Global markets step into a high-stakes week as the Federal Reserve prepares its final decision of the year, with investors widely expecting another 25bps rate cut and updated projections shaping 2025 expectations. The meeting comes alongside a wave of delayed US releases, including JOLTS, the Q3 Employment Cost Index, and September trade numbers, all of which will help clarify the pace of cooling in the world’s largest economy. Canada and Brazil will also outline their monetary paths, while Turkey’s central bank is expected to deliver yet another sizeable reduction.

In Europe, the UK dominates the calendar with GDP, trade, and industrial production updates offering a clearer view of October activity. Germany and Italy are also set to release industrial output numbers, which will help gauge the strength of the region’s manufacturing recovery heading into winter. Investors will closely track ECB commentary amid subdued eurozone momentum and final inflation readings from major economies including Germany, France, and Spain. Meanwhile, Switzerland is expected to keep interest rates unchanged at 0%.

Across Asia Pacific, China will command attention with a heavy data lineup covering exports, imports, CPI and PPI — key indicators of domestic and global demand at year-end. Japan follows with final Q3 GDP, PPI trends, and wage data to assess whether its fragile recovery is holding. India’s November inflation print will be closely watched by markets, while Australia is expected to keep rates steady as higher unemployment signals cooling demand. Central-bank moves in the Philippines and key trade and labor updates from South Korea, Malaysia, and Taiwan round out a packed regional schedule, setting the tone for Asia’s economic trajectory into early 2026.

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