the dollar and pound. Investors holding shares in companies with significant China exposure, including luxury goods, mining and semiconductor firms, and those holding funds or pensions with emerging market allocations, may see indirect effects on portfolio values. Currency traders also watch the fixing for signals about the yuan’s managed exchange rate band.
Related events

Previous decision: PBoC Loan Prime Rate, October 2026
Full PBoC LPR schedule and background: PBoC Loan Prime Rate hub
China’s monthly inflation and trade data releases, published in the weeks before the LPR fixing, are typically the key inputs the PBoC weighs when setting the rate

Frequently Asked Questions
What time is the November 2026 PBoC LPR announced?
The fixing is published at 9:00 am China Standard Time on Friday, November 20, 2026, which is 8:00 pm ET the previous evening and 1:00 am London time.
What is the current Loan Prime Rate?
As of the most recently verified reading, the one-year LPR stood at 3.0% and the five-year LPR at 3.5%, unchanged since April 2026, according to CNBC’s report on the April fixing.
Will the PBoC cut rates in November 2026?
There is no widely published consensus forecast for this specific fixing. Whether the PBoC holds or cuts depends on incoming growth, inflation and property market data, and any decision should be treated as a possibility rather than a prediction.
When is the next PBoC LPR decision?
The PBoC fixes the LPR monthly, typically on the 20th of each month or the next business day. Check the PBoC Loan Prime Rate hub for the next confirmed date.
Where can I see the official LPR figures?
The PBoC publishes the fixing on its own website, at pbc.gov.cn.
← Previous PBoC Loan Prime Rate

UK Retail Sales November 2026
2026-11-20 02:00 - 03:00 (America/New_York)
Next UK Retail Sales: Friday, November 20, 2026 at 7:00 am GMT (2:00 am ET, 7:00 am London). Covers October 2026 data.

Consensus
Not yet published
Prior
September 2026 reading not yet independently confirmed
Actual
Pending

Full schedule and background: UK Retail Sales.
Updated September 2, 2026

← Previous UK Retail Sales
UK Retail Sales for October 2026 is released on Friday, November 20, 2026 at 7:00am London time (2:00am ET) by the Office for National Statistics (ONS). The release covers retail sales volumes and values for October 2026, the ONS’s monthly gauge of how much people in Great Britain are spending in shops, supermarkets and online. Full schedule and background: UK Retail Sales.
What is UK Retail Sales?
UK Retail Sales measures the total value and volume of goods sold by retailers in Great Britain, covering food stores, department stores, clothing, household goods, fuel and online retail. The ONS collects sales data from a sample of around 5,000 businesses, including many of the largest retailers, and grosses this up to represent the whole retail sector.
The headline figures come in two forms: value (how much money was spent, unadjusted for prices) and volume (the quantity of goods bought, which strips out the effect of price changes). Volume is the figure markets and the Bank of England watch most closely, because it shows whether households are actually buying more or less, rather than simply paying more for the same basket of goods.
Retail sales matter because consumer spending is one of the largest components of the UK economy. A run of weak retail figures can signal that households are cutting back, which feeds into growth forecasts, wage-setting decisions and the Bank of England’s view on where to set interest rates. A stronger-than-expected reading can raise concerns about inflation if demand is outpacing supply, while a weak reading can support the case for interest rate cuts.
When is the October 2026 Retail Sales report released?
The ONS is scheduled to publish the October 2026 Retail Sales bulletin on November 20, 2026 at 7:00am London time, which is 2:00am ET in New York. The data is published on the ONS website as part of its release calendar, alongside detailed datasets covering value and volume sales by sector, seasonally and non-seasonally adjusted.
What is the consensus forecast?
At the time of writing, a consensus forecast for the October 2026 UK Retail Sales report has not yet been published by major polling services such as Reuters or Bloomberg. These forecasts are typically released in the days immediately before the data, so check back closer to November 20, 2026 for an updated figure.
The prior reading, for September 2026, was published by the ONS in its Retail Sales, Great Britain bulletin. The exact percentage change for that month could not be independently confirmed from publicly available sources at the time this preview was written, so no specific figure is quoted here to avoid misrepresenting the ONS’s own numbers. Readers should treat the September 2026 print, once confirmed, as the baseline against which the October reading is judged.

Measure
Prior (September 2026)
Consensus (October 2026)

Retail sales volume, month-on-month
Awaiting confirmation from ONS release
Not yet published

Retail sales volume, excluding fuel
Awaiting confirmation from ONS release
Not yet published

What the result could mean

Scenario
Likely market read
What it means in plain English

Above consensus
Sterling could firm slightly and gilt yields may edge higher if traders see stronger consumer demand as a reason for the Bank of England to hold rates for longer, according to analysts who track UK retail data
Households appear to be spending more than expected, which is generally a sign of confidence in jobs and incomes

In line with consensus
A limited market reaction, since the data confirms the existing view of the economy priced in by traders
Spending is behaving broadly as expected, so nothing changes for most people

Below consensus
Sterling could soften and expectations for a Bank of England rate cut may firm, according to economists who watch consumer spending as a growth indicator
Households appear to be pulling back on spending, which can be an early sign of a slowing economy

Why does this release matter right now?
Retail sales sit alongside inflation and labour market data as one of the key inputs the Bank of England’s Monetary Policy Committee uses to judge the strength of the UK economy. Retailers themselves have reported a mixed trading environment through 2026, with Retail Week’s tracking of ONS figures noting that sales rebounded early in the year after a difficult 2025, though growth has remained uneven month to month.
The Bank of England weighs retail spending against wage growth, mortgage costs and inflation when it sets interest rates, so a clear change in the retail trend, in either direction, can shift expectations for the next rate decision. A run of soft retail figures alongside cooling inflation would support the case for further rate cuts, while resilient spending could see the Bank hold rates for longer to guard against inflation picking back up.
What It Means for Your Money

Mortgages and borrowing: Weak retail sales can add to the case for lower interest rates, which would eventually feed through to cheaper mortgage deals and other borrowing costs for UK households.
Savings: If the data pushes expectations towards rate cuts, savings account and fixed-term bond rates could start to edge down in the following weeks.
Jobs and wages: Retail is one of the UK’s largest employers, so a sustained slowdown in sales can eventually show up in hiring and pay decisions at retailers and their suppliers.
Prices: Retail sales volumes strip out price changes, so a weak reading alongside high prices suggests households are having to cut back on how much they buy, even if they are spending the same amount of money.
Investments, pensions and the pound: Sterling and UK-focused shares, particularly retailers and consumer goods companies, can move on the day of release. Pension funds with UK equity exposure may see modest swings, and the pound’s reaction can affect the cost of importing goods, from European wine to Asian electronics.

Related events

Previous release: UK Retail Sales, October 2026 release (September 2026 data)
UK Consumer Prices Index (CPI), published shortly before retail sales each month, sets the inflation backdrop against which spending figures are read
Bank of England Monetary Policy Committee decisions, which weigh retail spending alongside inflation and jobs data when setting interest rates

Frequently Asked Questions
What time is UK Retail Sales released on November 20, 2026?
The ONS publishes the report at 7:00am London time, which is 2:00am ET in New York.
How should I read the headline retail sales figure?
Focus on the volume figure rather than the value figure, since volume strips out price changes and shows whether people are actually buying more or fewer goods.
How does retail sales data affect UK interest rates?
The Bank of England uses retail spending as one gauge of economic strength; consistently weak sales can support arguments for interest rate cuts, while resilient sales can support holding rates steady.
Where can I find the official ONS release?
The bulletin and underlying datasets are published on the ONS website through its release calendar, under Business, Industry and Trade.
When is the next UK Retail Sales release after this one?
The ONS publishes Retail Sales, Great Britain monthly, typically around three to four weeks after the end of the reference month, so the following release covering November 2026 data is expected in December 2026.
← Previous UK Retail Sales

US University of Michigan Consumer Sentiment November 2026
2026-11-20 10:00 - 11:00 (America/New_York)
Next US University of Michigan Consumer Sentiment: Friday, November 20, 2026 at 10:00 am ET (3:00 pm London).

Consensus
Not yet published
Actual
Pending

Updated August 25, 2026

← Previous US University of Michigan Consumer SentimentNext US University of Michigan Consumer Sentiment →
The University of Michigan will release the final reading of its Consumer Sentiment Index for November 2026 on Friday, November 20, 2026, at 10:00 a.m. Eastern Time. This release is the last major consumer confidence reading before the Thanksgiving holiday period in the United States, and will inform market expectations about consumer spending in the critical Black Friday and holiday shopping season. Consensus forecasts are not yet available at the time of writing. A preliminary November reading will be published on Friday, November 6, 2026.
What Is the University of Michigan Consumer Sentiment Index?
The University of Michigan’s Surveys of Consumers is a monthly telephone survey of approximately 500 US consumers measuring perceptions of personal financial conditions, broader economic expectations, and buying intentions across major categories including homes, vehicles, and durable goods. Published since 1952, it is one of the world’s most authoritative consumer confidence measures and carries particular significance for Federal Reserve policymakers via its inflation expectations components.
Two readings are released each month: a preliminary estimate (second Friday) and a final reading (fourth Friday). For November 2026, these will be November 6 (preliminary) and November 20 (final). The sub-indices for current economic conditions and consumer expectations, as well as one-year and five-year inflation expectations, are closely monitored alongside the composite headline figure.
The index has a long-run average of approximately 84.5 since 1952. The May 2026 reading of 44.8 set an all-time record low, driven by energy price anxiety, persistent goods inflation, and geopolitical uncertainty. The survey’s trajectory through the second half of 2026 will be a key barometer of whether any macroeconomic improvement is registering in household confidence.
Consumer Sentiment: November 20, 2026
The November 20 final reading arrives at a pivotal time: it represents the last sentiment measurement before the Thanksgiving-to-Christmas holiday shopping period, which typically accounts for a significant share of annual consumer spending for retailers. A reading that is higher than recent lows would be interpreted as a positive signal for holiday spending intentions, supporting consumer discretionary equities. A continued depressed reading would raise concerns about a disappointing holiday season.
By November 20, markets will have received several months of additional macro data not available at the time of writing, including CPI, PPI, retail sales, and employment reports. The trajectory of energy prices through the autumn and the outcome of Federal Reserve meetings in September and October will have substantially shaped consumer expectations by this point. If the FOMC December 2026 rate decision is already signalled as a cut, consumer borrowing cost expectations may have improved, potentially supporting a sentiment recovery.
The November 20 reading is also notable for its context relative to the Thanksgiving holiday: the survey fieldwork for the final reading is conducted through the third week of November, capturing consumer sentiment ahead of the holiday and any associated spending decisions. Retail sector participants track the UMich November reading carefully as an early signal for the shopping season.
Why This Release Matters
Consumer sentiment is a leading indicator of household spending, which accounts for approximately 70% of US GDP. In the context of 2026’s record-low readings, any meaningful recovery in the November UMich index would be a positive signal for Q4 2026 GDP estimates and for consumer-facing equities broadly. Retailers, consumer staples companies, travel operators, and automotive manufacturers are the sectors most directly influenced by the monthly sentiment readings.
For the Federal Reserve, the November 20 reading arrives just three weeks before the December meeting. If sentiment shows a meaningful recovery alongside moderating inflation data, it would validate the case for an easing cycle and support risk assets broadly. If sentiment remains severely depressed even as inflation moderates, it would signal that households are not yet sensing the improvement in purchasing power that disinflation theoretically delivers.
The inflation expectations components of the November survey will also be closely watched. If one-year inflation expectations have declined from the elevated levels of early 2026, it would confirm that consumers believe the worst of the price shock is past, a critical input for the Fed’s assessment of whether longer-run expectations remain anchored.
What to Watch For

Above consensus — An improving headline index would be constructive for holiday retail expectations and consumer discretionary equities. A reading above 55 would represent a meaningful recovery from the 44.8 May low and could signal that conditions are normalising. Declining inflation expectations alongside a higher headline would be particularly positive for the bond market and Fed positioning.
In line with consensus — A neutral result would provide no new directional information. Focus would shift to the current conditions versus expectations gap: if expectations are improving faster than current conditions, it signals forward-looking optimism that may precede a broader recovery.
Below consensus — Further deterioration from already record lows would be a significant negative signal for the holiday shopping season and for consumer-facing equities more broadly. If accompanied by rising inflation expectations, it presents the Fed with the stagflationary dilemma of falling demand alongside persistent price pressures.

Historical Context

Release Date
Reference Month
Index Reading
Change

May 30, 2026
May 2026
44.8 (record low)
-5.0

April 25, 2026
April 2026
49.8
—

January 30, 2026
January 2026
57.3
+0.9

Source: University of Michigan Surveys of Consumers. Long-run average: 84.5. All-time high: 111.4 (January 2000).
Market Positioning
By November 2026, the University of Michigan Consumer Sentiment Index will have been tracking at historically depressed levels for the better part of a year. The key question for the November 20 final reading is whether conditions have improved enough to generate a visible improvement in the headline figure. Market participants will be assessing several developments that have unfolded since the record May 2026 low: the direction of energy prices, the pace of disinflation in core goods and services, the health of the labour market, and the cumulative effect of any Federal Reserve policy adjustments. The October UMich reading, released October 23, will be the most recent comparable data point when markets approach the November 20 release.
Related Events This Week

US CPI Report November 2026 — Released November 10, the latest CPI data will frame how consumers are experiencing price pressures ahead of the November 20 sentiment survey completion.
US Retail Sales November 2026 — Released the same week, retail sales will show whether current sentiment is translating into actual consumer behaviour, testing the relationship between the confidence index and spending.
FOMC Rate Decision December 2026 — The December Fed meeting is three weeks away from this release, making November consumer sentiment a late input to the December rate decision debate.

Frequently Asked Questions
What does the University of Michigan Consumer Sentiment Index measure?
The index measures household assessments of their personal financial situation, current buying conditions, and economic expectations for the next year and five years. It is derived from monthly telephone surveys of approximately 500 US consumers and has been published continuously since 1952, making it one of the most established consumer confidence gauges in the world.
When is the November 2026 final reading released?
The final reading of the University of Michigan Consumer Sentiment Index for November 2026 is scheduled for Friday, November 20, 2026, at 10:00 a.m. Eastern Time. A preliminary reading will be published on Friday, November 6, 2026.
Why does the November UMich reading matter for holiday retail?
The November sentiment reading arrives just before the Black Friday and Cyber Monday shopping events that traditionally launch the holiday retail season in the United States. Consumer confidence is a strong predictor of holiday spending intentions: households that feel confident about their finances are more likely to increase gift and discretionary spending, while those who feel pessimistic tend to pull back. Retailers and consumer sector analysts use the November UMich reading as one of several data points in calibrating holiday sales forecasts.

Is the Stock Market Open on Labor Thanksgiving Day 2026? TSE/JPX Hours
2026-11-23 00:00 - 23:59 (America/New_York)
Tokyo Stock Exchange (JPX) are closed on Monday, November 23, 2026 for Labor Thanksgiving Day.

Next holiday
New Year's Eve (Market Holiday), December 31, 2026
Regular hours
9:00 am to 11:30 am and 12:30 pm to 3:30 pm JST

Full schedule and background: TSE/JPX Holidays.
Updated September 2, 2026

← Previous TSE/JPX Holidays
The Tokyo Stock Exchange (JPX) is closed on Monday, November 23, 2026 for Labor Thanksgiving Day, a national holiday in Japan. No cash equity trading takes place on the JPX main board that day, and orders entered through Japanese brokers will queue for the next trading session. Full schedule and background: TSE/JPX Holidays.
Because Labor Thanksgiving Day falls on a Monday in 2026, it creates a long weekend for Japanese markets, with the previous trading day being Friday, November 20, 2026 and the next trading day being Tuesday, November 24, 2026.
Which markets are closed on Labor Thanksgiving Day 2026?

