The upcoming week promises a series of significant economic updates, with attention focused on GDP figures from the UK and eurozone, alongside comprehensive labour market data from the UK. These indicators will complement the forward-looking insights from the S&P Global Business Outlook survey, which gathers business expectations across developed and emerging markets regarding output, hiring, pricing, and capital expenditure. This global survey serves as one of the largest assessments of corporate sentiment for the year ahead. n nAdditional insight into investor confidence will come from the October release of the Investment Manager Index, which previously indicated a rebound in risk appetite following the Federal Open Market Committee’s rate reduction. However, due to the ongoing US government shutdown, limited official American data will be available, leaving fewer signals about whether another rate cut will occur in December. n nIn the UK, the Bank of England maintained its policy rate in November, though the decision was narrowly split at five to four among Monetary Policy Committee members. As a result, upcoming employment data from both the Office for National Statistics and the REC/KPMG recruitment survey will be closely analyzed for signs that the recent decline in job growth may be stabilizing. This follows PMI data showing the employment index nearing stabilization after previous sharp drops. n nThird-quarter GDP figures for the UK will also be released, including monthly breakdowns for September in manufacturing, services, and construction. While the PMI reflected disruptions from the JLR plant closure in September, more recent indicators suggest a return to sustained economic expansion. n nThe eurozone will publish a revised estimate of its third-quarter GDP, initially reported at a 0.2% increase, along with updated industrial production data for September. Recent purchasing manager data have pointed to early but promising signs of recovery in the region’s manufacturing sector. n nIn Asia, economic momentum will be assessed through China’s industrial production, retail sales, and fixed asset investment data, which will help shape expectations for fourth-quarter GDP growth. The third quarter saw GDP expand at a 4.8% annual pace, marking the slowest growth in a year. n nThe global economy showed strong momentum at the start of the fourth quarter, as reflected in the J.P. Morgan Global Composite PMI Output Index. The index, covering manufacturing and services across more than 40 economies, rose from 52.5 in September to 52.9 in October—the highest level in 17 months. This reading suggests an annualized global GDP growth rate of 3.0%, following a robust 2.8% pace in the third quarter. This performance is close to the pre-pandemic decade’s average of 3.1%. n nAmong major economies, the US continued to lead in output growth, while the eurozone recorded its fastest expansion since May 2023. Growth also improved in the UK and Japan, and Canada returned to positive territory for the first time since November 2024. India remained the top-performing emerging market, while mainland China expanded, albeit at a slower pace. n nKey economic events include inflation reports from Norway and Sweden, industrial production data from Türkiye, Mexico, and Italy, and consumer confidence indicators from Australia. Japan will release its BoJ Summary of Opinions and machine tool orders, while South Korea reports unemployment figures. In the Americas, Brazil and Mexico will release inflation and industrial output data, and the US will report October inflation, initial jobless claims, retail sales, PPI, and budget figures. China will publish loan growth, house price indices, and October economic activity data. n
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Week Ahead Economic Preview: Week of 10 November 2025
The following is an extract from S&P Global Market Intelligence’s latest Week Ahead Economic Preview. For the full report, please click on the ‘Download Full Report’ link. n nDownload full report n nGlobal business outlook plus European GDP updates n nGlobal business outlook data are accompanied in the coming week by GDP data for the UK and eurozone, plus a detailed UK labour market update. n nAfter October PMI surveys showed the global economy sustaining robust growth at the start of the fourth quarter, we will get more forward-looking sentiment data from the S&P Global Business Outlook survey, which is the largest worldwide poll of business expectations for the year ahead. The Outlook survey includes views not just on anticipated output trends but also on hiring, pricing and capex intentions across all major developed and emerging economies. n nUpdated perspectives on how investors perceive the current market climate will meanwhile be provided via the Investment Manager Index, the October edition of which showed reviving risk appetite following the FOMC’s rate cut. n nA lack of official US data as a result of the government shutdown means we’ll get few other clues as to whether the FOMC will cut rates again when it meets in December, but the coming week does see an interesting docket of UK economic