Economic calendar: Macroeconomics and Fed Officials’ Speeches in Focus (31.10.2025)

Key Macroeconomic Data and Fed Speeches in Focus

In the European market today, investors’ attention will be drawn to retail sales data in Germany and Switzerland, as well as inflation indicators from France, Italy, and the entire eurozone. The main event will be the publication of the eurozone CPI, although current data are not expected to influence the European Central Bank’s policy. The ECB has already concluded its monetary easing cycle and is currently focusing on monitoring the economic situation, emphasizing that it will not react to short-term deviations from the two percent inflation target.

During the U.S. session, key focus will be on Canada’s monthly GDP, forecasted at zero percent compared to 0.2% in the previous period. For now, these figures are unlikely to affect Bank of Canada decisions, which has already cut interest rates to the lower bound and signals a potential end to its easing cycle, while leaving room for further action depending on economic developments.

Investors will also closely watch speeches from U.S. Federal Reserve officials, marking the end of their blackout period. Speeches by Logan, Bostic, and Hammack—known for their hawkish stance—may confirm that no interest rate cuts are planned at the Fed’s December meeting, influencing market sentiment.

Key Economic Calendar (times in CET)

Today’s Calendar:

08:00 Germany – Import Prices for September

• Import Prices m/m: actual 0.2%; forecast -0.2%; previous -0.5%

• Import Prices y/y: actual -1%; forecast -1.5%; previous -1.5%

08:00 Germany – Retail Sales for September

• Retail Sales s.a. m/m: actual 0.2%; previous -0.2%

• Retail Sales n.s.a. y/y: actual 1.9%; previous 1.8%

08:00 Turkey – Foreign Trade Balance (USD, September)

• Actual: -6.9 bn; previous: -4.21 bn

08:00 UK – Nationwide House Price Index m/m for October

• Actual: 0.3%; forecast 0.0%; previous 0.5%

08:30 Hungary – Producer Price Index (PPI) for September

• Previous m/m: -0.8%

• Previous y/y: 2.3%

08:30 Switzerland – Retail Sales for September

• Retail Sales s.a. m/m: forecast 0.2%; previous -0.2%

• Retail Sales w.d.a. y/y: forecast 0.3%; previous -0.2%

08:45 France – Preliminary Consumer Inflation for October

• CPI m/m: forecast 0.1%; previous -1%

• HICP m/m: forecast 0.1%; previous -1.1%

• CPI y/y: forecast 1.0%; previous 1.2%

• HICP y/y: forecast 1.0%; previous 1.1%

08:45 France – Producer Price Index (PPI) for September

• Previous m/m: -0.2%

• Previous y/y: 0.1%

10:00 Poland – Preliminary CPI for October

• m/m: forecast 0.4%; previous 0.0%

• y/y: forecast 2.9%; previous 2.9%

11:00 Eurozone – Preliminary HICP for October

• HICP m/m: previous 0.1%

• Core HICP m/m: previous 0.1%

• HICP y/y: forecast 2.1%; previous 2.2%

• Core HICP y/y: forecast 2.3%; previous 2.4%

11:00 Italy – Preliminary CPI for October

• m/m: forecast 0.0%; previous -0.2%

• y/y: forecast 1.6%; previous 1.6%

13:30 Canada – Monthly GDP m/m for August

• Forecast: 0.0%; previous: 0.2%

14:30 USA – Speech by Dallas Fed President Lorie Logan

14:45 USA – Chicago PMI for October

• Forecast: 42.3; previous: 40.6

17:00 USA – Speech by Atlanta Fed President Raphael Bostic

17:00 USA – Speech by Cleveland Fed President Beth Hammack

18:00 USA – Rig Count (Oil Market) for the Week

• Actual: 420

Company Calendar (pre-Wall Street session):

• Exxon Mobil Corporation

• Abbvie Inc.

• Chevron Corporation

• Linde plc

• Aon plc