Market
Status
Notes

Tokyo Stock Exchange (cash equities)
Closed
National holiday, no regular session

Osaka Exchange / JPX derivatives (regular session)
Closed
Regular futures and options trading suspended

JPX holiday trading (index futures/options)
Closed for this date
According to Japan Exchange Group, markets will not open for holiday trading on November 23, 2026 due to group-wide business continuity planning (BCP) testing from November 21 to 23

New York Stock Exchange / Nasdaq
Open (regular hours)
A normal Monday session in the US, no US holiday that day

London Stock Exchange (LSE)
Open (regular hours)
No UK public holiday falls on this date

Euronext
Open (regular hours)
No eurozone holiday scheduled for this date

US Treasury / bond markets
Open (regular hours)
No SIFMA recommended closure that day

Investors trading Japanese shares, ETFs or JPX-listed derivatives from London, New York or elsewhere should expect no price updates from Tokyo during their working day on November 23.
Is the market open the day before and after?
Yes, on both sides of the holiday. Friday, November 20, 2026 is a full regular trading day on the JPX, with normal hours of 9:00 am to 11:30 am and 12:30 pm to 3:30 pm JST. The exchange is closed all day Monday, November 23, and resumes normal hours on Tuesday, November 24, 2026. There is no early close attached to this holiday: JPX simply does not open at all.
Why do markets close for Labor Thanksgiving Day?
Labor Thanksgiving Day is a Japanese national holiday held every November 23, established after the Second World War to celebrate labour and production and to give thanks to one another for the fruits of that work. As a designated national holiday, it falls under Japan’s Bank Holiday Law, which closes government offices, banks and the stock exchange for the day.
Because in 2026 the holiday coincides with a JPX group-wide business continuity planning test, according to the Japan Exchange Group even the special holiday trading session that sometimes runs on index futures and options during Japanese holidays will not operate on November 23. This is affects a small segment of derivatives traders who might otherwise expect a partial session.
What It Means for Your Money
If you hold Japanese shares, J-REITs or Nikkei-linked ETFs through an international broker, any order placed on November 23 will simply queue and execute at the next available price on Tuesday, November 24, 2026, so the price you eventually get may differ from what you expected on the holiday itself. Settlement of any Friday trades follows Japan’s standard T+2 cycle, so a trade done on Friday, November 20 settles on Tuesday, November 24 once the holiday is skipped. Dividend record dates and options expiries that would normally fall on November 23 are typically shifted to the next trading day by the exchange. Bank transfers within Japan may also be delayed a day, since banks observe the same national holiday. Currency markets, including the yen, continue trading as usual because foreign exchange is not centred on a single exchange, and cryptocurrency markets keep trading 24/7 regardless of the JPX closure. Pension funds and other investors with Japan exposure will simply see no fresh Tokyo pricing data for one extra day, which can matter for anyone rebalancing a portfolio around month-end.
Remaining TSE/JPX Holidays in 2026

New Year’s Eve (Market Holiday), December 31, 2026

Frequently Asked Questions
Is the stock market open on Labor Thanksgiving Day 2026?
No. The Tokyo Stock Exchange is closed on Monday, November 23, 2026 for Labor Thanksgiving Day, and JPX-affiliated derivatives markets are also shut that day.
Is the bond market open on November 23, 2026?
Japanese government bond trading follows the same exchange holiday, but bond markets in the US, UK and eurozone operate normally that day since it is not a holiday in those regions.
What time does the Tokyo Stock Exchange close the day before the holiday?
On Friday, November 20, 2026, the JPX keeps its normal hours, closing at 3:30 pm JST with no early close.
When is the next TSE/JPX market holiday after this one?
The next scheduled closure is New Year’s Eve (Market Holiday) on December 31, 2026.
Are Japanese banks open on Labor Thanksgiving Day?
No. Japanese banks observe the same national holiday schedule as the stock exchange, so branches and some transfer services are closed on November 23, 2026.
← Previous TSE/JPX Holidays

Is the Stock Market Open on Prakash Gurpurb Sri Guru Nanak Dev 2026? NSE India Hours
2026-11-24 00:00 - 23:59 (America/New_York)
NSE India are closed on Tuesday, November 24, 2026 for Prakash Gurpurb Sri Guru Nanak Dev.

Next holiday
Christmas, December 25, 2026
Regular hours
9:15 am to 3:30 pm IST

Full schedule and background: NSE India Holidays.
Updated September 2, 2026

← Previous NSE India Holidays
The National Stock Exchange of India (NSE) is closed on Tuesday, November 24, 2026 for Prakash Gurpurb Sri Guru Nanak Dev, one of the most significant festivals in the Sikh calendar. The Bombay Stock Exchange (BSE) also observes the same trading holiday, so no equity, derivatives or currency trading takes place on India’s main exchanges that day. Orders placed on the holiday will simply queue and be processed when trading resumes on the next business day. For a full year-ahead view of closures, see the NSE India Holidays calendar.
Because November 24, 2026 falls on a Tuesday, this is a standalone one-day closure rather than part of a long weekend, assuming Monday November 23 and Wednesday November 25 are otherwise normal trading days. Investors with pending settlement, dividend payments or options expiring around this date should build the closure into their timing.
Which markets are closed on Prakash Gurpurb Sri Guru Nanak Dev 2026?

Market
Status
Notes

NSE equities
Closed
No cash market trading

NSE derivatives (F&O)
Closed
No futures or options trading

BSE equities
Closed
Follows same holiday calendar as NSE

NSE currency and commodity derivatives
Closed
Trading suspended for the session

New York Stock Exchange (NYSE) and Nasdaq
Open (regular hours)
Not a US holiday

London Stock Exchange (LSE)
Open (regular hours)
Not a UK holiday

Euronext
Open (regular hours)
Not observed in continental Europe

Tokyo Stock Exchange (TSE)
Open (regular hours)
Not a Japanese holiday

Is the market open the day before and after?
Trading in India runs normally on the sessions immediately before and after the holiday, at the regular NSE hours of 9:15 am to 3:30 pm IST, with no early close scheduled around this closure. The last trading session before the holiday is Monday, November 23, 2026, and the next trading day is Wednesday, November 25, 2026, when the exchange reopens at its usual 9:15 am IST start. There is no shortened session either side of the holiday: NSE and BSE either trade full hours or are fully closed, unlike some Western markets that use early closes around festive periods.
Why do markets close for Prakash Gurpurb Sri Guru Nanak Dev?
Prakash Gurpurb Sri Guru Nanak Dev marks the birth anniversary of Guru Nanak, the founder of Sikhism and the first of the ten Sikh Gurus. It is one of the most widely celebrated events in the Sikh religious calendar, observed with prayers, processions and community meals (langar) across India, particularly in Punjab and other regions with large Sikh populations.
India’s stock exchanges close for a mix of national public holidays and major religious festivals reflecting the country’s diverse population, including Hindu, Muslim, Sikh, Christian and other observances. The NSE and BSE publish their full annual trading holiday list in advance each year through official exchange notices, which is why this closure has been scheduled well ahead of time.
What It Means for Your Money
If you hold Indian equities, mutual funds or exchange-traded funds linked to Indian markets, any buy or sell orders you place on November 24, 2026 will not execute until the next trading session on November 25. This matters for settlement: Indian equities generally settle on a T+1 basis, meaning a trade executed on November 25 would typically settle on November 26, one business day later than it would if the holiday did not intervene.
Dividend record dates, options expiries and futures contract rollovers scheduled for November 24 may be shifted to the nearest trading day, so check with your broker or the relevant company notice if you hold positions expiring around this date. Domestic Indian bank transfers and payroll processing may also be affected, since many banks in India follow the same regional holiday calendar, though this varies by state.
Global investors should note that markets outside India, including the NYSE, LSE and Euronext, trade normally, so global equity indices and currency pairs involving the US dollar, euro or pound will still move on November 24 even though Indian markets are shut. Cryptocurrency markets are unaffected by any exchange holiday and continue trading 24 hours a day, seven days a week, including on this date.
Remaining NSE India holidays in 2026

Christmas, December 25, 2026 (Closed)

After Prakash Gurpurb Sri Guru Nanak Dev, the next scheduled closure on the NSE calendar is Christmas, December 25, 2026. Full details of every remaining 2026 closure are listed on the NSE India Holidays hub page, alongside the exchange’s prior closure for Diwali Balipratipada.
Frequently Asked Questions
Is the stock market open on Prakash Gurpurb Sri Guru Nanak Dev in India?
No. The NSE and BSE are both closed on November 24, 2026 for this Sikh religious festival, and no equity, derivatives or currency trading takes place.
Is the bond market open in India on this holiday?
No, government securities and corporate bond trading through NSE and BSE platforms are also suspended for the day, following the same exchange holiday calendar as equities.
What time does the NSE close the day before the holiday?
There is no early close scheduled. The session on Monday, November 23, 2026 runs the full regular hours of 9:15 am to 3:30 pm IST.
When is the next NSE India market holiday after this one?
The next scheduled closure is Christmas on December 25, 2026, according to the official NSE holiday calendar.
Are Indian banks open on Prakash Gurpurb Sri Guru Nanak Dev?
Bank holidays in India vary by state and are set by the Reserve Bank of India and individual state governments, so some regional banks may close while others remain open. Check locally if you need to complete a transaction that day.
← Previous NSE India Holidays

Germany Ifo Business Climate November 2026
2026-11-24 04:30 - 05:30 (America/New_York)
Next Germany Ifo Business Climate: Tuesday, November 24, 2026 at 10:30 am CET (4:30 am ET, 9:30 am London).

Consensus
Not yet published
Prior
88.8 (August 2026, most recently confirmed official figure)
Actual
Pending

Full schedule and background: Germany Ifo Business Climate.
Updated September 2, 2026

← Previous Germany Ifo Business Climate
The Germany Ifo Business Climate Index for November 2026 is due on Tuesday, November 24, 2026 at 4:30 am ET (9:30 am London, 10:30 am CET), published by the ifo Institute in Munich. The release covers business sentiment gathered from around 9,000 companies across Germany’s manufacturing, construction, wholesale, retail and service sectors during November. Full schedule and background: Germany Ifo Business Climate.
What is the Ifo Business Climate Index?
The Ifo Business Climate Index is a monthly survey-based gauge of how German firms view their current trading conditions and their expectations for the next six months. It is widely regarded as one of the most closely watched early indicators of the health of Europe’s largest economy, because it tends to move ahead of official GDP and industrial production figures.
Each month, the ifo Institute asks thousands of businesses two simple questions: how would you rate your current business situation, and how do you expect it to develop over the coming six months? The answers are converted into balances and combined into a headline climate index, alongside two sub-indices: the Current Situation Index and the Expectations Index. A rising index signals improving confidence, a falling one signals deteriorating sentiment.
Markets, the Bundesbank and the European Central Bank all track the Ifo release because German business sentiment often foreshadows shifts in eurozone growth, trade flows and hiring intentions. A sharp move in either sub-index, particularly Expectations, can shift short-term expectations for eurozone growth and, at the margin, the euro exchange rate.
When is the November Ifo Business Climate released?
The November reading is scheduled for release on Tuesday, November 24, 2026 at 10:30 am CET (4:30 am ET, 9:30 am London time). It is published directly by the ifo Institute on its website, alongside a short commentary from ifo’s president and detailed sector breakdowns for manufacturing, services, trade and construction.
What is the consensus forecast?
As of the time of writing, a consensus forecast specifically for the November 2026 reading has not yet been published; economist surveys for Ifo are typically compiled and reported by data providers such as Reuters and FXStreet in the days immediately before release. Readers should check FXStreet’s economic calendar closer to the date for an updated median estimate.
The most recently confirmed official reading available from the ifo Institute at the time of writing showed the Business Climate Index at 88.8 points in August 2026, up from 86.7 points in July 2026, according to the ifo Institute. The October 2026 print, released on October 26, 2026, will be the immediate prior figure for the November release; readers should confirm the exact October value directly at ifo.de as the most up-to-date official prior.

Measure
Prior (August 2026)
Consensus (November 2026)

Business Climate Index
88.8
Not yet published

Current Situation Index
Not separately confirmed at time of writing
Not yet published

Expectations Index
Not separately confirmed at time of writing
Not yet published

What the result could mean

Scenario
Likely market read
What it means in plain English

Above consensus
Read as a sign of improving German business confidence; could support the euro modestly, according to analysts who track eurozone sentiment surveys such as those cited by Investing.com
Firms are feeling more positive about current trading and the outlook, which can eventually translate into more hiring and investment

In line with consensus
Limited immediate market reaction expected, as the print largely confirms existing expectations
The economy is behaving broadly as anticipated, with no major surprise for growth expectations

Below consensus
Could be read as a warning sign for eurozone growth and weigh on the euro, according to commentary from providers such as Investing.com
Businesses are more cautious, which can signal slower hiring, investment and spending ahead

These are possible market reactions described by analysts and data providers, not predictions of what will happen.
Why does this release matter right now?
Germany’s economy has been navigating a mix of pressures through 2026, including energy costs, trade uncertainty and a gradual recovery supported by fiscal stimulus. Ifo President Clemens Fuest noted in earlier 2026 commentary reported by Trading Economics that stronger domestic demand and government spending were supporting sentiment, while trade uncertainty continued to weigh on exporters. The Ifo survey has shown a broadly improving trend across 2026, with the headline index climbing from the mid-80s earlier in the year toward the high-80s by mid-year.
The European Central Bank watches business sentiment surveys like Ifo alongside inflation and labour data when setting policy, because deteriorating confidence can foreshadow weaker investment and hiring. A further improvement in November would reinforce the narrative of a gradually stabilising German economy; a setback would revive concerns about the strength of the recovery heading into 2027.
What It Means for Your Money

Mortgages and rates: German and eurozone sentiment data feed into the European Central Bank’s broader assessment of growth, which can influence the pace of future rate changes affecting mortgage costs across the eurozone.
Savings: If confidence data strengthens the case for the ECB holding rates rather than cutting them, savers in euro-denominated accounts may see rates hold up for longer than otherwise expected.
Jobs and wages: Business confidence often leads hiring decisions. A weak Ifo reading can be an early sign that companies plan to slow recruitment or investment in Germany, Europe’s largest labour market.
Investments and pensions: German and European equities, along with funds with eurozone exposure held in pensions, can react to shifts in business sentiment, particularly in export-heavy manufacturing sectors.
Currencies: The euro can move on surprises in the Ifo release, which in turn affects the cost of European holidays, imports and any foreign currency exposure for UK and US investors and travellers.

Related events

Previous release: Germany Ifo Business Climate, October 2026
Full schedule and history: Germany Ifo Business Climate hub
Related eurozone releases and central bank decisions can be found on the financecalendar.com economic calendar

Frequently Asked Questions
What time is the November Ifo Business Climate Index released?
It is released at 10:30 am CET (4:30 am ET, 9:30 am London time) on Tuesday, November 24, 2026, by the ifo Institute.
How should I read a change in the Ifo index?
A rising index signals improving business confidence in Germany, while a falling index signals weaker sentiment; the Expectations sub-index in particular is watched as a forward-looking signal for the next six months.
Does the Ifo Business Climate Index affect interest rates?
It is not a direct policy trigger, but the European Central Bank considers business confidence data such as Ifo alongside inflation and labour market figures when assessing the eurozone growth outlook.
Where can I find the official Ifo release?
The official data and commentary are published on the ifo Institute’s website.
When is the next Ifo Business Climate release after November?
The ifo Institute’s published schedule lists the following release for December 17, 2026, per the ifo Institute’s calendar.
← Previous Germany Ifo Business Climate

US Consumer Confidence November 2026
2026-11-24 10:00 - 11:00 (America/New_York)
Next US Consumer Confidence: Tuesday, November 24, 2026 at 10:00 am ET (3:00 pm London).
Date to be confirmed by the publisher; this is the scheduled date.

Consensus
Not yet published
Prior
91.2 (June 2026, historical context only; October 2026 figure not yet verified)
Actual
Pending

Full schedule and background: US Consumer Confidence.
Updated September 2, 2026

← Previous US Consumer Confidence
The Conference Board publishes its US Consumer Confidence Index for November 2026 on Tuesday, November 24, 2026, at 10:00 am ET (3:00 pm London). The report gauges how American households feel about the economy, the labour market and their own finances, and it is one of the most closely watched sentiment indicators in global markets. Full schedule and background: US Consumer Confidence.
What is the Consumer Confidence Index?
The index is built from a monthly survey of around 3,000 US households, run by The Conference Board. Respondents answer five questions: how they view current business conditions, how they view the current job market, and how they expect business conditions, the job market and their own household income to look in six months’ time. The first two questions feed a “Present Situation” sub-index, while the last three form an “Expectations” sub-index.
Markets watch the headline number because consumer spending drives roughly two-thirds of US economic output. A rising index suggests households feel comfortable enough to keep spending on cars, holidays and big-ticket items. A falling index, particularly a sharp drop in the expectations component, has historically been an early warning sign of a slowdown, since it reflects how people feel about jobs and income before that shows up in hard spending data.
The index is not a survey of what people are actually doing, but of what they expect to do. That makes it a leading indicator rather than a hard measure of activity, and it can move sharply on news events such as tariff announcements, stock market swings or petrol price changes, even before those events affect real spending.
When is the November Consumer Confidence Index released?
The Conference Board has not yet formally confirmed the exact publication date for the November 2026 report at the time of writing. The Board typically releases this data on the last Tuesday of the reference month, and November 24, 2026 follows that usual pattern. The release is published on the Conference Board’s website at 10:00 am ET (3:00 pm London), alongside a short commentary from the organisation’s chief economist.
What is the consensus forecast?
A consensus forecast for the November 2026 reading has not yet been published by major polling services such as Reuters or Bloomberg; these polls are typically compiled in the days immediately before release. The most recent verified reading available at the time of writing comes from The Conference Board’s own commentary, which reported the index falling to 91.2 in June 2026, down from a prior reading of 93.1, and below the 94.4 figure that economists had expected, according to TrendForce DataTrack’s summary of Conference Board data.

