The Week Ahead – Week Commencing 15 September 2025

It was another busy week for markets last week, with stocks again smashing new records and overall sentiment pushing higher on anticipated central bank moves.
This week will see that optimism tested as a plethora of major central banks deliver the latest rate calls to buoyant markets. The highlight is set to be the greatly anticipated rate cut from the Federal Reserve Bank, but we also have rate decisions from the central banks of the UK, Japan, and Canada to keep us busy, as well as some key data updates from major economies.

Here is our usual day-by-day breakdown of the major risk events this week:

It is a busier first day of the trading week compared to recent Mondays, with key Chinese numbers including Industrial Production and Retail Sales set to kick off the day. There is little in the European session; however, the Empire State Manufacturing Index and a scheduled speech from ECB President Christine Lagarde should add to volatility in the US session.

There is little scheduled in the Asian session on Tuesday; however, big data starts to hit the market early in the London session. UK employment numbers are out early in the session before focus jumps across the Channel for the German ZEW Economic Sentiment data. The New York session sees a big data drop early in the day, with both the Canadian CPI data and the US Retail Sales numbers released at the same time.

Again, there is nothing of note on the calendar in the Asian session, but we will have a strong focus on UK markets early in the European day with CPI data due out in London before we again hear from the ECB’s Christine Lagarde. The week’s central bank activity kicks off in the New York session, with the initial focus north of the border for the Bank of Canada’s rate call before the big Federal Reserve update towards the end of the day.

Australian markets will be in focus early in the Asian session with the latest employment data due out. The London session sees the Bank of England update the market on its interest rate decision before New York opens, and we have the Philly Fed Manufacturing Index data.

It is the Bank of Japan’s turn to make its interest rate call on Friday, and traders are expecting plenty of volatility in the Yen around the event. As always, the decision is expected sometime around lunchtime in Tokyo. A big week for UK markets is rounded out on Friday with Retail Sales data out early in the European day, before the focus moves to Canada again at the New York open with their Retail Sales numbers due out as well.

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