releases. The Bank of England held its policy rate steady at its November meeting, but only after a heavily split five-to-four decision among the MPC. Hence upcoming labour market data, both from the Office for National Statistics and the REC/KPMG recruitment industry survey, will be gleaned for clues as to whether the recent downturn in UK employment could be coming to an end. The data follow the PMI, where the employment index showed a near-stabilisation of payroll numbers after past heavy declines. n nThe UK also sees GDP data for the third quarter, including monthly updates for components such as manufacturing, services and construction for September. Note that the PMI data saw the UK economy hit by the JLR shutdown in September, but more recent data have brought welcome signs of sustained growth. n nThe eurozone also sees a revised estimate of third quarter GDP, initially thought to have risen by 0.2%, with an update to industrial production for September. Recent PMI data have signalled an encouraging, though nascent, revival of eurozone manufacturing. n nIn Asia, the key releases to watch are industrial production, retail sales and investment for mainland China, which will set the initial scene for fourth quarter GDP growth. GDP rose at a 4.8% pace in the third quarter, which was the weakest for a year. n nStrong start to fourth quarter for global economy n nA strong start to the fourth quarter was signalled for the global economy by S&P Global Market Intelligence’s PMI surveys. The J.P. Morgan Global Composite PMI Output Index, covering manufacturing and services in over 40 economies, rose from 52.5 in September to 52.9 in October – the joint-highest over the past 17 months. n nHistorical comparisons indicate that the latest PMI is consistent with the global GDP growing at an annualized rate of 3.0%. This follows a robust third quarter, for which the PMI signalled a 2.8% pace of growth, and compares with an average GDP growth rate of 3.1% seen in the decade prior to the pandemic. n nThe US continued to lead the major developed economies in terms of output growth, but growth also picked up in the eurozone, to the fastest since May 2023, as well as in the UK and Japan. Canada returned to growth for the first time since November 2024. India meanwhile continued to lead the emerging markets, and mainland China continued to expand, though at a reduced rate. n nKey diary events n nMonday 10 Nov n nEMEA n n- Norway Inflation (Oct) n n- Türkiye Industrial Production (Sep) n nAPAC n n- Japan BoJ Summary of Opinions (Oct) n nTuesday 11 Nov n nS&P Global Investment Manager Index* (Nov) n nAmericas n nCanada Market Holiday n n- Brazil Inflation (Oct) n n- Mexico Industrial Production (Sep) n n- ADP Weekly Employment Change n nEMEA n n- UK Labour Market Report (Sep) n n- Germany ZEW Economic Sentiment (Nov) n n- UK Regional Growth Tracker* (Oct) n nAPAC n n- Australia Westpac Consumer Confidence Change (Nov) n n- Australia NAB Business Confidence (Oct) n n- China (Mainland) New Yuan Loans, M2, Loan Growth (Oct) n nWednesday 12 Nov n nGlobal Business Outlook* (Oct) n nGlobal GEP Supply Chain Volatility Index* (Oct) n nAmericas n n- Canada Building Permits (Sep) n nEMEA n n- Germany Inflation (Oct, final) n n- Italy Industrial Production (Sep) n nAPAC n n- South Korea Unemployment Rate (Oct) n n- Australia Home Loans (Q3) n n- Japan Machine Tool Orders (Oct) n n- India Inflation (Oct) n nThursday 13 Nov n nAmericas n n- Brazil Retail Sales (Sep) n n- US Inflation (Oct) n n- US Initial Jobless Claims n nEMEA n n- Sweden Inflation (Oct, final) n n- UK GDP (Q3, prelim) n n- United Kingdom monthly GDP, incl. Manufacturing, Services and Construction Output (Sep) n n- Eurozone Industrial Production (Sep) n nAPAC n n- Japan PPI (Oct) n n- Australia Employment Change (Oct) n nFriday 14 Nov n nAmericas n n- US Monthly Budget Statement (Oct) n n- Canada Manufacturing Sales (Sep, final) n n- US PPI (Oct) n n- US Retail Sales (Oct) n n- US Business Inventories (Sep) n nEMEA n n- Germany Wholesale Prices (Oct) n n- Eurozone Balance of Trade (Sep) n n- Eurozone Employment Change (Q3, prelim) n n- Eurozone GDP (Q3, 2nd est.) n n- UK KPMG/REC Report on Jobs* (Oct) n nAPAC n n- China (Mainland) House Price Index (Oct) n n- China (Mainland) Retail Sales, Industrial Production, Fixed Asset Investment (Oct) n n- China (Mainland) Unemployment Rate (Oct) n n- India Trade (Oct) n nSaturday 15 Nov n nAmericas n n- Canada Inflation (Oct) n nDownload full report n n© 2025, S&P Global. All rights reserved. Reproduction in whole or in part without permission is prohibited. n nPurchasing Managers’ Index™ (PMI®) data are compiled by S&P Global for more than 40 economies worldwide. The monthly data are derived from surveys of senior executives at private sector companies, and are available only via subscription. The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories. The PMI data are used by financial and corporate professionals to better understand where economies and markets are headed, and to uncover opportunities. n nLearn more about PMI data n nRequest a demo n nThis article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.