Measure
Prior (June 2026)
Consensus (November 2026)

Headline Consumer Confidence Index
91.2
Not yet published

Present Situation Index
Not independently verified
Not yet published

Expectations Index
Not independently verified
Not yet published

Readers should treat the June 2026 figures above as historical context rather than the immediate prior reading for this release. The October 2026 print, which is the true prior for this November report, should be checked directly against The Conference Board’s official release once published.
What the result could mean

Scenario
Likely market read
What it means in plain English

Above consensus
Read as a sign households feel more secure, which can support equities and the dollar, and may reduce pressure on the Federal Reserve to cut rates quickly
People feel more confident about jobs and spending, which can mean a stronger economy but also stickier inflation

In line with consensus
Limited market reaction expected, since the number confirms the trend investors already priced in
The economy is behaving broadly as expected, so little changes for borrowers or savers immediately

Below consensus
Often seen as a warning sign for consumer spending, which can weigh on stocks and add to expectations of rate cuts
Households are worried about jobs or prices, which can foreshadow weaker spending and slower growth ahead

These are possibilities discussed by analysts around similar releases, not predictions of what will happen in November 2026.
Why does this release matter right now?
Consumer sentiment has been unusually volatile through 2026, with the Conference Board’s index swinging as households weighed tariff policy, sticky grocery and housing costs, and a labour market that has cooled from its post-pandemic highs. The June 2026 drop to 91.2, below both the prior month and economists’ expectations, according to Conference Board data compiled by TrendForce, illustrated how quickly sentiment can shift when households worry about job security or prices.
The Federal Reserve does not target consumer confidence directly, but policymakers watch it as one signal among many on the health of household spending, which underpins the broader US growth outlook. A sustained decline in confidence, especially in the expectations component, tends to raise the odds that officials discuss interest rate cuts sooner rather than later, while a rebound can ease those calls.
What It Means for Your Money
Mortgages and borrowing: if confidence weakens sharply, investors often raise bets on future Federal Reserve rate cuts, which can pull down long-term borrowing costs, including US mortgage rates, over time. A stronger reading can do the opposite.
Savings: the direction of expected interest rate moves influences savings account and certificate of deposit rates in the US, and can spill over into UK and euro area rate expectations too, since global bond markets are closely linked.
Jobs and wages: the survey’s questions on the job market are watched by economists as an early signal of how workers feel about job security, which can precede changes in hiring, quits and wage growth.
Prices: confidence readings that flag rising price worries can be an early hint of inflation expectations creeping up, which the Fed watches closely when setting policy.
Investments, pensions and currencies: a weak reading can unsettle US equities and, by extension, global pension funds and index-tracking investments held by UK and European savers. Moves in US rate expectations also ripple through to the dollar, the pound and the euro, affecting the cost of imports and holidays abroad.
Related events

Previous reading: US Consumer Confidence, October 2026
University of Michigan Consumer Sentiment survey, a separate but related US sentiment gauge released mid-month
US nonfarm payrolls and jobless claims data, which often move alongside consumer confidence trends

Frequently Asked Questions
What time is the November Consumer Confidence Index released?
The Conference Board publishes the report at 10:00 am ET, which is 3:00 pm in London, on November 24, 2026.
How should I read the Consumer Confidence Index?
A rising number means households feel more optimistic about the economy and jobs; a falling number signals growing worry, particularly if the expectations component drops sharply.
Does this report move interest rate expectations?
Yes, though indirectly. The Federal Reserve considers consumer sentiment as one input among many when assessing the strength of household spending and the broader economy.
Where can I find the official release?
The Conference Board publishes the full report, including sub-indices and regional breakdowns, on its own website on release day.
When is the next Consumer Confidence report?
The following report typically covers December 2026 data and is expected around the last Tuesday of December, following the Conference Board’s usual monthly schedule.
← Previous US Consumer Confidence

Australia CPI November 2026
2026-11-24 19:30 - 20:30 (America/New_York)
Next Australia CPI: Wednesday, November 25, 2026 at 11:30 am AEDT (7:30 pm ET, 12:30 am London). Covers October 2026 data.

Consensus
Not yet published
Prior
3.8% YoY, trimmed mean 3.6% (June 2026, latest confirmed)
Actual
Pending

Full schedule and background: Australia CPI.
Updated August 25, 2026

← Previous Australia CPI
Australia’s Consumer Price Index (CPI) for October 2026 is released on Wednesday, November 25, 2026, at 11:30am AEDT, which is 7:30pm ET on November 24, 2026, and 12:30am in London on November 25. The figures are published by the Australian Bureau of Statistics (ABS) and cover price movements in October 2026. Full background and the release schedule for this series are on the Australia CPI hub page.
What is Australia’s CPI?
The Consumer Price Index measures the average change in prices paid by households for a fixed basket of goods and services, including housing, food, transport, health and education. It is Australia’s main gauge of inflation, the rate at which the cost of living rises over time.
Since November 2025 the ABS has published a complete monthly CPI, replacing the earlier “monthly indicator” and the quarterly-only series that Australia used for decades. This brought Australia into line with other G20 economies, which mostly already published monthly inflation data, according to the ABS.
Alongside the headline figure, the ABS publishes trimmed mean inflation, a measure that strips out the most extreme price rises and falls each month. Economists and the Reserve Bank of Australia (RBA) watch trimmed mean closely because it filters out one-off shocks, such as a fuel price spike or an electricity rebate ending, to show the underlying trend in prices. Basis points, a term used across financial markets, means one hundredth of one percentage point, and is commonly used to describe small changes in inflation or interest rates.
When is the October CPI released?
The ABS publishes the October 2026 CPI on Wednesday, November 25, 2026, at 11:30am AEDT (7:30pm ET, November 24, and 12:30am in London on November 25). The release appears on the ABS website under Consumer Price Index, Australia, alongside detailed tables covering housing, food, transport and other categories. The ABS release calendar lists the following report, covering November 2026 data, for January 6, 2027, with the December 2026 figures due January 27, 2027.
What is the consensus forecast?
A consensus forecast for the October 2026 CPI has not yet been published this far ahead of the release. Economists’ forecasts, typically compiled by Reuters and Bloomberg polls, tend to appear in the days immediately before each ABS release.
The most recently confirmed ABS print available at the time of writing was for June 2026. Annual CPI inflation was 3.8% in the 12 months to June 2026, down from 4.0% in the 12 months to May 2026, according to the Australian Bureau of Statistics. Trimmed mean inflation was 3.6% in the 12 months to June 2026, unchanged from May. Readers should check the ABS release for July, August and September 2026 prints, published in the months before this event, for the most current prior figure.

Measure
Prior (12 months to May 2026)
Latest confirmed (12 months to June 2026)

Headline CPI, annual
4.0%
3.8%

Trimmed mean, annual
3.6%
3.6%

What the result could mean

Scenario
Likely market read
What it means in plain English

Above consensus
Traders would likely push back expectations for RBA rate cuts, and the Australian dollar could strengthen, according to typical market reaction patterns economists describe around upside inflation surprises
Prices are rising faster than expected. Borrowing costs may stay higher for longer, which affects mortgage rates and business loans

In line with consensus
Markets would likely see limited reaction, with the RBA’s existing policy path treated as broadly on track
Inflation is behaving as expected, so there is less pressure for an immediate change in interest rates

Below consensus
Investors may bring forward bets on RBA rate cuts, and the Australian dollar could weaken against major currencies
Prices are cooling faster than expected, which could eventually mean cheaper borrowing but also signals a softer economy

These are possibilities discussed by market commentators, not predictions. Actual market moves depend on the detail within the release, including services inflation and housing costs, not just the headline number.
Why does this release matter right now?
The RBA has kept a close watch on the transition to the complete monthly CPI as its main tool for judging progress against its 2 to 3% inflation target. Through the first half of 2026, annual headline inflation moved between roughly 3.7% and 4.0%, staying above that target band, based on the ABS’s published series of monthly reports. Trimmed mean inflation, the RBA’s preferred underlying measure, held in a narrower range around 3.3% to 3.6% over the same period, according to the ABS.
The ABS decided to postpone its usual annual reweighting of the CPI basket to January 2027 rather than introduce it mid-2026, judging that household spending patterns had not shifted enough to justify an earlier update, the ABS said. From February 2027 the CPI release date itself will move slightly earlier in the month, to the fourth Wednesday rather than the final Wednesday, following user feedback the ABS gathered during 2026.
Because Australia’s inflation data now arrives every month rather than every quarter, each release carries more weight for near-term expectations of RBA policy meetings, and is watched by currency traders in Asia, bond investors, and central banks elsewhere assessing how commodity-exporting economies are managing price pressures.
What It Means for Your Money

Mortgages and rates: If inflation surprises to the upside, Australian variable mortgage holders may face a longer wait for RBA rate cuts, keeping monthly repayments higher. A softer reading could revive hopes of cheaper home loans.
Savings: Higher-than-expected inflation can support returns on term deposits and savings accounts if the RBA holds rates steady for longer, but it also erodes the real value of cash sitting in low-interest accounts.
Jobs and wages: Persistent inflation above the RBA’s target can squeeze real wages if pay rises fail to keep pace, a concern for households in Australia and, indirectly, for global firms with Australian operations.
Prices: The housing and electricity components have been the largest drivers of Australian inflation through 2025 and 2026, according to ABS commentary, so households may notice this most in energy bills and rent.
Investments, pensions and currencies: A hotter than expected print can lift the Australian dollar and unsettle bond markets, with knock-on effects for pension funds holding Australian assets and for UK, European and Asian investors exposed to Australian equities or the currency.

Related events

Previous release: Australia CPI, October 2026 data release
Full schedule: Australia CPI hub page
Next scheduled report: Australia CPI for November 2026 data, due January 6, 2027

Frequently Asked Questions
What time is the October 2026 Australia CPI released?
The ABS publishes the report at 11:30am AEDT on November 25, 2026, equivalent to 7:30pm ET on November 24, 2026, and 12:30am in London on November 25.
How should I read the headline CPI figure versus trimmed mean?
The headline figure shows the total change in prices across the basket, while trimmed mean strips out extreme movements to show the underlying trend that the RBA relies on most when setting interest rates.
How does this release affect RBA interest rate decisions?
The RBA reviews the latest CPI data ahead of its policy meetings. Inflation running persistently above its 2 to 3% target band tends to argue against rate cuts, while a clear slowdown can open the door to easier policy, according to the RBA’s stated approach to its target.
Where can I find the official release?
The full report, including detailed tables, is published on the Australian Bureau of Statistics website under Consumer Price Index, Australia.
When is the next Australia CPI release after this one?
The following report, covering November 2026 data, is scheduled for January 6, 2027, with the December 2026 data due January 27, 2027, according to the ABS release calendar.
← Previous Australia CPI

US Personal Income and Outlays (PCE) November 2026
2026-11-25 08:30 - 09:30 (America/New_York)
Next US Retail Sales: Wednesday, November 25, 2026 at 8:30 am ET (1:30 pm London). Covers October 2026 data.

Consensus
Not yet available
Actual
Pending

Full schedule and background: US Retail Sales.
Updated August 25, 2026

← Previous US Retail SalesNext US Retail Sales →
The Bureau of Economic Analysis (BEA) will release the October 2026 Personal Income and Outlays report on Wednesday, November 25, 2026, at 8:30 a.m. Eastern Time. The report includes the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, alongside personal income and consumer spending data. November 25 is the day before Thanksgiving, making it one of the last major US economic data releases before markets close for the holiday. The same day also sees the release of the US GDP Q3 2026 second estimate. As of April 2026, core PCE stood at 3.3% year-on-year. Consensus forecasts will be available in the week before the release.

At a Glance

Release Date
Wednesday, November 25, 2026, 8:30 a.m. ET

Data Covered
October 2026 personal income and spending

Published By
Bureau of Economic Analysis (BEA)

Prior Core PCE (YoY)
3.3% (April 2026, most recent available)

Same Day Release
GDP Q3 2026 Second Estimate

Context
Day before Thanksgiving; pre-holiday data release

What is the PCE Price Index?
The Personal Consumption Expenditures (PCE) price index is the Federal Reserve’s official inflation target measure, published monthly by the Bureau of Economic Analysis. PCE tracks changes in prices paid for goods and services by US households, including expenditures made on their behalf by employers and government entities, providing broader coverage than the Consumer Price Index (CPI). The core version, which excludes food and energy, is the metric most closely monitored by the Federal Open Market Committee (FOMC) when setting interest rate policy.
The Fed’s stated target is 2% for headline PCE over the longer run. Core PCE reached 3.3% year-on-year by April 2026, having risen steadily from 2.7% in October 2025. This persistent upward trend has kept the federal funds rate at a restrictive level throughout 2026, with policymakers watching each monthly release for evidence that inflation is returning to target. The November 25 release will provide the October 2026 reading, one of the final inflation data points before the year’s close.
The Personal Income and Outlays report additionally covers personal income growth and consumer spending, both of which give policymakers and economists insight into the financial health of US households. The October data will reflect how consumers are behaving heading into the important holiday shopping season, making the spending component particularly valuable context alongside the inflation reading.
US Personal Income and Outlays (PCE) Release: November 25, 2026
November 25 is the day before Thanksgiving, making this one of the more unusual calendar placements for a major economic release. Trading liquidity tends to diminish in the afternoon ahead of the holiday, meaning the morning release at 8:30 a.m. Eastern Time will receive the full attention of a normal trading day before institutional desks wind down for the break. Any significant surprise in the PCE print may produce amplified intraday moves given the reduced afternoon capacity to absorb fresh positions.
The November 25 release arrives two weeks after the FOMC’s December 9, 2026 meeting, the year’s final rate decision. PCE data for October will be one of the key inflation inputs the Fed reviews ahead of December’s meeting. If core PCE shows further progress toward 2%, it increases the probability of a rate cut in December. A still-elevated reading reinforces the case for holding rates into 2027.
On the same day, the BEA will publish the GDP Q3 2026 second estimate, which revises the advance estimate released on October 29. Markets will receive both the inflation update and the revised growth figure simultaneously, providing a comprehensive view of the US economic conditions through October.
Why This PCE Release Matters
The November 25 PCE report will arrive at a pivotal moment in the Fed’s policy cycle. By late November 2026, policymakers will have access to PCE data through October and CPI data through November. The October PCE reading (November 25 release) and the November CPI (November 10) will be the twin inflation inputs for the December FOMC meeting. Together with the October employment report, they will determine whether the Fed ends 2026 on a hold or begins its easing cycle.
The October spending component reflects the first full month of autumn consumer activity, including back-to-school follow-through and early pre-holiday purchases. Strong nominal spending at elevated price levels could signal a resilient consumer but also confirm that inflation is being passed through to end prices without demand destruction. Weak spending would indicate that the combination of high prices and tight credit conditions is beginning to bite into consumer outlays.
For global markets, the November 25 PCE release also matters in the context of the dollar’s performance. Higher-than-expected PCE inflation reduces the probability of a December rate cut, supporting dollar strength and potentially tightening global financial conditions ahead of the holiday period. Lower-than-expected PCE would increase cut probabilities, weaken the dollar, and support risk assets heading into year-end.
What to Watch For

Core PCE above 3.0% YoY – Would keep the December rate-cut probability low and reinforce the case for holding rates into 2027. Likely to support the dollar and weigh on rate-sensitive equities.
Core PCE between 2.5% and 3.0% YoY – Meaningful progress toward the 2% target. Likely to raise December cut expectations and provide a positive tone heading into the holiday season for risk assets.
Core PCE below 2.3% YoY – A significant undershoot that would firmly establish rate cuts as the December base case. Likely to produce sharp moves in bonds and equities in what could be thin pre-holiday markets.

Watch the monthly personal spending figure for any early signal on holiday consumer sentiment. Strong spending growth in October would follow through the Thanksgiving and Christmas seasons and feed into stronger Q4 2026 GDP estimates.
Historical Context

Release Month
Data Month
Core PCE (YoY)
Core PCE (MoM)

May 2026
April 2026
3.3%
+0.24%

April 2026
March 2026
3.2%
+0.30%

March 2026
February 2026
3.0%
n/a

Jan 2026
December 2025
3.0%
+0.40%

Jan 2026
November 2025
2.8%
n/a

Jan 2026
October 2025
2.7%
n/a

Market Positioning
With the Thanksgiving holiday reducing afternoon trading activity, markets will focus intensely on the 8:30 a.m. release window. Any significant deviation from consensus in either PCE or the GDP second estimate will generate outsized moves relative to a normal trading day. Equity and bond markets close early on the day before Thanksgiving, with equity markets shutting at 1:00 p.m. Eastern Time, concentrating all the price action into the morning session.
The dollar and Treasury yields are particularly sensitive to the November 25 PCE print because it directly informs the December FOMC base case. Futures traders will update their December rate-cut probabilities immediately after the 8:30 a.m. release, with the CME FedWatch tool providing real-time probability estimates. These shifts cascade into equity sector rotation, with rate-sensitive sectors such as utilities and real estate moving inversely to cut expectations.
Related Events

FOMC Rate Decision December 2026 – The December 9 rate decision is the primary target for which the November 25 PCE data provides critical input.
US CPI Report November 2026 – Released November 10, providing the October CPI reading that pairs with the October PCE data for a complete inflation picture.
US Employment Situation November 2026 – Released November 6, the October jobs data completes the pre-Thanksgiving economic picture alongside PCE and GDP.

Frequently Asked Questions
Why is the November 25 PCE release particularly sensitive for markets?
The November 25 release covers October 2026 PCE data, which is one of the key inflation inputs for the FOMC’s December 9 rate decision. Combined with November CPI (released November 10), it provides the inflation evidence policymakers need to decide whether to hold or cut in December. Additionally, the pre-Thanksgiving timing means thin afternoon liquidity amplifies any morning data surprise.
When is the November 2026 PCE report released?
The BEA will publish the October 2026 Personal Income and Outlays report at 8:30 a.m. Eastern Time on Wednesday, November 25, 2026, the day before Thanksgiving. US equity markets close early (1:00 p.m. ET) on the day before Thanksgiving.
What does the October spending data tell us about the holiday shopping season?
October personal spending data captures early pre-holiday activity and is used alongside retail sales data to build estimates of Q4 2026 GDP. Strong October consumer spending suggests households are entering the holiday season with financial confidence, while weak spending may signal that tight credit conditions and high prices are beginning to constrain consumer outlays ahead of Christmas.

US Gross Domestic Product November 2026
2026-11-25 08:30 - 09:30 (America/New_York)
Next US Gross Domestic Product: Wednesday, November 25, 2026 at 8:30 am ET (1:30 pm London). Covers Q3 2026 data.

