What’s going on in the Global Week Ahead?

It's back to scouring macro data, for signs of how quickly — if at all — further policy rate cuts could come for the world’s major economies.

Switzerland's central bank meets, and world leaders gather in New York City, for the U.N. General Assembly.

Against a tense geopolitical backdrop…

Next are Reuters’ five world market themes, re-ordered for equity traders—
 

(1) World leaders meet for the U.N. General Assembly.

World leaders are meeting in New York for the United Nations General Assembly at a fraught time for global politics.

There is no shortage of hot-button issues at the annual gathering, which will be dominated by President Trump's return to the rostrum, war in Gaza and Ukraine and nuclear tensions with Iran.

Leaders gather on Monday for a summit — hosted by France and Saudi Arabia — that aims to build momentum toward a two-state solution between Israel and the Palestinians.

Trump will speak on Tuesday, while Israeli Prime Minister Benjamin Netanyahu — wanted by the International Criminal Court over alleged war crimes and crimes against humanity in Gaza that Israel denies — is due to address the assembly on Friday.

Meanwhile, a handful of U.S. allies are preparing to recognize a Palestinian state at the gathering.

Both Ukrainian President Volodymyr Zelenskiy and Russian Foreign Minister Sergei Lavrov will address the assembly, while a diplomatic push by Tehran seeks to avoid a return of snapback sanctions, over Iran's nuclear program.
 

(2) All week long, a slew of key U.S. macro data comes out.

The U.S. Federal Reserve has just cut rates for the first time since December and indicated more is to come.

That's the backdrop to the slew of U.S. data out in coming days including housing, durable goods, consumer sentiment and inflation.

Monthly reports on new and existing home sales are due as investors weigh whether the prospect of a series of rate cuts can lift the housing market.

An updated look at Q2 gross domestic product (GDP) will paint more of a picture about growth, before the week closes on Friday with a consumer sentiment survey and the personal consumption expenditures (PCE) price index, a closely watched inflation gauge.

As focus shifts to the economic outlook over inflation, any weaker-than-expected numbers could further hurt the dollar — it touched its lowest level since 2022 on Wednesday.
 

(3) On Tuesday, a Eurozone PMI and a U.K. flash PMI supply timely updates.

After a spate of central bank meetings, economies across the globe will assess the health of business activity.

In Europe, Tuesday's preliminary estimates for the September euro zone PMI could show further improvement in the manufacturing sector and a stabilization in expansionary territory for services.

The data should also provide more clarity on the impact of U.S. tariffs, following a mixed picture from recent figures.

If confirmed, the PMI picture would align with the European Central Bank's optimistic economic outlook after it left rates steady at 2% in September.

Britain's flash PMI, also out Tuesday, follows the latest BoE decision to leave rates steady. Companies' concerns about the prospect of tax raises and the highest inflation among advanced economies should remain, even though services grew by the most in over a year in August.
 

(4) On Wednesday, Australia’s August CPI data comes out. A shock +2.8% y/y July CPI reading is the backdrop.

Australia's August consumer price reading on Wednesday comes ahead of the September 30th Reserve Bank of Australia policy meeting, where officials are widely expected to stand pat on rates.

Investors and policymakers will be hoping that latest inflation figures show some signs of easing, after July's shock 2.8% above-forecast headline reading following a surge in electricity prices.

That's likely to be the case, given that new electricity rebates are set to be reflected in last month's numbers and seasonal travel pressures would have faded.

August jobs data also pointed to a gradual cooling in the labour market, as employment unexpectedly fell while the jobless rate held steady.

Still, the RBA remains cautious, with Assistant Governor Sarah Hunter saying the economic outlook is balanced at the moment with risks on both the upside and downside.
 

(5) On Thursday, the Swiss National Bank (SNB) meets. Expect no change.

The Swiss National Bank meets on Thursday and traders expect no change to the benchmark rate, currently at 0%.

SNB officials have indicated the bar is high for a drop into negative territory, even in light of the headache caused by a strong Swiss franc. It has rallied by around +15% against the dollar year-to-date and is set for its largest annual gain since 2002.

