Economic calendar: Preliminary PMI data for September; Powell’s speech (23.09.2025)

We are starting the Tuesday session on financial markets. APAC exchanges closed mixed – Tokyo was shut for a holiday, Hang Seng declined, Shanghai Composite rose, and Australia finished lower; Wall Street futures are slightly up after a positive Monday, and Euro Stoxx 50 futures are modestly higher before the open. Sentiment was boosted by news of a major OpenAI–NVIDIA partnership, and Piper Sandler raised Tesla’s price target, highlighting its AI advantage. The dollar remains stable, gold continues to rise, oil and gas are falling, and the cryptocurrency market is mixed ahead of key macro data and PMI releases.

Scheduled publications for today: Micron, Kingfisher (earnings); today’s session is marked by flash PMI (EZ/UK/USA), decisions from Riksbank and NBH; important speeches from BoE, Fed (Powell), ECB, BoC representatives, and President Trump at the UN (09:50 ET / 14:50 BST).

A detailed calendar for the day is below:

08:15 AM BST, France - PMI Data for September:

• HCOB France Services PMI: forecast 49.7; previous 49.8;

• HCOB France Composite PMI: forecast 49.9; previous 49.8;

• HCOB France Manufacturing PMI: forecast 50.2; previous 50.4;

08:30 AM BST, Germany - PMI Data for September:

• HCOB Germany Composite PMI: forecast 50.5; previous 50.5;

• HCOB Germany Manufacturing PMI: forecast 50.0; previous 49.8;

• HCOB Germany Services PMI: forecast 49.5; previous 49.3;

09:00 AM BST, Euro Zone - PMI Data for September:

• HCOB Eurozone Services PMI: forecast 50.6; previous 50.5;

• HCOB Eurozone Composite PMI: forecast 51.1; previous 51.0;

• HCOB Eurozone Manufacturing PMI: forecast 50.7; previous 50.7;

09:30 AM BST, United Kingdom - PMI Data for September:

• S&P Global Composite PMI: forecast 52.7; previous 53.5;

• S&P Global Manufacturing PMI: forecast 47.1; previous 47.0;

• S&P Global Services PMI: forecast 53.4; previous 54.2;

10:00 AM BST, United Kingdom - BoE MPC Member Pill Speaks

01:30 PM BST, United States - Fed Goolsbee Speaks

01:30 PM BST, United States - Current Account (Q2):

• forecast -259.0B; previous -450.2B;

01:30 PM BST, Canada - New Housing Price Index for August:

• forecast 0.0% MoM; previous -0.1% MoM;

02:00 PM BST, United States - FOMC Member Bowman Speaks

02:45 PM BST, United States - PMI Data for September:

• S&P Global Services PMI: forecast 54.0; previous 54.5;

• S&P Global Composite PMI: forecast 54.6; previous 54.6;

• S&P Global Manufacturing PMI: forecast 52.2; previous 53.0;

02:50 PM BST, United States - U.S. President Trump Speaks

03:00 PM BST, United States - Richmond Manufacturing Shipments for September:

• previous -5;

03:00 PM BST, United States - FOMC Member Bostic Speaks

03:00 PM BST, United States - Richmond Manufacturing Index for September:

• forecast -5; previous -7;

03:00 PM BST, United States - Richmond Services Index for September:

• previous 4;

05:35 PM BST, United States - Fed Chair Powell Speaks

06:00 PM BST, United States - M2 Money Supply for August:

• previous 22.12T MoM;

06:00 PM BST, United States - 2-Year Note Auction:

• previous 3.641%;

07:15 PM BST, Canada - BoC Gov Macklem Speaks

09:30 PM BST, United States - EIA Data:

• API Weekly Crude Oil Stock: previous -3.420M;

11:00 PM BST, Germany - German Buba Mauderer Speaks

12:20 AM BST, United States - U.S. President Trump Speaks

01:30 AM BST, Japan - PMI Data for September:

• Manufacturing & Services PMI: previous 52.00% MoM;

• au Jibun Bank Services PMI: previous 53.1;

• au Jibun Bank Manufacturing PMI: forecast 50.2; previous 49.7;