Consensus
Not yet available
Actual
Pending

Full schedule and background: US Gross Domestic Product.
Updated August 25, 2026

← Previous US Gross Domestic ProductNext US Gross Domestic Product →
The Bureau of Economic Analysis (BEA) will release the US Gross Domestic Product (GDP) Q3 2026 Second Estimate on Wednesday, November 25, 2026, at 8:30 a.m. Eastern Time. The second estimate updates the advance Q3 2026 GDP figure released on October 29 with additional source data and revisions. The November 25 release falls on the day before Thanksgiving, making it a high-impact pre-holiday data point released alongside the October 2026 Personal Income and Outlays (PCE) report. Real GDP grew at an annualised rate of 1.6% in Q1 2026 (second estimate); Q2 and Q3 2026 performance will reflect whether this moderation deepened or reversed during the year.

At a Glance

Release Date
Wednesday, November 25, 2026, 8:30 a.m. ET

GDP Estimate
Q3 2026 Second Estimate

Published By
Bureau of Economic Analysis (BEA)

Prior GDP (Q1 2026)
+1.6% annualised (second estimate)

Same Day Release
PCE October 2026

Market Impact
Medium (second estimate revisions usually minor)

What is the US GDP Second Estimate?
Gross Domestic Product measures the total monetary value of all goods and services produced within the United States in a given period, adjusted for inflation and expressed as an annualised quarterly growth rate. The BEA publishes GDP in three stages: the advance estimate (released approximately four weeks after the quarter ends), the second estimate (released approximately eight weeks after quarter-end), and the third estimate (approximately 12 weeks after quarter-end). Each subsequent estimate incorporates more complete source data, reducing the revision risk inherent in the initial advance figure.
The Q3 2026 second estimate, published November 25, revises the advance estimate released on October 29. Second estimates typically incorporate more complete retail sales, services spending, and international trade data. Revisions to second estimates are common but rarely large: the average revision between the advance and second estimate for US GDP is approximately 0.3 to 0.5 percentage points in either direction. A revision larger than one percentage point would be unusual and would attract significant market attention.
GDP measures the broadest health of the US economy. After robust growth of 3.8% in Q2 2025 and 4.4% in Q3 2025, the US economy decelerated sharply to 0.5% in Q4 2025, partly due to the impact of a federal government shutdown. Q1 2026 recovered to 1.6% annualised. The Q3 2026 second estimate will be a key data point in assessing how the second half of 2026 is tracking.
US GDP Q3 2026 Second Estimate: November 25, 2026
The November 25 report revises the Q3 2026 advance estimate published on October 29. The second estimate incorporates updated data from government agencies, trade surveys, and private sector sources that were not yet available when the advance figure was compiled. Markets typically react less to second and third estimates than to advance estimates, since the advance figure sets the initial baseline and revisions are usually modest.
However, the November 25 release remains significant because it arrives alongside the October PCE data, creating a simultaneous dual release of the two most important BEA outputs. If the second estimate revises Q3 2026 GDP materially downward while PCE shows stubborn inflation, markets face a stagflationary signal that is difficult for the Fed to address: cutting rates to support growth risks re-accelerating inflation, while holding rates to fight inflation risks deepening the growth slowdown.
The GDP Q3 second estimate will also contain updated corporate profits data and a breakdown of GDP by major expenditure components: personal consumption, government spending, investment, and net exports. Analysts will examine whether the composition of growth is consistent with a healthy expansion or points to underlying imbalances that could affect the H2 2026 and early 2027 outlook. The October PCE data released at the same time will provide complementary data on consumer spending and inflation.
Why This GDP Release Matters
By the time the November 25 second estimate is published, the FOMC will be in the run-up to its final meeting of the year on December 9. The combined GDP and PCE data released on November 25 will be among the last major economic data points available before the December FOMC decision. If Q3 2026 GDP shows continued deceleration from the 1.6% pace seen in Q1, it strengthens the argument for easing policy. If it surprises to the upside while PCE remains elevated, the Fed’s decision becomes more complicated.
International context also shapes how US GDP data is interpreted. The European Central Bank and Bank of England are managing their own growth and inflation balances, and any divergence between US and European growth trajectories has implications for currency markets and global trade flows. A sharp US deceleration relative to Europe would raise questions about dollar strength and could shift global portfolio allocations.
The GDP decomposition will also be analysed for clues about the durability of consumer spending. If personal consumption is driving Q3 2026 growth, it suggests resilience in the face of restrictive monetary policy. If growth is being supported primarily by government spending or inventory accumulation (which cannot be sustained indefinitely), the quality of growth is lower and forward estimates should be adjusted.
What to Watch For

Q3 GDP revised above +2.5% – An upward revision that reduces recession concerns. Likely to support equities, reduce urgency for December rate cut, and give the Fed more flexibility to hold rates at current levels.
Q3 GDP confirmed in a +1.5% to +2.0% range – In line with the trend from Q1 2026, suggests a soft but stable growth environment. Market reaction likely muted; attention will focus on whether PCE data released simultaneously is moving in the right direction.
Q3 GDP revised below +1.0% – A significant downward revision that raises recession risk, particularly coming after Q4 2025’s 0.5% print. Likely to lift Treasury bond prices (lower yields), weigh on equities, and strengthen expectations for a December rate cut.

Historical Context

Quarter
Real GDP Growth (Annualised)
Key Driver

Q1 2026
+1.6%
Second estimate; partial recovery from Q4 slowdown

Q4 2025
+0.5%
Federal government shutdown (Oct 1 – Nov 12, 2025)

Q3 2025
+4.4%
Strong consumer spending and business investment

Q2 2025
+3.8%
Robust domestic demand and services spending

Full Year 2025
+2.1%
Annual rate; Q4 shutdown weighed on full-year average

Market Positioning
Second estimates of GDP rarely produce large market moves on their own. However, the November 25 release’s pairing with PCE data and its proximity to the December FOMC meeting create conditions where even a moderate revision can shift rate-cut probabilities meaningfully. Traders will monitor the simultaneous PCE and GDP releases in real time, using the combined picture to update their December meeting forecasts in the immediate aftermath of the 8:30 a.m. publication.
The pre-Thanksgiving timing (with equity markets closing early at 1:00 p.m. Eastern Time) creates an unusual morning-only window for price discovery. Institutional investors will need to form their views and execute any position changes within the condensed morning session, which can produce faster and more decisive price moves than a typical data-release morning.
Related Events

US Personal Income and Outlays (PCE) November 2026 – Released simultaneously on November 25, providing the October inflation and spending data alongside the GDP revision.
FOMC Rate Decision December 2026 – The December 9 rate decision directly follows the November 25 GDP and PCE releases; the combined data will be a primary input for the year-end policy decision.
US Gross Domestic Product September 2026 – The Q2 2026 third estimate released September 30, providing the most recent finalised GDP baseline before the Q3 estimates begin.

Frequently Asked Questions
What is the difference between the GDP advance estimate and the second estimate?
The advance estimate, released approximately four weeks after the quarter ends, is based on incomplete source data and is subject to revision. The second estimate, released eight weeks after quarter-end, incorporates more complete data from government surveys, trade reports, and business accounts. Revisions are typically modest (averaging 0.3-0.5 percentage points) but can occasionally be larger when new data reveals significant differences from initial estimates.
When is the November 2026 GDP report released?
The BEA will publish the Q3 2026 GDP second estimate at 8:30 a.m. Eastern Time on Wednesday, November 25, 2026, the day before Thanksgiving. US equity markets close early (1:00 p.m. ET) that day.
How does the GDP second estimate affect Federal Reserve policy?
The GDP second estimate informs the Fed’s assessment of economic momentum. Released alongside PCE data on November 25, two weeks before the December FOMC meeting, it provides policymakers with a comprehensive Q3 growth picture. Notably weak GDP combined with persistent inflation creates a difficult policy trade-off; strong growth with moderating inflation is the more benign scenario that could support an end-of-year rate cut.

US Initial Jobless Claims: November 25, 2026
2026-11-25 08:30 - 09:30 (America/New_York)
Next US Initial Jobless Claims: Wednesday, November 25, 2026 at 8:30 am ET (1:30 pm London).

Consensus
Not yet published
Prior
Recent weekly readings near 200,000-220,000; continuing claims ~1.78 million (August 2026)
Actual
Pending

Full schedule and background: US Initial Jobless Claims.
Updated September 2, 2026

← Previous US Initial Jobless Claims
The US Initial Jobless Claims report for the week ending November 21, 2026 is released on Wednesday, November 25, 2026 at 8:30 am ET (1:30 pm London time) by the US Department of Labor. The figure counts the number of people filing new claims for unemployment benefits in the previous week, one of the timeliest signals of the health of the American labour market. Full schedule and background: US Initial Jobless Claims.
What is the consensus forecast?
As of writing, a consensus forecast for the November 25 release has not yet been published. Economists’ median estimates typically appear from data providers such as Reuters and Bloomberg only a day or two before release, so readers should check back closer to the date. Through the summer and autumn of 2026, weekly initial claims had been running broadly in a 200,000 to 220,000 range, with continuing claims (people still receiving benefits after their first week) near 1.78 million, according to Trading Economics.

Measure
Prior
Consensus

Initial claims
Recent weekly readings near 200,000 to 220,000 (2026)
Not yet published

Continuing claims
Around 1.78 million (August 2026)
Not yet published

What the result could mean

Scenario
Likely market read
Plain-English meaning

Above consensus
Read as a sign of a softening labour market; can support expectations of a more dovish Federal Reserve (dovish means leaning towards cutting interest rates or holding them low)
More people than expected filed for unemployment benefits, hinting at rising job losses

In line with consensus
Limited market reaction; existing view of the labour market largely confirmed
Claims came in close to what economists expected, so little changes

Below consensus
Read as a sign of continued labour-market resilience; can reduce expectations of near-term rate cuts
Fewer people than expected filed for unemployment benefits, suggesting the jobs market remains firm

Why it matters this week
Weekly jobless claims sit alongside the monthly non-farm payrolls report as one of the Federal Reserve’s key gauges of the labour market when setting interest rates. Through much of 2026, claims stayed low by historical standards even as some other indicators, including softer payroll growth, pointed to a cooling jobs market, a pattern that Federal Open Market Committee members have cited when discussing whether the US economy remains close to full employment, according to Trading Economics. A run of higher-than-usual claims figures in the weeks around Thanksgiving would add weight to arguments for further Fed rate cuts, while a continuation of the low, stable pattern would support those preferring to hold rates steady.
What It Means for Your Money
For anyone with a mortgage, a savings account or a pension invested in shares, this weekly figure matters because it feeds into how investors expect the Federal Reserve to set US interest rates. A weak claims report (more people filing for benefits) tends to push bond yields and, over time, mortgage rates lower, because it raises the odds of interest rate cuts. A strong report (fewer claims than expected) can do the opposite, keeping borrowing costs higher for longer.
Changes in US rate expectations also move the dollar against the pound and the euro, which affects the price of imported goods and the cost of a US holiday for UK and European travellers. Investors holding US shares or funds, including within a workplace pension, may see short-term price swings around the release, though a single week’s claims figure rarely changes the bigger economic picture on its own.
If you are job hunting or negotiating pay in the US, a sustained rise in claims over several weeks is a more useful warning sign than any single report, since week-to-week numbers can be volatile around public holidays such as Thanksgiving.
Frequently Asked Questions
What time is the November 25 jobless claims report released?
The report is released at 8:30 am ET, which is 1:30 pm in London, on Wednesday, November 25, 2026.
What counts as a big miss versus consensus?
Once a consensus is published, a swing of more than around 15,000 to 20,000 claims above or below that figure is generally seen as a notable miss, though markets also watch the broader trend over several weeks rather than one release in isolation.
When is the next jobless claims report?
The following week’s report covers claims for the week ending November 28, 2026 and is typically published the following Wednesday or Thursday, depending on the Thanksgiving holiday schedule.
← Previous US Initial Jobless Claims

US New Home Sales November 2026
2026-11-25 10:00 - 11:00 (America/New_York)
Next US New Home Sales: Wednesday, November 25, 2026 at 10:00 am ET (3:00 pm London). Covers October 2026 data.

Consensus
Not yet published
Prior
September 2026 reading (see Census Bureau release for exact figure)
Actual
Pending

Full schedule and background: US New Home Sales.
Updated September 2, 2026

← Previous US New Home Sales
US New Home Sales for November 2026 is scheduled for release on Wednesday, November 25, 2026 at 10:00 am ET (3:00 pm London). The report is published by the US Census Bureau, jointly with the Department of Housing and Urban Development, and covers new single-family home sales data for October 2026. Full background and the release schedule for this series are available on the US New Home Sales hub page.
What is new home sales data?
New home sales measures the number of newly built, single-family homes sold in the United States during a given month, reported as a seasonally adjusted annual rate (SAAR). The Census Bureau compiles the figure from a survey of homebuilders and uses sales contracts signed during the month, whether or not construction is finished, which makes it a leading indicator of housing demand compared with existing home sales, which are recorded at closing.
Economists and market participants watch this release closely because housing is one of the most interest-rate-sensitive parts of the economy. Mortgage rates, buyer confidence and builder inventory all feed into the figure, and swings in new home sales often signal shifts in the broader economy before they show up in employment or spending data.
The report also breaks sales down by region (Northeast, Midwest, South and West), median sales price, and months’ supply of homes for sale, all of which help analysts judge whether the housing market is tightening or loosening.
When is the October new home sales report released?
The October 2026 New Home Sales report is released by the Census Bureau on Wednesday, November 25, 2026 at 10:00 am ET (3:00 pm London time). It is published on the Census Bureau’s New Residential Sales page as a PDF and set of data tables. This date follows the Census Bureau’s usual pattern of releasing New Residential Sales roughly three to four weeks after the reference month ends.
What is the consensus forecast?
At the time of writing, a consensus forecast for the October 2026 new home sales figure had not yet been published by major polling services such as Reuters or Bloomberg; these forecasts typically appear in the days immediately before the release. Readers should check financial data providers closer to November 25, 2026 for the latest median estimate.
The September 2026 reading, the most recent published print at the time of writing, is best confirmed directly from the Census Bureau’s New Residential Sales release, since exact figures for recent months are subject to revision and were not independently verified for this preview.

Measure
Prior (September 2026)
Consensus (October 2026)

New home sales (SAAR)
See Census Bureau release
Not yet published

Median sales price
See Census Bureau release
Not yet published

What the result could mean

Scenario
Likely market read
What it means in plain English

Above consensus
Could be read as a sign of resilient housing demand, potentially reducing expectations of near-term rate cuts
More new homes were bought than expected, suggesting buyers are coping with current mortgage rates

In line with consensus
Likely to have limited market impact, reinforcing existing views on the housing market’s trajectory
The housing market is behaving broadly as economists expected

Below consensus
May be interpreted as a sign of housing market weakness, which some analysts link to affordability pressures from mortgage rates
Fewer new homes sold than expected, which could reflect buyers pulling back due to cost or borrowing conditions

These are possible market reactions described by analysts and economists in commentary around past releases, not predictions of how markets will actually move on the day.
Why does this release matter right now?
Housing remains one of the sectors most directly affected by the Federal Reserve’s interest rate policy, since mortgage rates move closely with the Fed’s benchmark rate and broader bond yields. New home sales data gives policymakers and investors an early read on whether higher borrowing costs are cooling demand or whether buyers are adapting. Federal Reserve officials have repeatedly pointed to housing affordability as one of the areas most affected by monetary policy in recent commentary, and shifts in new home sales feed into the broader debate over the pace of any future rate changes.
Builders’ willingness to offer incentives, such as mortgage rate buydowns, has also shaped recent sales patterns, since these incentives can support sales volumes even when affordability remains stretched for many buyers.
What It Means for Your Money

Mortgages and rates: A stronger-than-expected report could reduce the likelihood of near-term interest rate cuts, keeping mortgage rates higher for longer; a weaker report could support the case for rate cuts, which may eventually feed through to lower borrowing costs.
Savings: Interest rate expectations that shift on housing data can affect the returns on savings accounts and fixed-term deposits, since banks often adjust these rates in line with central bank policy expectations.
Jobs and wages: Homebuilding supports jobs in construction, materials and related trades; a sustained slowdown in new home sales can eventually show up as softer hiring in these sectors.
Investments and pensions: Housing data can move homebuilder stocks and broader equity indices, which in turn can affect the value of pension funds and other investments with exposure to US equities.
Currencies: Because the data feeds into expectations for US interest rates, a surprise reading can move the US dollar against the pound and the euro, with knock-on effects for the cost of US travel, imports and dollar-denominated debt for people outside the United States.

Related events

Previous release: US New Home Sales, October 2026 data
Existing Home Sales report from the National Association of Realtors, which covers completed home purchases and offers a comparison point
US housing starts and building permits data, which track new construction activity ahead of eventual sales

Frequently Asked Questions
What time is the October new home sales report released?
The report is released on November 25, 2026 at 10:00 am ET, which is 3:00 pm in London.
How should I read the new home sales figure?
Focus on the seasonally adjusted annual rate (SAAR) rather than the raw monthly count, and compare it against both the prior month and the consensus forecast to judge whether the housing market is strengthening or weakening.
How does this data affect interest rates?
Stronger-than-expected sales can reduce pressure on the Federal Reserve to cut rates, while weaker sales can add to the case for rate cuts, though the Fed weighs many data points together rather than reacting to a single report.
Where can I find the official new home sales release?
The official report is published on the US Census Bureau’s New Residential Sales page.
When is the next new home sales report after this one?
The Census Bureau typically publishes New Residential Sales data roughly three to four weeks after each reference month ends, so the November 2026 data (covering activity in that month) would normally follow in late December 2026 or early January 2027.
← Previous US New Home Sales

Beige Book November 2026
2026-11-25 14:00 - 15:00 (America/New_York)
Next Beige Book: Wednesday, November 25, 2026 at 2:00 pm ET (7:00 pm London).

