Financial markets enter the week with investors assessing the implications of last week’s central-bank decisions, while attention shifts toward global economic activity, trade relations and geopolitical developments. The calendar is relatively light on major macroeconomic releases, but several events could still generate volatility across equities, bonds, currencies and commodities.

Global PMIs in Focus

The most important economic data point of the week will likely be the flash purchasing managers’ indices (PMIs) for September, due on Wednesday.

The US, euro area and UK PMIs will provide an early indication of whether business activity is accelerating or slowing as the third quarter comes to an end. Investors will pay particular attention to the services sector, as persistent services inflation remains an important consideration for central banks.

For equity markets, stronger-than-expected activity could support earnings expectations, while weaker readings could reinforce concerns about global growth.

Central Banks: Switzerland, Sweden and Norway

Several central banks are scheduled to announce policy decisions on Thursday, including the Swiss National Bank, Norges Bank and Sweden’s Riksbank, alongside decisions from Mexico and South Africa.

Markets will focus not only on the decisions themselves but also on forward guidance. With inflation and growth sending mixed signals globally, investors are increasingly sensitive to indications about the future path of interest rates.

Trump–Xi Meeting and US–China Relations

One of the week's biggest geopolitical events will be the planned meeting between US President Donald Trump and Chinese President Xi Jinping on Thursday.

Trade relations, tariffs, technology and artificial intelligence are expected to be among the issues discussed. Any indication of progress, or renewed tensions, could have implications for global equities, technology stocks, the US dollar and Asian markets.

The meeting takes place against the broader backdrop of the UN General Assembly, making geopolitics an important additional market driver this week.

US Economic Data

US investors will also receive several indicators on the health of the economy. The September flash manufacturing and services PMIs arrive Wednesday, followed by new-home sales and weekly jobless claims on Thursday.

On Friday, markets will look at August durable-goods orders and the revised University of Michigan consumer-sentiment figures. The preliminary September survey showed a significant deterioration in consumer sentiment and an increase in inflation expectations, making the final figures particularly relevant.

Europe, China and Commodities

European investors will follow the euro-area and UK PMI releases closely, while China remains important for global growth expectations. China's lending-rate decisions and developments surrounding US–China trade relations could influence Asian equities and industrial commodities.

Oil markets will also remain sensitive to developments in the Middle East. Recent movements in crude prices have reflected changing expectations around energy supply and diplomatic developments, adding another layer of uncertainty for inflation-sensitive assets.

What to Watch

The key themes for investors this week are therefore global growth, central-bank policy, US–China relations and energy prices. After a significant week for monetary policy, markets may become increasingly focused on whether economic activity can remain resilient while inflation pressures stay elevated.

For investors, the combination of monetary-policy uncertainty and geopolitical developments suggests another week in which bond yields, the US dollar, oil prices and technology stocks could remain particularly sensitive to incoming news.