Publication Date: October 30, 2026
In this market calendar, we discuss the key macroeconomic developments and releases that could move the financial markets in the coming week.
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A Look Back at the Past Week
As expected, the U.S. Federal Reserve left its policy rate unchanged at 3.75% to 4.00% on Wednesday. Two board members voted for a 0.25 percentage point increase. With inflation remaining above target, the Fed is keeping the door open for another rate hike in December.
The economy grew by 3.4% on an annualized basis in the third quarter, compared with 2.2% in the second quarter. At the same time, core PCE inflation—a key inflation measure for the Fed—rose from 3.0% to 3.1% on an annual basis. Strong growth and persistent price pressures are narrowing the scope for a more accommodative monetary policy.
The deposit rate remained at 2.50% on Thursday. The ECB highlighted the risk that higher energy prices could fuel inflation and slow economic growth. In addition, President Christine Lagarde announced that she would step down from her position on February 7, 2027.
Microsoft reported 19% revenue growth and a 48% increase in Azure revenue. The cloud businesses of Alphabet (+103%) and Amazon (+39%) also saw strong growth. Nevertheless, investors are increasingly wondering when the substantial AI investments will yield sufficient returns. Alphabet lost more than 12% on the stock market on Thursday.
Outlook for the coming week
On November 4, Eurostat will publish the preliminary harmonized inflation figures for October. Following September’s 3.8%, the figure is again expected to be around 3.8%; core inflation may rise slightly from 2.5%. A higher figure could reinforce expectations of an ECB rate hike, support the euro and bond yields, and put pressure on stocks. A better-than-expected result, on the other hand, could provide some relief.
On Friday at 2:30 p.m., the U.S. employment figures for October will be released. Following modest job growth of 29,000 in September, analysts expect about 55,000 new jobs for October. In addition to job growth (NFP), the unemployment rate and average hourly wages are particularly important. A strong report could push up U.S. bond yields and the dollar. Weaker figures could temper interest rate expectations, but a significant disappointment could also raise concerns about economic growth.
Apple, Palantir, AMD, Philips, Novo Nordisk, Ahold Delhaize, Qualcomm, and ArcelorMittal, among others, will report earnings. In particular, the outlook for AI, consumer demand, and industrial activity could influence market sentiment.
The combination of strong U.S. growth and persistent inflation is keeping interest rate expectations on edge. Next week, the focus will be on whether European inflation stabilizes and whether the U.S. labor market cools off sufficiently. In addition to macroeconomic data, the outlooks from major companies could determine the direction of the stock markets.
The stock market calendar for Week 45
Below is aselection of key economic releases and quarterly earnings reports. All times are in Dutch time (CET).
Monday, November 2, 2026:
Macroeconomic data
10:00 a.m. • Eurozone: Manufacturing Purchasing Managers' Index (final)
4:00 p.m. • U.S.: ISM Manufacturing Purchasing Managers' Index
Quarterly Results
Apple and Palantir (after the U.S. market closes)
Tuesday, November 3, 2026
Macroeconomic Data
4:00 p.m. • U.S.: Job Openings (JOLTS)
Quarterly figures
7:00 a.m. • Philips
10:00 p.m. • AMD
Wednesday, November 4, 2026
Macroeconomic data
10:00 a.m. • Eurozone: Services Purchasing Managers’ Index (final)
11:00 a.m. • Eurozone: Preliminary October inflation (HICP)
2:15 p.m. • U.S.: ADP Employment Report
4:00 p.m. • U.S.: ISM Services Purchasing Managers’ Index
Quarterly Results
7:00 a.m. • Novo Nordisk
7:30 a.m. • Ahold Delhaize
10:00 p.m. • Qualcomm
Thursday, November 5, 2026
Macroeconomic data
2:30 p.m. • U.S.: Weekly unemployment claims
2:30 p.m. • U.S.: labor productivity and labor costs
Quarterly figures
7:00 a.m. • ArcelorMittal
7:15 a.m. • Air France-KLM
Friday, November 6, 2026
Macroeconomic Data
2:30 p.m. • U.S.: Nonfarm Payrolls (NFP)
2:30 p.m. • U.S.: Unemployment Rate and Average Hourly Earnings
Quarterly figures
7:00 a.m. • Aperam
Please note that publication dates and times are subject to change. For the most up-to-date information, always consult the official communication channels of the relevant institutions and government agencies.
Disclaimer: Investinginvolves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences. They are therefore intended for educational purposes only.