Consensus
Not yet published
Prior
Held at 3.50%-3.75% (July 28-29, 2026)
Actual
Pending

Full schedule and background: Beige Book.
Updated September 2, 2026

← Previous Beige Book
The Federal Reserve publishes the November 2026 Beige Book on Wednesday, November 25, 2026, at 2:00 pm ET (7:00 pm London). This is not a rate decision. It is a qualitative survey of economic conditions across the Fed’s twelve regional districts, compiled from interviews with business contacts, economists and market experts. It is released eight times a year, roughly two weeks before each Federal Open Market Committee (FOMC) meeting, and is one of the inputs policymakers use when deciding whether to hold, cut or raise the federal funds rate. Full schedule and background: Beige Book release dates.
What is the FOMC and what does it decide?
The Federal Open Market Committee is the Federal Reserve’s policy-setting body. It has a dual mandate: maximum employment and stable prices, generally interpreted as inflation around 2%. The committee sets the federal funds rate, the interest rate at which banks lend to each other overnight, which flows through to mortgages, business loans, credit cards and savings accounts across the US and, indirectly, global borrowing costs.
The FOMC has twelve voting members: the seven Federal Reserve Board governors, the president of the New York Fed, and four of the remaining eleven regional Reserve Bank presidents on a rotating basis. It meets eight times a year, and the Beige Book is prepared for each of those meetings using reports gathered by the twelve regional Reserve Banks rather than hard economic data.
Because the Beige Book is anecdotal rather than statistical, it does not move markets the way a jobs report or a rate decision does. Its value is in giving a real-time, on-the-ground read of hiring, pricing, wages and demand that will not appear in official data for weeks.
When is the November 2026 Beige Book announced?
The report is scheduled for release at 2:00 pm ET (7:00 pm London) on Wednesday, November 25, 2026. There is no press conference attached to the Beige Book itself. It is published as a written document by the Federal Reserve Board and is timed to land ahead of the FOMC’s next scheduled meeting on December 8 and 9, 2026, when the committee will next vote on the target range for the federal funds rate and, because December is a Summary of Economic Projections meeting, publish updated growth, inflation and rate forecasts along with the closely watched “dot plot”.
What to expect
The Beige Book does not carry a consensus forecast in the way inflation or jobs data do, because it is a qualitative narrative rather than a number. According to FedRateCalc’s tracking of the 2026 FOMC schedule, the FOMC held its target range at 3.5% to 3.75% at the July 28 and 29, 2026 meeting, voting 9 to 3 to hold. That range was still the confirmed starting point heading into the September 15 and 16, 2026 meeting. Traders will read the November Beige Book for clues on whether regional conditions support another hold, a cut, or renewed caution at the December meeting, and pricing in tools such as the CME FedWatch tool typically shifts in the hours after release if the report flags a marked change in hiring or pricing pressure.

Meeting
Decision
Rate after meeting

July 28-29, 2026
Held (9-3 vote)
3.50%-3.75%

September 15-16, 2026
To be confirmed by the Federal Reserve
3.50%-3.75% (as of the July decision)

December 8-9, 2026
Next scheduled decision
Not yet decided

Rows for meetings between September and December are omitted here because the outcomes had not been independently verified against the Federal Reserve’s own release schedule at the time of writing. Readers should check the Federal Reserve’s official Beige Book page for the confirmed record of each meeting.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Beige Book describes steady, unremarkable conditions
Little reaction; traders keep existing rate-cut or hold bets largely unchanged
Businesses across the country are seeing roughly the same demand and costs as before, so the Fed has no new reason to change course quickly

Beige Book flags cooling hiring or weaker demand
Bond yields can dip and rate-cut bets can firm, according to typical trader positioning around soft anecdotal data
If firms in several districts say hiring is slowing, that supports the case for the Fed to cut rates sooner to support jobs

Beige Book flags persistent price or wage pressure
Yields can edge up and rate-cut expectations can be pushed back
If businesses report they are still raising prices or paying more for staff, the Fed has less room to cut without risking higher inflation

What will the statement and press conference signal?
Because the Beige Book has no press conference, the signal comes from its written language rather than a spoken briefing. Analysts compare the tone of each district’s summary against the previous report, watching for words such as “moderate”, “flat” or “declining” activity, and for any district specifically flagging layoffs, tariff-related cost pressure or credit tightening. The report feeds directly into the discussion at the December 8-9, 2026 FOMC meeting, where officials will also weigh the latest inflation and employment data, any dissent among voting members, and the pace of the Fed’s balance sheet run-off, before deciding on the rate and publishing updated projections.
What It Means for Your Money
The Beige Book itself rarely moves mortgage rates, savings rates or the dollar on its own, because it contains no new hard data and no vote. Its real relevance is as an early hint of what the Fed might do at its December meeting, which does affect household finances directly.

Mortgages and remortgaging: if the report suggests the Fed is edging toward a cut, US mortgage rates and, to a lesser extent, UK and eurozone borrowing costs that track global bond yields, can soften in anticipation.
Savings accounts: a Fed that looks more likely to cut in December can nudge US savings and money market rates lower over time; UK and eurozone savers are more affected by their own central banks but often watch Fed signals as a guide to the global rate cycle.
Loans and credit cards: variable-rate borrowing costs in the US are tied closely to the federal funds rate, so any shift in expectations for December filters through with a lag.
Currencies: a Beige Book read as dovish (more open to cutting) tends to weigh modestly on the dollar, which can support the pound and the euro; a hawkish read (more cautious) tends to do the opposite.
Pensions and stock markets: pension funds and equity investors in the US, UK and Asia price in expected Fed moves months ahead, so the Beige Book is one of many inputs that can cause small adjustments in bond and share prices rather than sharp swings on the day itself.

Related events

Previous Beige Book: September 2026 Beige Book
Next FOMC rate decision: December 8-9, 2026, when the committee also publishes updated projections and the dot plot
US inflation and jobs reports due before the December meeting will carry more weight than the Beige Book for the actual rate decision

Frequently Asked Questions
What time is the November 2026 Beige Book released?
It is published at 2:00 pm ET on Wednesday, November 25, 2026, which is 7:00 pm in London.
Does the Beige Book set interest rates?
No. It is a qualitative survey of regional business conditions that feeds into the FOMC’s discussion; the rate decision itself comes at the next scheduled FOMC meeting.
What is the current federal funds rate?
The FOMC held the target range at 3.5% to 3.75% at its July 28-29, 2026 meeting, according to tracking by FedRateCalc; readers should confirm against the Federal Reserve’s own releases for any decisions made since.
When is the next FOMC rate decision after this Beige Book?
The next scheduled meeting is December 8-9, 2026, which also includes updated economic projections.
Where can I read the full Beige Book?
The full report is published on the Federal Reserve’s own Beige Book page.
← Previous Beige Book

NYSE/NASDAQ: Thanksgiving 2026
2026-11-26 00:00 - 23:59 UTC
NYSE & Nasdaq are closed on Thursday, November 26, 2026 for Thanksgiving Day.

Bond market
Closed
Next holiday
Day After Thanksgiving (Early Close), November 27, 2026
Regular hours
9:30 am to 4:00 pm ET

Full schedule and background: Stock Market Holidays.
Updated August 25, 2026

US equity and bond markets will be fully closed on Thursday, November 26, 2026, for Thanksgiving Day, a federal public holiday. The New York Stock Exchange (NYSE) and the Nasdaq will also close early at 1:00 p.m. Eastern Time on Friday, November 27, 2026, the day after Thanksgiving — a session commonly referred to as Black Friday in trading circles. The two-day closure pattern makes Thanksgiving one of the most disruptive holidays for market liquidity in the US calendar, with a compressed four-hour trading window on the Friday followed by a full return to normal hours on Monday, November 30. Options markets and most futures products follow the same abbreviated schedule.
What is Thanksgiving?
Thanksgiving Day is a federal public holiday in the United States, celebrated on the fourth Thursday of November each year. Rooted in the harvest traditions of early colonial America, Thanksgiving has been a national holiday since 1863, when President Abraham Lincoln proclaimed it an annual observance. In 2026, the fourth Thursday of November falls on November 26.
From a financial market perspective, Thanksgiving occupies a unique position in the calendar. It is the only NYSE market holiday where the adjacent trading day — the Friday — is not a full close but instead an early close at 1:00 p.m. Eastern Time. This creates a distinctive two-day impact: a full closure on Thursday followed by a heavily abbreviated session on Friday, with normal hours resuming only on Monday. The pattern produces some of the lightest trading volumes of the year, as many market participants extend the Thanksgiving break into a four-day weekend.
The Thanksgiving weekend also marks the unofficial start of the US holiday shopping season. Retail sector stocks, consumer discretionary equities, and payment processing companies are watched closely in the days surrounding Thanksgiving as analysts begin to track early indicators of holiday retail spending. Black Friday — the day after Thanksgiving — has historically been the largest US retail sales day of the year, though the shift to online shopping has diffused some of this concentration across a longer pre-holiday window.
At a Glance

Full market closure: Thursday, November 26, 2026 (Thanksgiving Day)
Early close: Friday, November 27, 2026 at 1:00 p.m. Eastern Time (1:15 p.m. for eligible options)
Markets closed Thursday: NYSE, Nasdaq, CBOE, US options exchanges, US bond markets (SIFMA full close)
CME futures: Equity futures closed Thursday; early close Friday; reopen Sunday evening
Full normal trading resumes: Monday, November 30, 2026
Holiday shopping season link: Black Friday retail activity begins November 27

Thanksgiving 2026: Markets and Trading Schedule
The NYSE Group has designated Thursday, November 26, 2026, as a full market holiday for all US equity exchanges. Trading in NYSE-listed securities, Nasdaq-listed securities, exchange-listed options, and related products will be suspended for the entire session. On Friday, November 27, trading will be permitted but will close at 1:00 p.m. Eastern Time — three hours shorter than the standard 4:00 p.m. close. Options markets, including those on the CBOE, close at 1:15 p.m. Eastern Time on November 27.
The Securities Industry and Financial Markets Association (SIFMA) recommends a full market closure for US Treasury and fixed income markets on November 26, with an early close at 2:00 p.m. Eastern Time recommended for November 27. Bond market participants, fixed income portfolio managers, and repo desks should plan settlement and liquidity management around both days of the reduced-hours period, particularly for transactions scheduled to settle through the end of November.
CME Group equity index futures will suspend trading on the Thanksgiving holiday and operate on a shortened schedule on Friday, November 27. Electronic trading in the most actively traded equity futures contracts typically resumes on Sunday, November 29, at 5:00 p.m. Central Time (6:00 p.m. Eastern), ahead of the full Monday reopening. Agricultural futures, metals, and energy products may follow separate schedules; traders should consult the CME Group holiday calendar for product-specific times.
Why Thanksgiving Matters for Markets
The Thanksgiving holiday creates one of the most distinctive liquidity environments of the financial year. Trading volumes on the Friday after Thanksgiving (November 27) are consistently among the lowest of any non-holiday trading session in the US calendar. Many institutional portfolio managers do not operate on Black Friday, and volumes are often a fraction of an average November session. This means that any news that breaks during the Friday shortened session — or during the Thursday holiday — can produce exaggerated price movements when liquidity is thinnest.
For consumer-facing equities, Thanksgiving weekend is a critical inflection point. The period covering the Thanksgiving-through-Cyber Monday window (November 26-30) generates a significant portion of US annual retail revenues, and early data on foot traffic, online orders, and card spending begins to emerge on the Friday itself. Retail sector analysts and consumer discretionary investors will be monitoring these indicators closely, with expectations for the 2026 holiday season set against the backdrop of persistently elevated inflation and subdued consumer confidence through much of 2026. Data on US Retail Sales for November 2026 will provide the official benchmark, but the Black Friday spending signals offer an earlier directional read.
For fixed income and macro traders, the post-Thanksgiving week is compressed into four trading days (November 30 to December 4) before end-of-month flows and the December economic calendar begin to dominate. The US Personal Income and Outlays (PCE) report for November 2026, which includes the Federal Reserve’s preferred inflation measure, is typically released in the final days of November or first days of December and sets the tone for December FOMC deliberations.
The November-December 2026 Context
Thanksgiving 2026 falls late in the month on November 26, compressing the trading period between it and the December economic calendar. The Federal Open Market Committee’s December 2026 meeting is scheduled in mid-December, and the final economic data prints before the Fed’s end-year decision begin arriving immediately after the Thanksgiving break. The November employment report, PCE inflation data, and retail sales figures will all be processed in the compressed post-Thanksgiving window, making this year’s holiday break particularly significant for positioning ahead of the Fed’s final meeting of 2026.
The Bank of England MPC Rate Decision for November 2026 is scheduled earlier in the month, but its implications for sterling-denominated assets and UK rate expectations will still be active in the post-Thanksgiving environment. Currency traders managing GBP/USD, EUR/USD, and cross-asset positions linked to the transatlantic rate differentials will be watching for any policy signals from the Bank of England that might affect positioning as US markets reopen after Thanksgiving.
Settlement and Operational Implications
The two-day holiday structure around Thanksgiving creates specific settlement timing considerations. Under T+1 settlement rules, trades executed on Wednesday, November 25, will settle on Monday, November 30 — as both Thursday (holiday) and Friday (optional settlement exclusion for some products) create an extended gap. Trades executed on the abbreviated Friday session (November 27) will settle on Tuesday, December 1. Operations teams, custodians, and fund administrators managing daily NAV calculations, redemptions, or repo maturities should build settlement maps around these dates well in advance.
For the options market, the early close on November 27 creates additional complexity for contracts expiring on that date. Any weekly options series with a Friday, November 27, expiry will trade for only the first three and a quarter hours of the session. Traders holding open positions in these contracts should monitor their broker’s specific expiry handling rules and ensure sufficient time to manage or close positions before the 1:00 p.m. Eastern cut-off.
Related Events

US Retail Sales November 2026 — The official measurement of US retail activity for November, covering the critical Thanksgiving and Black Friday period and signalling the strength of the holiday shopping season.
US Personal Income and Outlays (PCE) November 2026 — Includes the Federal Reserve’s preferred inflation gauge; typically released in the final days of November and is a key input to December FOMC deliberations.
Bank of England MPC Rate Decision November 2026 — The UK’s interest rate decision for November, which shapes cross-Atlantic rate differentials active during the post-Thanksgiving trading environment.

Frequently Asked Questions
When is Thanksgiving 2026 and what are the market hours?
Thanksgiving Day 2026 falls on Thursday, November 26. US equity markets (NYSE, Nasdaq) are fully closed on November 26. On Friday, November 27, markets open at 9:30 a.m. Eastern Time but close early at 1:00 p.m. Eastern Time (1:15 p.m. for eligible options). Normal trading hours resume on Monday, November 30, 2026. The NYSE Group publishes the official holiday calendar confirming these times in advance each year.
Why do US markets close early on the Friday after Thanksgiving?
The NYSE tradition of an early close on Black Friday dates to the mid-20th century and reflects the historically low staffing and trading volume on that day, as market participants typically treat Thanksgiving as the start of a four-day break. Volumes on the Friday after Thanksgiving are consistently among the lowest of any non-holiday trading day in the calendar year, and the 1:00 p.m. close allows exchanges to manage operational risk with reduced staffing levels while still providing a trading session for investors who need liquidity.
How does the Thanksgiving break affect retail and consumer sector stocks?
Thanksgiving and the surrounding holiday shopping period (Black Friday through Cyber Monday) are closely watched by retail sector investors. Early data on consumer spending — via card transaction aggregators, foot traffic trackers, and retailer announcements — begins to emerge during the holiday weekend and can influence opening prices in consumer discretionary equities when markets reopen on Monday, November 30. A strong or weak Black Friday reading relative to expectations will be one of the most discussed topics at desks when trading resumes.

Is the Stock Market Open on Thanksgiving 2026? CME Futures Hours
2026-11-26 00:00 - 23:59 (America/New_York)
CME Group Futures close early at 12:00 pm local on Thursday, November 26, 2026 for Thanksgiving Day (Equity Futures Halt 12:00 CT).

Next holiday
Day After Thanksgiving (Early Close), November 27, 2026
Regular hours
5:00 pm to 4:00 pm CT (Sun-Fri, with 4:00-5:00 pm daily maintenance break)

Full schedule and background: CME Futures Holidays.
Updated September 2, 2026

← Previous CME Futures Holidays
CME Group equity index futures (including E-mini S&P 500, Nasdaq-100 and Dow futures) halt trading at 12:00 pm Central Time (1:00 pm ET, 6:00 pm London time) on Thursday, November 26, 2026, in observance of Thanksgiving Day. Cash equity markets, the NYSE and Nasdaq, are fully closed for the entire day, so there is no underlying stock session to track alongside the futures. Trading in most CME products resumes with the normal Sunday evening open at 5:00 pm CT on November 29, 2026, though the following day, Friday, November 27, carries its own early close. For the full run of futures market dates, see the CME Futures Holidays calendar.
Orders placed after the halt queue for the next available session rather than executing immediately. Anyone holding open futures positions or planning to roll a contract around Thanksgiving should check the exact halt time for their specific product, since not every CME product follows the same schedule on holidays.
Which markets are closed on Thanksgiving Day 2026?

Market
Status
Notes

NYSE and Nasdaq (equities)
Closed
Full-day closure, confirmed by the NYSE holiday calendar

CME equity index futures
Trading halts at 12:00 pm CT
E-mini S&P 500, Nasdaq-100, Dow and related products

US Treasury market (bonds)
Closed
SIFMA recommends a full close for Thanksgiving Day

US options markets
Closed
Follows the equity market schedule

London Stock Exchange (LSE)
Open (regular hours)
Thanksgiving is not a UK public holiday

Euronext
Open (regular hours)
No European exchange observes the US holiday

Tokyo Stock Exchange (TSE)
Open (regular hours)
Not affected by the US calendar

Is the market open the day before and after?
Wednesday, November 25, 2026 is a normal full trading day across US equities and futures. On Thanksgiving itself, cash equities are shut and CME equity futures stop trading at 12:00 pm CT. The following day, Friday, November 27, 2026, is an early close: CME futures are scheduled to close around 12:15 pm CT, and NYSE and Nasdaq cash equities close at 1:00 pm ET, according to the NYSE holiday and early-closings calendar. Regular hours return in full from Monday, November 30, 2026.
Why do markets close for Thanksgiving?
Thanksgiving has been a US federal holiday since the 1940s, and American exchanges have closed for it for as long as most trading records go back. The tradition reflects the wider closure of US government offices, banks and many businesses rather than any decision unique to the markets.
The early close the following day is a more recent, practical adjustment: with much of Wall Street’s staff away for the long weekend and trading volumes typically thin, exchanges shorten the session rather than run a full day with little liquidity.
What It Means for Your Money
If you place a stock or futures order on Thanksgiving Day itself, it simply queues and executes when trading resumes; nothing is lost, but the timing shifts. Under the current US settlement rule, most equity trades settle one business day after execution (T+1), so a trade placed on the Wednesday before Thanksgiving settles on the Friday, and one placed just before the CME futures halt is processed on the next available session. Dividend payment dates and monthly options expirations that would otherwise fall on the holiday move to the nearest open trading day. Bank transfers and payroll processing that rely on the Federal Reserve’s wire systems may also be delayed by a day, since most US banks are closed on Thanksgiving. None of this affects cryptocurrency markets, which trade continuously around the clock regardless of the US holiday calendar.
Remaining CME Futures holidays in 2026

Friday, November 27, 2026: Day After Thanksgiving, early close (around 12:15 pm CT)
Thursday, December 24, 2026: Christmas Eve, early close (around 12:15 pm CT)
Friday, December 25, 2026: Christmas Day, full closure

Frequently Asked Questions
Is the stock market open on Thanksgiving 2026?
No, the NYSE and Nasdaq are fully closed on Thursday, November 26, 2026, and CME equity index futures stop trading at 12:00 pm CT.
Is the bond market open on Thanksgiving 2026?
No, SIFMA recommends a full closure of the US Treasury and broader bond market for Thanksgiving Day.
What time do CME futures close on Thanksgiving?
Equity index futures trading halts at 12:00 pm Central Time (1:00 pm Eastern Time) on Thanksgiving Day, resuming with the regular Friday session.
When is the next US market holiday after Thanksgiving 2026?
The next scheduled market event is the Day After Thanksgiving early close on Friday, November 27, 2026, followed by the Christmas Eve early close and Christmas Day closure in December.
Are banks open on Thanksgiving 2026?
No, US banks are closed on Thanksgiving Day along with most federal offices, though this does not affect exchanges outside the United States.
← Previous CME Futures Holidays

Is the Bond Market Open on Thanksgiving Day 2026? SIFMA Hours
2026-11-26 00:00 - 23:59 (America/New_York)
US Bond Market (SIFMA) are closed on Thursday, November 26, 2026 for Thanksgiving Day.

Next holiday
Day After Thanksgiving (Early Close), November 27, 2026
Regular hours
8:00 am to 5:00 pm ET (SIFMA recommended)

Full schedule and background: Bond Market Holidays.
Updated September 2, 2026

← Previous Bond Market Holidays
The US bond market is closed on Thursday, November 26, 2026 for Thanksgiving Day, according to the SIFMA holiday schedule, which sets recommended trading hours for US fixed income markets. This closure applies to Treasuries, agency securities, mortgage-backed securities and most other US dollar debt instruments traded through SIFMA member firms. Orders placed on the day will not be executed until the market reopens, and settlement of any trades from the prior session will be pushed back by one business day. For the full run of dates through the year, see the bond market holiday calendar.
Because Thanksgiving falls on a fixed weekday (the fourth Thursday of November) rather than a fixed date, the holiday moves each year, but the closure itself is consistent: SIFMA has recommended a full close of the US bond market on Thanksgiving Day every year for decades, mirroring the equity market closure observed by the New York Stock Exchange and Nasdaq.
Which markets are closed on Thanksgiving Day 2026?

Market
Status
Notes

US equities (NYSE, Nasdaq)
Closed
Standard NYSE and Nasdaq holiday schedule

US bond market (SIFMA members)
Closed
Recommended full close for Treasuries, agencies and MBS

US options
Closed
Follows equity market schedule

CME futures (US)
Closed or limited hours
Most CME product groups halt trading for the session; check the exchange calendar for exact times

London Stock Exchange (LSE)
Open (regular hours)
Thanksgiving is not a UK public holiday

Euronext
Open (regular hours)
Not observed in continental Europe

Tokyo Stock Exchange (TSE)
Open (regular hours)
Not a Japanese holiday

Because Thanksgiving is a US-only holiday, investors in the UK, Europe and Asia can still trade shares, gilts, bunds and other local instruments as normal on November 26, 2026. The main effect abroad is lower liquidity in US dollar bonds and reduced overnight trading volumes on desks that deal directly with US counterparties, since American trading floors are shut for the day.
Is the market open the day before and after?
The bond market operates on regular hours, 8:00 am to 5:00 pm ET, on Wednesday, November 25, 2026, the trading day immediately before Thanksgiving. There is no early close scheduled for that Wednesday under the SIFMA recommendation. The market reopens on Friday, November 27, 2026, but with a shortened session: SIFMA recommends an early close at 2:00 pm ET for the Day After Thanksgiving, one of the lightest-volume sessions of the year as many traders take the extended weekend off.
This pattern, a full closure followed by an early close the next day, is one of the most predictable features of the US trading calendar and is worth noting if you have orders, wire transfers or bond settlements scheduled around the holiday period.
Why do markets close for Thanksgiving Day?
Thanksgiving has been a US federal holiday since 1863 and is fixed by law to the fourth Thursday of November. US financial markets, including the bond market, equities and futures exchanges, have long closed in observance, reflecting both the federal holiday status and the practical reality that staffing and client activity fall sharply during the holiday week.
The shortened session the following day, often called Black Friday in retail circles, became a fixture of the SIFMA and NYSE calendars because volumes are typically thin as traders extend the holiday weekend, making a full trading day unnecessary for most market participants.
What It Means for Your Money
If you are a retail investor holding a brokerage account, any bond trade you attempt to place on Thanksgiving Day will simply queue and execute once the market reopens, so there is no risk to open orders beyond the delay itself. Settlement of trades executed the day before the holiday will take an extra business day to clear, since settlement cycles count only business days, which can matter if you are relying on funds from a bond sale to cover a near-term payment.
Bond coupon payments and interest accruals are calculated on calendar days, so a market closure does not change how much interest you earn, only when a payment might be processed if it happens to fall on the holiday. Bank wire transfers and ACH payments in the US typically do not process on Thanksgiving Day either, so anyone waiting on a transfer tied to a bond maturity or coupon should expect it to land on the next business day rather than the holiday itself. Mortgage rate movements, which are closely tied to Treasury yields, are effectively frozen for the day since the underlying bond market is shut, so there is unlikely to be any meaningful rate change until trading resumes. Cryptocurrency markets, by contrast, trade 24 hours a day and are unaffected by the Thanksgiving closure.
Remaining SIFMA Bond Market Holidays and Early Closes in 2026

Day After Thanksgiving (Early Close), November 27, 2026, close at 2:00 pm ET
Christmas Eve (Early Close), December 24, 2026, close at 2:00 pm ET
Christmas Day, December 25, 2026, closed
New Year’s Eve (Early Close), December 31, 2026, close at 2:00 pm ET

Frequently Asked Questions
Is the bond market open on Thanksgiving Day 2026?
No. The US bond market is closed on Thursday, November 26, 2026, following the SIFMA recommended holiday schedule.
Is the stock market also closed on Thanksgiving?
Yes. The NYSE and Nasdaq are closed on the same day, so equities, options and the bond market all observe the holiday together.
What time does the market close the day after Thanksgiving?
SIFMA recommends an early close at 2:00 pm ET on Friday, November 27, 2026, the Day After Thanksgiving.
When is the next bond market holiday after Thanksgiving?
The next date on the calendar is the Day After Thanksgiving early close on November 27, 2026, followed by Christmas Eve and Christmas Day in December.
Are banks open on Thanksgiving Day?
No. US banks are generally closed on Thanksgiving Day, alongside the stock and bond markets, so wire transfers and in-branch services resume the next business day.
← Previous Bond Market Holidays

Is the Stock Market Open on Day After Thanksgiving 2026? CME Futures Hours
2026-11-27 00:00 - 23:59 (America/New_York)
CME Group Futures close early at 12:15 pm local on Friday, November 27, 2026 for Day After Thanksgiving (Early Close).

Next holiday
Christmas Eve (Early Close), December 24, 2026
Regular hours
5:00 pm to 4:00 pm CT (Sun-Fri, with 4:00-5:00 pm daily maintenance break)

Full schedule and background: CME Futures Holidays.
Updated September 2, 2026

← Previous CME Futures Holidays
CME Group futures markets have an early close on Friday, November 27, 2026, the day after Thanksgiving, with trading ending at 12:15 pm local (Chicago) time. This is a scheduled shortened session rather than a full closure, so most futures contracts trade for a reduced window before the exchange halts for the day. Orders placed after the early close queue for the next full trading session. Full schedule and background: CME Futures Holidays.
Which markets are closed on Day After Thanksgiving 2026?

Market
Status
Notes

CME Group futures (equity index, interest rate, FX, commodities)
Early close
Trading ends at 12:15 pm local time; regular hours resume the following session

NYSE and Nasdaq (US equities)
Early close
Widely observed 1:00 pm ET close, an hour ahead of the normal 4:00 pm ET finish

SIFMA-recommended bond market close
Early close
Bond desks typically close early on this day, though the exact time is not confirmed in this brief

Options markets (Cboe, equity options)
Early close
Generally mirrors the equity market’s shortened session

London Stock Exchange
Open (regular hours)
Thanksgiving is not a UK public holiday

Euronext
Open (regular hours)
No European exchange observes the US holiday

Tokyo Stock Exchange
Open (regular hours)
Not affected by the US holiday calendar

Is the market open the day before and after?
Thursday, November 26, 2026, Thanksgiving Day itself, is a full closure across US equity, bond and futures markets. Friday, November 27 is the shortened session covered here. The next full trading day is Monday, November 30, 2026, when CME Futures return to their regular hours of 5:00 pm to 4:00 pm CT (Sunday to Friday, with the usual 4:00 to 5:00 pm daily maintenance break).
Why do markets close for Thanksgiving?
Thanksgiving has been observed as a US public holiday since the 19th century, and American exchanges have long closed for it out of tradition and to allow staff and traders time off. The early close on the following Friday developed as a practical compromise: rather than close entirely, exchanges shorten the session because trading volumes are historically thin, with many market participants extending the holiday into a long weekend.
CME Group and other US exchanges coordinate these shortened sessions with equity markets so that futures, options and underlying stocks broadly wind down together, reducing the risk of unusual price moves in illiquid, low-volume conditions.
What It Means for Your Money
If you place a futures order after the 12:15 pm local cutoff on November 27, 2026, it will typically queue for the next available session rather than execute immediately. This matters for anyone hedging positions, rolling contracts, or managing margin, since a shortened window can mean less time to react to news. Settlement of trades follows the normal T+1 (trade date plus one business day) cycle, but the compressed hours can affect same-day execution for retail investors trading index futures, commodities or currency futures through a broker. Dividend payments and options expiry tied to the underlying stock market are unaffected by the futures schedule itself. Bank transfers and payroll processing in the US may also run on a slightly delayed timetable around the holiday weekend. Cryptocurrency markets, by contrast, trade 24/7 and are not affected by any exchange holiday schedule.
Remaining CME Futures holidays in 2026

Christmas Eve, December 24, 2026: Early close at 12:15 pm local
Christmas Day, December 25, 2026: Full closure

Frequently Asked Questions
Is the stock market open on the day after Thanksgiving 2026?
Yes, but only for a shortened session. Equity markets typically close at 1:00 pm ET, an hour earlier than usual.
Is the bond market open the day after Thanksgiving?
US bond markets generally follow an early close on this day, in line with the reduced trading day observed across other asset classes.
What time do CME futures close on November 27, 2026?
CME Group futures close at 12:15 pm local (Chicago) time, ahead of the normal daily schedule.
When is the next CME Futures holiday after this one?
The next scheduled holiday is Christmas Eve, December 24, 2026, another early close, followed by the full closure on Christmas Day, December 25, 2026.
Are banks open on the day after Thanksgiving?
Most US banks remain open on this day, since it is not a federal reserve bank holiday, though some branches may have reduced hours.
← Previous CME Futures Holidays

Is the Bond Market Open on the Day After Thanksgiving 2026? SIFMA Hours
2026-11-27 00:00 - 23:59 (America/New_York)
US Bond Market (SIFMA) close early at 2:00 pm local on Friday, November 27, 2026 for Day After Thanksgiving (Early Close).

Next holiday
Christmas Eve (Early Close), December 24, 2026
Regular hours
8:00 am to 5:00 pm ET (SIFMA recommended)

Full schedule and background: Bond Market Holidays.
Updated September 2, 2026

← Previous Bond Market Holidays
The US bond market closes early on Friday, November 27, 2026, the day after Thanksgiving. SIFMA (the Securities Industry and Financial Markets Association) recommends that fixed income trading desks close at 2:00 pm local time, three hours earlier than the usual 8:00 am to 5:00 pm ET session. This is a recommendation, not a mandatory shutdown, so some desks may keep slightly different hours, but the vast majority of dealers follow it. Equity markets also close early that day. Full schedule and background: Bond Market Holidays.
Because it is an early close rather than a full closure, orders placed before 2:00 pm ET on bonds will still execute that day. Settlement, which for most US Treasury and corporate bond trades happens on a T+1 basis, is not affected by the shortened session, but trades placed right at the close may see wider spreads and thinner liquidity than normal.
Which markets are closed on the Day After Thanksgiving 2026?

Market
Status
Notes

US Bond Market (SIFMA)
Early close, 2:00 pm ET
Recommended early close for Treasuries, agency and corporate bonds

NYSE (equities)
Early close, 1:00 pm ET
1:15 pm ET for eligible options, per NYSE trading hours

Nasdaq (equities)
Early close, 1:00 pm ET
Follows the same early close as NYSE

CME futures
Early close (varies by product)
Most financial and commodity futures close early; check the specific contract

Options (US)
Early close, 1:15 pm ET
Same day as equities

London Stock Exchange (LSE)
Open (regular hours)
Thanksgiving is a US holiday only

Euronext
Open (regular hours)
No observance of the US holiday

Tokyo Stock Exchange (TSE)
Open (regular hours)
No observance of the US holiday

Is the market open the day before and after?
Thursday, November 26, 2026 is Thanksgiving Day itself, when the bond market and equity markets are fully closed in the United States. Wednesday, November 25, 2026 trades at regular hours in both bonds and equities. On Friday, November 27, 2026, the bond market closes early at 2:00 pm ET and equities close early at 1:00 pm ET. The next full trading day with normal hours is Monday, November 30, 2026.
Why do markets close for Thanksgiving?
Thanksgiving has been a fixed US federal holiday on the fourth Thursday of November since 1941, and financial markets have observed the full closure for decades as staff take the day off with families. The early close on the following Friday became standard practice because trading volumes drop sharply as many traders extend the holiday into a long weekend, so exchanges and SIFMA shortened the session rather than run a full day with thin liquidity.
What It Means for Your Money
If you place a bond or equity trade after the early close on November 27, 2026, it queues for execution when the market reopens on Monday, November 30, 2026. Settlement dates shift accordingly, so anyone relying on a trade settling by a specific date should factor in the early close. Dividend payments and options expirations scheduled for that Friday are generally processed as normal but with a shortened window, so check with your broker if timing matters. Bank wire transfers and payroll runs tied to bond settlement can also be affected if they depend on same-day processing after 2:00 pm ET. Cryptocurrency markets are unaffected, since they trade 24 hours a day, seven days a week, regardless of US holidays.
Remaining SIFMA Bond Market Holidays in 2026

Christmas Eve (Early Close), December 24, 2026, close at 2:00 pm local
Christmas Day, December 25, 2026, fully closed
New Year’s Eve (Early Close), December 31, 2026, close at 2:00 pm local

Frequently Asked Questions
Is the bond market open on the Day After Thanksgiving 2026?
Yes, but only until 2:00 pm ET. SIFMA recommends an early close on Friday, November 27, 2026.
Is the stock market open on the Day After Thanksgiving 2026?
Yes, the NYSE and Nasdaq are open but close early at 1:00 pm ET (1:15 pm ET for eligible options).
What time does the bond market close on November 27, 2026?
SIFMA recommends US fixed income desks close at 2:00 pm local time, three hours earlier than usual.
When is the next bond market holiday after this one?
The next SIFMA holiday is Christmas Eve (Early Close) on December 24, 2026, followed by a full closure on Christmas Day.
Are banks open on the Day After Thanksgiving 2026?
Most US banks are open for regular business, though some branches may have reduced hours as it is not a federal bank holiday.
← Previous Bond Market Holidays

Germany CPI Flash November 2026
2026-11-27 08:00 - 09:00 (America/New_York)
Next Germany CPI Flash: Friday, November 27, 2026 at 2:00 pm CET (8:00 am ET, 1:00 pm London). Covers October 2026 data.
Date to be confirmed by the publisher; this is the scheduled date.

Consensus
Not yet published
Prior
+2.9% y/y (August 2026, provisional)
Actual
Pending

Full schedule and background: Germany CPI Flash.
Updated September 2, 2026

← Previous Germany CPI Flash
Germany’s flash Consumer Price Index (CPI) for November 2026 is due on November 27, 2026, at approximately 8:00 am ET (2:00 pm CET, 1:00 pm London time). The release comes from the Federal Statistical Office of Germany (Destatis) and covers price data for October 2026. Because Destatis has not yet confirmed this specific publication date on its release calendar, the schedule above should be treated as an estimate based on the usual pattern: Destatis typically publishes the flash CPI on the last working day of the reference month or the first working day of the following month. Full background and the schedule of related releases is available on the Germany CPI Flash hub page.
What is the Germany CPI Flash?
The CPI Flash is Destatis’s early, provisional estimate of how much prices for a typical basket of consumer goods and services rose or fell over the previous 12 months. It covers everyday items such as food, rent, energy, transport and healthcare, weighted according to how households actually spend their money. Because it is released roughly two weeks ahead of the final, confirmed CPI figure, the flash estimate is the first hard signal markets get on German inflation for that month.
Germany is the largest economy in the euro area, so its inflation figures carry outsized weight for the European Central Bank (ECB) when it sets interest rates for the whole currency bloc. The release also includes the Harmonised Index of Consumer Prices (HICP), a version of the CPI calculated using a methodology standardised across European Union member states, which is the specific measure the ECB targets when judging whether inflation is close to its 2% goal.
Traders, economists and journalists watch the flash reading closely because it moves the euro, European government bond yields and rate expectations within seconds of publication, well before the full breakdown of the final report becomes available a fortnight later.
When is the November flash CPI released?
Destatis is scheduled to publish the flash estimate for October 2026 on Friday, November 27, 2026, at 8:00 am ET, which is 2:00 pm in Germany (CET) and 1:00 pm in London. The figures appear first as a press release on the Destatis release calendar, alongside the underlying data tables in the GENESIS-Online database. As noted above, this date has not been formally confirmed by Destatis at the time of writing and is based on the office’s usual monthly release rhythm.
What is the consensus forecast?
A consensus forecast from a major survey provider such as Reuters or Bloomberg has not yet been published for the October 2026 flash reading, as economist polls typically appear only in the days immediately before the release. Destatis itself has not published an actual figure for this report at the time of writing. The most recently confirmed print available is the July 2026 final CPI reading, with August 2026 provisional flash data also released; according to Destatis, the year-on-year inflation rate stood at +2.8% in July 2026, up from +2.3% in June 2026 and +2.6% in May 2026. Destatis’s own preliminary commentary pointed to an expected reading of around +2.9% for August 2026, with core inflation (excluding food and energy) estimated at +2.4%.

Measure
Prior (August 2026, provisional)
Consensus (October 2026)

Headline CPI, year on year
+2.9%
Not yet published

Core CPI, year on year (ex food and energy)
+2.4%
Not yet published

Headline CPI, month on month
+0.2%
Not yet published

HICP, year on year
+2.9%
Not yet published

What the result could mean

Scenario
Likely market read
What it means in plain English

Above consensus
Euro could firm and eurozone bond yields could rise, as traders push back the timing of further ECB rate cuts
Prices are rising faster than expected, which could keep borrowing costs higher for longer across the euro area

In line with consensus
Limited market reaction, as the outcome confirms existing ECB rate-path expectations
Inflation is behaving roughly as economists predicted, so little changes for savers or borrowers in the near term

Below consensus
Euro could soften and eurozone bond yields could fall, as markets price in a higher chance of ECB easing
Prices are cooling faster than expected, which could eventually feed through to lower interest rates on loans and mortgages

These are possible market reactions described by analysts and should not be read as predictions of what will actually happen. As FXStreet has noted of past German inflation surprises, currency moves around this release are often described as measured rather than dramatic, since the euro tends to react more strongly to the eurozone-wide HICP flash that follows a few days later.
Why does this release matter right now?
German inflation has been on a bumpy path through 2026. Destatis figures show the annual rate falling to +1.9% in February 2026 before climbing back above the ECB’s 2% target for most of the spring and summer, reaching +2.9% in April and hovering in the high 2% range by mid-year. Energy prices have been repeatedly cited by Destatis President Ruth Brand as a key swing factor, with motor fuel and electricity costs pushing the headline rate around even as core inflation has stayed comparatively steady near 2.4% to 2.5%.
The ECB has been weighing this trend carefully. Because German inflation feeds directly into the eurozone-wide HICP figure that the ECB targets, any acceleration or slowdown in this release shapes expectations for the Bank’s next Governing Council meeting. A run of higher-than-expected German prints through the middle of 2026 has already led some economists to push back their forecasts for further ECB rate cuts, while a cooler reading in October could revive expectations of a more dovish path into 2027.
Beyond the eurozone, the release matters for global markets because Germany is Europe’s largest exporter and a bellwether for continental demand. A hotter-than-expected reading can nudge up European bond yields, which in turn influences borrowing costs for governments and companies well beyond Germany’s borders, including in the UK gilt market and in dollar-denominated eurozone corporate debt.
What It Means for Your Money
Mortgages and loans: if German inflation runs hot, it can delay ECB rate cuts, which keeps eurozone mortgage and business loan rates elevated for longer. A cooler reading has the opposite effect, potentially bringing forward cheaper borrowing costs across the euro area.
Savings: higher-for-longer ECB rates generally mean better returns on eurozone savings accounts and fixed deposits, while a dovish shift after a soft reading could see those rates edge down over time.
Jobs and wages: persistent inflation above the ECB’s target can squeeze real wages for German and eurozone workers if pay rises fail to keep pace, while falling inflation can ease that pressure and support household spending power.
Prices: the release is essentially a direct read on the cost of everyday items in Germany, from groceries to petrol, so a higher print signals continued pressure on household budgets, while a lower one suggests some relief at the till.
Investments, pensions and currencies: the euro and eurozone government bonds tend to move on surprises in this data, which affects returns on European equity funds, bond funds and pension holdings for investors well beyond Germany, including in the UK and Asia where funds often hold eurozone assets. A stronger euro can also make imports into the eurozone cheaper, while a weaker euro can push up the cost of goods and holidays priced in other currencies for European consumers.
Related events

Previous release: Germany CPI Flash, October 2026
The eurozone-wide HICP flash estimate from Eurostat, typically published a few days after the German figure
The next European Central Bank Governing Council monetary policy decision, which weighs this data alongside inflation readings from other eurozone members

Frequently Asked Questions
What time is the Germany CPI Flash released?
The flash estimate is expected around 8:00 am ET, which is 2:00 pm in Germany (CET) and 1:00 pm in London, though Destatis has not formally confirmed this specific date.
How should I read the headline versus core figure?
The headline rate includes volatile items like food and energy, while the core rate strips these out to show the underlying trend that the ECB watches most closely for signs of persistent inflation pressure.
How does this release affect ECB interest rate decisions?
German inflation feeds into the eurozone-wide HICP that the ECB targets, so a run of higher or lower German readings can shift expectations for whether the ECB holds, cuts or raises interest rates at its next meeting.
How does this release affect ECB interest rate decisions?
German inflation feeds into the eurozone-wide HICP that the ECB targets, so a run of higher or lower German readings can shift expectations for whether the ECB holds, cuts or raises interest rates at its next meeting.
Where can I find the official release?
The official press release and data tables are published on the Destatis release calendar and in the GENESIS-Online database.
When is the next Germany CPI release?
Destatis typically publishes the flash estimate roughly one month after the reference period, with the final confirmed CPI figure following around two weeks after the flash estimate.
← Previous Germany CPI Flash

China Official PMI November 2026
2026-11-29 20:30 - 21:30 (America/New_York)
Next China Official PMI: Monday, November 30, 2026 at 9:30 am CST (8:30 pm ET, 1:30 am London).

Consensus
Not yet published
Prior
50.4 manufacturing / 50.1 non-manufacturing (March 2026, most recently confirmed)
Actual
Pending

Full schedule and background: China Official PMI.
Updated September 2, 2026

← Previous China Official PMI
China’s Official PMI (Purchasing Managers’ Index) for November 2026 is due for release on Monday, November 30, 2026, at 9:30 am China Standard Time, which is 8:30 pm ET on Sunday, November 29 in the United States and 1:30 am on Monday, November 30 in London. The figures are published jointly by China’s National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP) on the NBS website. The release covers business conditions during November 2026 across manufacturing, non-manufacturing (services and construction), and a composite reading. Full schedule and background: China Official PMI.
What is the China Official PMI?
The Purchasing Managers’ Index is a monthly survey of purchasing managers at thousands of enterprises across China, asking whether business conditions such as new orders, output, employment, prices and delivery times improved, worsened or stayed the same compared with the previous month. The manufacturing PMI is drawn from roughly 3,200 manufacturing firms, according to TrendForce’s DataTrack, and is weighted across five sub-indices including new orders, production, employment, supplier delivery times and raw material inventories.
A reading above 50.0 signals that activity is expanding compared with the prior month, while a reading below 50.0 signals contraction. There is no comparison against a fixed baseline: it is purely a month-on-month diffusion index. The non-manufacturing PMI, published alongside it, covers services and construction and is watched closely because services now make up the larger share of China’s economy.
Markets watch this release because it is the first hard indicator of Chinese activity for any given month, arriving days before trade, credit and industrial output data. Global investors, particularly those exposed to commodities, shipping, and Asian equities, use it to gauge demand from the world’s second-largest economy.
When is the November PMI released?
The November 2026 China Official PMI is scheduled for release on November 30, 2026, at 9:30 am local time in Beijing (8:30 pm ET on the preceding US evening, 1:30 am in London). It is published on the NBS website in both Chinese and English. China typically releases this data on the last calendar day of the reference month, or the first business day after it, rather than waiting for the start of the following month like most other economies’ PMIs.
What is the consensus forecast?
A consensus forecast for the November 2026 release had not been published at the time of writing; economist estimates from Reuters and Bloomberg polls typically appear in the days immediately before the release date. The most recently confirmed official readings available were for early 2026, with the manufacturing PMI at 50.4 in March 2026, up from 49.0 in February 2026, according to Trading Economics. The specific October and November 2026 prints were not independently verifiable in the sources available for this preview, so readers should check the official NBS release or a live economic calendar closer to the date for the confirmed prior figure and consensus.

Measure
Prior (most recently confirmed)
Consensus

Manufacturing PMI
50.4 (March 2026)
Not yet published

Non-manufacturing PMI
50.1 (March 2026)
Not yet published

What the result could mean

Scenario
Likely market read
What it means in plain English

Above consensus
Read as a sign that stimulus measures and export demand are gaining traction, potentially supportive for commodity currencies and Asian equities
Chinese factories and services firms reported stronger business than expected, which can lift confidence in global growth

In line
Limited market reaction, seen as confirmation of the existing trend near the 50 expansion threshold
The economy is broadly performing as expected, neither accelerating nor slowing sharply

Below consensus
Could renew concerns about weak domestic demand and add pressure for further policy support, a theme frequently flagged by analysts at Trading Economics and other data providers
Businesses are reporting weaker conditions than hoped, which can weigh on commodity prices and sentiment towards China-exposed assets

Why does this release matter right now?
China’s manufacturing PMI has spent long stretches hovering either side of the 50 threshold through 2025 and into 2026, reflecting a mix of resilient exports and persistently soft domestic demand. The index fell to 49.0 in October 2025 from 49.8 in September, according to Trading Economics, before recovering to 50.1 in December 2025, as reported by the National Bureau of Statistics. Early 2026 saw a dip back into contraction around the Lunar New Year holiday before a rebound to 50.4 in March 2026, the strongest print in a year, supported by government spending and export demand tied to global AI-related investment.
Policymakers in Beijing use the PMI as one input into decisions on fiscal stimulus and monetary easing, while foreign central banks and investors treat it as an early gauge of Chinese demand for imported goods, industrial inputs and commodities. A weak reading tends to reinforce expectations that Beijing will lean further into stimulus, while a strong reading can ease pressure for additional support.
Recent China Official PMI readings

Month
Manufacturing PMI
Non-manufacturing PMI

September 2025
49.8
n/a

October 2025
49.0
n/a

December 2025
50.1
50.2

January 2026
49.3
n/a

February 2026
49.0
n/a

March 2026
50.4
50.1

Source: National Bureau of Statistics of China and Trading Economics. Some months are omitted where an official non-manufacturing figure was not independently confirmed for this preview.
What It Means for Your Money
Mortgages and interest rates: A weak China PMI can push global bond yields lower as investors seek safety, which can feed through to slightly cheaper fixed mortgage rates in the US, UK and Europe. A strong reading can have the opposite effect, nudging yields and borrowing costs up.
Jobs and wages: Manufacturers and exporters in Asia, Europe and commodity-producing nations such as Australia and Brazil are sensitive to Chinese demand. A run of weak PMI prints can eventually show up as softer hiring at firms that sell machinery, metals or components into China.
Prices at home: China is a major buyer of oil, copper and other raw materials. Stronger Chinese activity tends to support commodity prices, which can filter into fuel and household goods prices elsewhere; weaker activity can help keep those costs down.
Investments and pensions: Chinese and broader Asian equities, along with commodity-linked stocks and funds held in pensions, often move on the day of this release. A surprise in either direction can cause short-term volatility in diversified portfolios with exposure to emerging markets.
Currencies: The Chinese yuan, the Australian dollar and other commodity currencies frequently react to PMI surprises, and moves can spill over into the pound, euro and dollar through shifts in risk appetite and trade flows.
Related events

Previous release: China Official PMI, October 2026
China’s Caixin manufacturing and services PMIs, a separate private-sector survey published a day or two after the official figures
China trade balance and industrial production data, typically released in the following weeks

Frequently Asked Questions
What time is the China Official PMI released?
The November 2026 release is due at 9:30 am China Standard Time on November 30, 2026, which is 8:30 pm ET the previous evening and 1:30 am in London.
How do I read the PMI number?
A reading above 50.0 means activity expanded compared with the previous month, while a reading below 50.0 means it contracted; the further from 50.0, the stronger the signal.
Does the China PMI affect central bank policy elsewhere?
It is not a direct input for the Federal Reserve, Bank of England or European Central Bank, but sharp swings can influence their assessment of global growth and commodity price pressures, which feed into inflation forecasts.
Where can I find the official release?
The data is published on the National Bureau of Statistics of China website, with an English-language version typically posted within days of the Chinese release.
When is the next China Official PMI due?
The December 2026 reading is expected around the final day of December 2026 or the first business day of January 2027, following the usual monthly pattern.
← Previous China Official PMI

China Caixin Manufacturing PMI December 2026
2026-11-30 20:45 - 21:45 (America/New_York)
Next China Caixin Manufacturing PMI: Tuesday, December 1, 2026 at 9:45 am CST (8:45 pm ET, 1:45 am London).
Date to be confirmed by the publisher; this is the scheduled date.

Consensus
Not yet published
Prior
50.9 (September 2026, most recent confirmed print at time of writing)
Actual
Pending

Full schedule and background: China Caixin Manufacturing PMI.
Updated September 2, 2026

← Previous China Caixin Manufacturing PMI
The Caixin China Manufacturing Purchasing Managers’ Index (PMI) for November 2026 is scheduled for release on December 1, 2026, at approximately 9:45 am China Standard Time, which is 8:45 pm ET on December 1 in the US and 1:45 am London time on December 2 in the UK. The figures are compiled by S&P Global on behalf of Chinese financial media group Caixin and cover business conditions in China’s manufacturing sector during November 2026. Full schedule and background: China Caixin Manufacturing PMI.
What is the Caixin Manufacturing PMI?
The Caixin Manufacturing PMI is a monthly survey-based gauge of activity at Chinese factories. Purchasing managers at more than 500 manufacturing companies are asked whether output, new orders, employment, supplier delivery times and stocks of purchased items have improved, worsened or stayed the same compared with the previous month. Those answers are combined into a single diffusion index: a reading above 50 signals expansion, a reading below 50 signals contraction, and 50 itself marks the boundary between growth and shrinkage.
Unlike the official manufacturing PMI produced by China’s National Bureau of Statistics, which leans towards larger, state-owned firms, the Caixin survey focuses on small and medium-sized private manufacturers. That makes it a useful cross-check on the health of the private sector, which employs a large share of China’s workforce and is more exposed to swings in export demand.
Markets watch the release closely because China is the world’s second-largest economy and its largest consumer of industrial metals. A weakening Caixin PMI can flag softer demand for commodities, shipping and components sourced from Asia, Europe and the Americas, while a stronger reading can support risk appetite across global equity and currency markets.
When is the November Caixin Manufacturing PMI released?
The report is due on December 1, 2026, published by S&P Global and Caixin Insight Group on the Caixin website and through S&P Global’s PMI release channels. The Caixin manufacturing survey traditionally appears on the first business day of the month, immediately after China’s official NBS manufacturing PMI. As with most monthly indicator pages on this calendar, the exact release date shown here has not yet been formally confirmed by the publisher and is estimated from that established pattern; readers should check the official S&P Global release calendar nearer the time.
What is the consensus forecast?
A consensus forecast for the November 2026 Caixin Manufacturing PMI has not yet been published. Analyst estimates for this release typically emerge in the days immediately before publication, gathered by data providers such as Reuters and Trading Economics as part of their economic calendars.
The most recent confirmed print available at the time of writing was the September 2026 reading of 50.9, which had eased from 51.7 the previous month, according to TrendForce’s DataTrack service, which cited slower growth in production and new orders as the pace of China’s recovery cooled.

Measure
Prior confirmed print
Consensus

Caixin Manufacturing PMI
50.9 (September 2026)
Not yet published

Change from prior month
Down from 51.7 (August 2026)
Not applicable

What the result could mean

Scenario
Likely market read
What it means in plain English

Above consensus
Read as a sign Chinese manufacturers are coping better with soft domestic demand, potentially lifting sentiment towards Asian equities and commodity-linked currencies
Factories reported more new orders or output than economists expected, suggesting the sector is holding up or improving

In line with consensus
Limited market reaction, since the number confirms the trend already priced in by investors
Manufacturing conditions changed roughly as expected, neither a relief nor a fresh worry

Below consensus
Could add to concerns about China’s growth momentum, an outcome commentators such as those at TrendForce have linked to sluggish domestic demand and calls for more infrastructure spending
Factories reported weaker conditions than forecast, which may renew pressure on Beijing to support the economy

These are possible market reactions described by analysts, not predictions of how markets will actually move on the day.
Why does this release matter right now?
China’s manufacturing sector has spent much of 2026 hovering close to the 50 boom-or-bust line, with readings such as the September dip to 50.9 from 51.7 reflecting what TrendForce described as domestic demand dragging on the recovery even as the survey stayed in expansion territory. The official NBS PMI has periodically slipped below 50 during the same period, according to Investing.com’s economic calendar commentary, underlining a divergence between the private-sector Caixin survey and the state-focused official gauge.
Investors are watching whether Beijing’s infrastructure spending and stimulus measures feed through into stronger new orders, and whether export demand holds up given ongoing trade tensions. Any renewed weakness in the Caixin PMI would likely intensify calls, noted in recent commentary, for further policy support from Chinese authorities.
What It Means for Your Money

Mortgages and borrowing costs: a weak Chinese PMI can pull down global bond yields as investors seek safety, which can feed through to slightly lower mortgage rates in the US, UK and eurozone, though the effect is usually modest and indirect.
Savings: savers are unlikely to see a direct effect, but persistent weakness in Chinese manufacturing can weigh on the interest rate outlook of central banks whose economies are exposed to Chinese demand.
Jobs and wages: workers in commodity exporting economies such as Australia, and in manufacturing supply chains across Asia and Europe, are more exposed to swings in Chinese factory demand than most.
Prices: a stronger PMI can support commodity prices, including metals and energy, which can feed into the cost of goods and fuel for households worldwide.
Investments, pensions and currencies: the Chinese yuan, Asian equity markets and commodity-linked currencies such as the Australian dollar tend to react most directly to this release, with knock-on effects for globally diversified pension funds.

Related events

China Caixin Manufacturing PMI, November 2026
China’s official NBS Manufacturing PMI, usually released the same day
China Caixin Services and Composite PMI, published a few days after the manufacturing survey

Frequently Asked Questions
What time is the Caixin Manufacturing PMI released?
The November 2026 report is expected around 9:45 am China Standard Time on December 1, 2026, which is 8:45 pm ET the same day and 1:45 am London time on December 2.
How should I read the PMI number?
A reading above 50 signals expansion in manufacturing activity compared with the previous month, while a reading below 50 signals contraction; the further from 50, the stronger the signal.
Does the Caixin PMI affect interest rate decisions?
It is not a policy tool itself, but persistent weakness or strength can influence how central banks and investors assess global growth risks, indirectly affecting bond yields and rate expectations.
Where can I find the official release?
The official figures are published by S&P Global and Caixin Insight Group, with release dates listed on S&P Global’s PMI release calendar.
When is the next Caixin Manufacturing PMI due?
The following report, covering December 2026, is typically released on the first business day of January 2027.
← Previous China Caixin Manufacturing PMI

Eurozone Flash CPI December 2026
2026-12-01 05:00 - 06:00 (America/New_York)
Next Eurozone Flash CPI: Tuesday, December 1, 2026 at 11:00 am CET (5:00 am ET, 10:00 am London). Covers November 2026 data.

Consensus
Not yet published
Prior
3.0% HICP annual inflation (April 2026, final Eurostat reading); October/November 2026 figures not yet independently verified
Actual
Pending

Full schedule and background: Eurozone Flash CPI.
Updated August 25, 2026

← Previous Eurozone Flash CPI
The Eurozone Flash CPI for November 2026 is due on Tuesday, December 1, 2026 at 11:00 am CET, which is 5:00 am ET and 10:00 am London time. The release is published by Eurostat, the statistical office of the European Union, and gives the first, fastest read on how much prices rose across the 20 countries that use the euro during November 2026. Full schedule and background: Eurozone Flash CPI.
This is a flash estimate, meaning it is a rapid calculation based on early, partial price data, not the fully audited final figure. Eurostat typically revises the number slightly a few weeks later once complete national data comes in, though large revisions are unusual.
What is the Eurozone Flash CPI?
The flash CPI tracks the Harmonised Index of Consumer Prices, or HICP, which measures the average change in prices paid by households across the euro area for a fixed basket of goods and services: food, energy, housing costs, transport, healthcare, leisure and more. Eurostat calculates it by combining preliminary national inflation data submitted by member states’ statistical offices before their own final figures are ready, which is why the euro area number often lands before some individual country data is finalised.
Markets watch this release closely because it is the main input the European Central Bank (ECB) uses to judge whether inflation is moving towards its 2% target. The headline figure includes volatile items like energy and unprocessed food, so analysts also watch core inflation, which strips these out to show the underlying price trend. A basis point, often shortened to bp, is one hundredth of a percentage point and is the unit used to describe changes in interest rates that the ECB may set in response to this data.
Because the euro is shared by 20 countries with very different local conditions, from low-inflation Sweden and Denmark to higher-inflation Romania and Bulgaria, the euro area average can mask sharp differences at the national level. Eurostat publishes country breakdowns alongside the headline figure.
When is the November flash CPI released?
Eurostat is scheduled to release the November 2026 flash estimate on December 1, 2026 at 11:00 am CET (5:00 am ET, 10:00 am London). It appears on the Eurostat euro indicators release calendar and is published as a short statistical release on the Eurostat website, usually followed a few weeks later by the fuller, revised HICP report that includes more detailed component breakdowns.
What is the consensus forecast?
At the time of writing, a consensus forecast for the November 2026 flash estimate has not yet been published. Economist surveys for this release, typically compiled by Reuters or Bloomberg in the days before publication, tend to appear closer to the release date, so figures may firm up as December 1 approaches.
The most recently confirmed Eurostat figures available show that euro area annual inflation was 3.0% in April 2026, up from 2.6% in March 2026, according to Eurostat’s official euro indicators release. A year earlier, in the November 2025 flash estimate, euro area inflation stood at 2.2%, up from 2.1% in October 2025. These figures illustrate the general upward drift in euro area inflation through 2026, though the specific October and November 2026 readings that would normally sit directly ahead of this release were not independently verifiable from public sources at the time this page was written.

Measure
Most recent confirmed reading
Consensus for November 2026

Headline annual HICP inflation
3.0% (April 2026, final)
Not yet published

EU-wide annual inflation
3.2% (April 2026, final)
Not yet published

What the result could mean

Scenario
Likely market read
What it means in plain English

Above consensus
Could be read as a sign the ECB may hold interest rates higher for longer, since policymakers watch inflation prints closely when deciding on rates
Prices are rising faster than expected, which could keep borrowing costs elevated and squeeze household budgets further

In line with consensus
Likely limited market reaction, as traders would see this as confirming the existing policy path
Inflation is behaving broadly as expected, so no major surprises for mortgage rates or savings in the near term

Below consensus
Could support expectations of interest rate cuts or a pause in tightening from the ECB
Prices are rising more slowly than feared, which could eventually feed through to lower borrowing costs

These are possibilities based on how markets have typically reacted to inflation surprises, not predictions of what will happen on December 1, 2026.
Why does this release matter right now?
The ECB has repeatedly stated that its policy decisions are data dependent, meaning each new inflation reading feeds directly into its assessment of whether interest rates need to rise, fall or stay unchanged to keep inflation near its 2% medium-term target. Eurostat’s own release calendar and data show that euro area inflation rose over the course of 2026, moving from 2.2% in the November 2025 flash estimate to 3.0% by the final April 2026 reading, a trend that has kept inflation above the ECB’s target for an extended period. Large gaps between individual eurozone countries, with rates as low as 0.5% in Sweden and as high as 9.5% in Romania in the April 2026 data, also complicate the ECB’s task of setting one interest rate for the whole currency bloc.
What It Means for Your Money
For anyone with a mortgage in the eurozone, this release matters because it feeds into the ECB’s interest rate decisions, which set the base cost of borrowing for banks across the currency area. A higher than expected inflation print could reduce the chances of near-term rate cuts, keeping variable mortgage repayments higher for longer. A lower print could support hopes of cheaper borrowing in the months ahead.
Savers with euro-denominated deposit accounts are affected in the opposite direction: higher interest rates generally mean better returns on cash savings, while a sustained fall in inflation could eventually see banks reduce the rates they pay.
For wages and jobs, persistent high inflation tends to feed into pay negotiations, as workers and unions push for larger increases to keep pace with the rising cost of living. This in turn can influence how quickly, or slowly, the ECB feels able to bring rates down.
Everyday prices, from groceries to energy bills, are the most direct effect: this release simply measures how much they have already changed, giving households across the eurozone (and by extension trading partners in the UK, the US and Asia) a read on the direction of living costs.
For investors and pension savers, eurozone inflation surprises can move government bond yields, the euro’s exchange rate against the pound and dollar, and stock market sentiment, since interest rate expectations affect the value of company earnings and future ECB policy. A weaker euro following a soft inflation print, for instance, can make imports more expensive for eurozone consumers but cheaper for UK or US buyers of European goods.
Related events

Eurozone Flash CPI, November 2026 release, the previous month’s flash estimate
The European Central Bank’s next interest rate decision, which typically follows the flash CPI release by one to two weeks
The US Consumer Price Index report, published by the US Bureau of Labor Statistics, which investors often compare against eurozone inflation trends

Frequently Asked Questions
What time is the November 2026 Eurozone flash CPI released?
Eurostat is scheduled to publish the flash estimate on December 1, 2026 at 11:00 am CET, which is 5:00 am ET and 10:00 am London time.
How should I read the flash CPI figure?
Look at the annual percentage change first, then compare it with the prior month and any published consensus forecast; a rise above expectations generally signals stronger price pressure, while a figure below expectations suggests inflation is cooling.
How does this release affect ECB interest rates?
The ECB uses inflation data, including flash CPI estimates, as one of its main inputs when deciding whether to raise, lower or hold its key interest rates, since its mandate is to keep euro area inflation close to 2% over the medium term.
Where can I find the official release?
The figures are published directly on the Eurostat euro indicators release calendar and on the Eurostat website under euro area inflation statistics.
When is the next Eurozone flash CPI release?
Eurostat typically publishes the flash estimate on the first business day of the following month, so the December 2026 flash estimate, covering that month’s data, would normally follow in early January 2027.
← Previous Eurozone Flash CPI

US ISM Manufacturing PMI December 2026
2026-12-01 10:00 - 11:00 (America/New_York)
Next US ISM Manufacturing PMI: Tuesday, December 1, 2026 at 10:00 am ET (3:00 pm London).
Date to be confirmed by the publisher; this is the scheduled date.

Consensus
Not yet published
Prior
55.6 (July 2026)
Actual
Pending

Full schedule and background: US ISM Manufacturing PMI.
Updated August 25, 2026

← Previous US ISM Manufacturing PMI
The ISM Manufacturing PMI for December 2026 is due to be released on December 1, 2026 at 10:00 am ET (3:00 pm London time) by the Institute for Supply Management (ISM). The report covers manufacturing activity for November 2026. Full schedule and background: US ISM Manufacturing PMI.
What is the ISM Manufacturing PMI?
The ISM Manufacturing Purchasing Managers’ Index (PMI) is a monthly survey of purchasing and supply executives at manufacturing firms across the United States. Respondents from around 400 companies in 18 industries are asked whether business conditions such as new orders, production, employment, supplier deliveries and inventories have improved, worsened or stayed the same compared with the previous month.
Those responses are combined into a single diffusion index. A reading above 50 means the manufacturing sector is expanding, a reading below 50 means it is contracting. The distance from 50 indicates the pace of change, so a reading of 58 signals faster growth than 52.
Markets watch the ISM Manufacturing PMI closely because it is one of the earliest and most reliable monthly indicators of the health of US industry, arriving before most official government data for the same month. Sub-indices such as New Orders and Prices Paid also give an early read on demand and inflation pressure in supply chains, which the Federal Reserve monitors when setting interest rates.
When is the December ISM Manufacturing PMI released?
The report is scheduled for Tuesday, December 1, 2026 at 10:00 am ET (3:00 pm London), published directly by the Institute for Supply Management on its website. The ISM has not yet confirmed this specific date at the time of writing; ISM typically publishes the Manufacturing PMI on the first business day of the month following the survey period, so December 1, 2026 is the expected date based on that established pattern.
What is the consensus forecast?
A consensus forecast for the November 2026 data (to be published on December 1, 2026) has not yet been published. Economists’ estimates typically become available in the days immediately before the release, compiled by outlets such as Reuters and Bloomberg from surveys of forecasters.
The most recent confirmed reading available at the time of writing is for July 2026. The ISM Manufacturing PMI rose to 55.6 in July 2026, up from 53.3 in June 2026, according to TD Economics’ analysis of the official ISM report, marking the seventh consecutive month of expansion and the strongest reading since May 2022.

Measure
Prior (June 2026)
Latest confirmed (July 2026)

Headline PMI
53.3
55.6

New Orders Index
56.0
56.7

What the result could mean

Scenario
Likely market read
What it means in plain English

Above consensus
Read as a sign of resilient factory demand; could support the dollar and push Treasury yields higher if it feeds expectations that the Fed will hold rates for longer
Factories are busier than expected, which can be a good sign for jobs and growth but may also keep borrowing costs elevated

In line with consensus
Likely limited market reaction, since the data broadly confirms the trend traders had already priced in
Manufacturing is behaving roughly as expected, so little changes for interest rate expectations

Below consensus
Could be read as a sign of cooling demand, potentially supporting expectations of interest rate cuts and weighing on the dollar
Factories are seeing less business than hoped, which can be a warning sign for jobs and wider economic growth

These are possible reactions described by market commentators, not predictions. Actual moves depend on the wider data picture on the day, including labour market and inflation releases around the same time.
Why does this release matter right now?
The ISM Manufacturing PMI has been a closely watched barometer of the US industrial cycle through 2026. According to TD Economics, the index climbed for seven straight months into July 2026, with production and new orders both strengthening and 15 of 18 tracked industries reporting expansion. That trend followed an extended period earlier in the expansion where the Employment Index remained below 50, a point ISM’s Susan Spence highlighted in the June 2026 report when factory hiring intentions were still soft even as overall activity improved.
Investors and the Federal Reserve watch this report for signs of whether tariffs, borrowing costs and global demand are helping or hurting US factories, and whether price pressures in the Prices Paid sub-index are building or easing. A run of strong prints can shift expectations for how long the Fed keeps interest rates on hold, while a sudden slowdown can revive talk of rate cuts.
What It Means for Your Money

Mortgages and loans: Manufacturing strength that suggests the economy is running hot can push bond yields up, which tends to feed through to higher fixed mortgage rates in the US and, indirectly, to global borrowing costs. Weak factory data can have the opposite effect.
Savings: If the report shifts expectations about Federal Reserve interest rate decisions, it can move the rates banks offer on savings accounts and money market funds in the months ahead.
Jobs and wages: The Employment Index within the report gives an early signal on factory hiring. A weakening trend can be a warning sign for job security in manufacturing-heavy regions and supply chains.
Prices: The Prices Paid sub-index tracks the cost of raw materials for manufacturers. A sharp rise can be an early sign that inflation pressure is building further down the supply chain, which can eventually show up in shop prices.
Investments, pensions and currencies: Equity markets, particularly industrial and materials shares, often react to the headline number and New Orders sub-index. A stronger-than-expected US reading can also lift the dollar against the pound and euro, affecting the value of overseas holdings for UK and European investors, while a weak reading tends to have the opposite effect.

Related events

Previous release: US ISM Manufacturing PMI, November 2026
Full series schedule and history: US ISM Manufacturing PMI hub page
Related US labour market and inflation releases, including the monthly jobs report and CPI, are also worth checking around this date for the fuller economic picture

Frequently Asked Questions
What time is the December 2026 ISM Manufacturing PMI released?
It is scheduled for 10:00 am ET, which is 3:00 pm in London, on December 1, 2026.
How do I read the ISM Manufacturing PMI number?
A reading above 50 means the manufacturing sector is expanding compared with the previous month, while a reading below 50 means it is contracting. The further from 50, the faster the pace of change.
How does this report affect interest rates?
The Federal Reserve monitors manufacturing activity and price pressures shown in the report’s sub-indices as part of its broader assessment of the economy, so persistently strong or weak readings can influence expectations for future interest rate decisions.
Where can I find the official ISM Manufacturing PMI release?
The report is published directly by the Institute for Supply Management on its website, ismworld.org, in the ISM PMI Reports section.
Where can I find the next ISM Manufacturing PMI released after this one?
The following report, covering December 2026 data, is expected in early January 2027, following ISM’s usual pattern of publishing on the first business day of the month.
← Previous US ISM Manufacturing PMI