Its gain on the euro has been more modest, up around +0.5%, but it has pushed higher almost uninterruptedly against the single European currency for the last seven years, for a total rise of +30%.

For Swiss exporters, such as Nestle (NSRGY), Novartis (NVS) or Richemont (CFRUY), currency strength adds to hefty U.S. tariffs. Swiss inflation has picked up, which could give the SNB more wiggle room to do nothing, for now.
 

Zacks #1 Rank (STRONG BUY) Stocks

I picked two major U.S. tech stocks and one major Mainland China stock.

(1) Tenet Healthcare (THC Quick QuoteTHC - Free Report) : This is a $190 a share stock, with a market cap of $16.2B. It is found in the Zacks Medical-Hospital industry. There is a Zacks Value score of A, a Zacks Growth score of C, and a Zacks Momentum score of C.

Image Source: Zacks Investment Research

Founded in 1967 and headquartered in Dallas, TX, Tenet Healthcare Corp., is an investor-owned health care services company, which owns and operates general hospitals and related health care facilities for urban and rural communities in numerous states, and has offices in California and Florida.

The company has investments in other health care companies and is one of the largest investor-owned health care delivery systems in the United States.

Tenet Healthcare and its subsidiaries provide healthcare services primarily through general hospitals and related healthcare facilities. Its hospitals offer acute care services, operating and recovery rooms, radiology services, respiratory therapy services, clinical laboratories, and pharmacies; intensive care, critical and coronary care units; physical therapy along with orthopedic, oncology, and outpatient services.

The related health care facilities include rehabilitation hospitals, specialty hospitals and long-term care facilities.

As of Dec 31st, 2024, the company operated an expansive care network that included 49 hospitals and more than 575 other healthcare facilities, including ambulatory surgery centers, urgent care centers, imaging centers, surgical hospitals, off-campus emergency departments and micro-hospitals through its units, partnerships and joint ventures.

Effective fourth-quarter 2023, the company combined its Conifer segment with the Hospital segment and now has two reporting segments: Hospital Operations and Services and Ambulatory Care.

• Hospital Segment (78.1% of total segment revenues in 2024): It includes 61 hospitals catering to primarily urban and suburban communities in nine states. The unit also provides a number of services primarily to healthcare providers to assist them in generating sustainable improvements in their operating margins, while also managing patient, physician and employee satisfaction.
• Ambulatory Care (21.9%): The company's Ambulatory Care segment includes the operations of its USPI joint venture and its Aspen facilities. 

(2) SharkNinja (SN Quick QuoteSN - Free Report) : This is a $116 a share stock, with a market cap of $16.0B. It is found in the Zacks Retail-Miscellaneous industry. There is a Zacks Value score of D, a Zacks Growth score of F, and a Zacks Momentum score of F.
 

Image Source: Zacks Investment Research

SharkNinja Inc. is a diversified, product design and tech company — which creates lifestyle solutions — through products for consumers.

The company's products are sold at key retailers, online and offline, and through distributors.

SharkNinja Inc. is based in Needham, Massachusetts.

(3) Evercore (EVR Quick QuoteEVR - Free Report) : This is a $362 a share stock, with a market cap of $13.4B. It is found in the Zacks Financial-Investment Bank industry. There is a Zacks Value score of F, a Zacks Growth score of A, and a Zacks Momentum score of B

Image Source: Zacks Investment Research

Headquartered in New York, Evercore Inc. is a premier global independent investment banking advisory firm.

Founded in 1995, the company operates from its offices and affiliates in North America, Europe, the Middle East and Asia.

It operates through the following two segments:

• The Investment Banking & Equities segment (constituting 94% of net revenues as of June 30th, 2025) includes the advisory business through which Evercore provides advice to clients on M&A, divestitures and other strategic corporate transactions. The company also provides restructuring advice to companies in financial transition as well as creditors, shareholders and potential acquirers. 

In addition, it provides clients with capital market advice, underwrites securities offerings, raises funds for financial sponsors and provides advisory services focused on secondary transactions for private funds interests as well as primary and secondary transactions for real-estate-oriented financial sponsors and private equity interests.

The Investment Banking business also includes the Evercore ISI business, through which the company offers macroeconomic, policy and fundamental equity research, and agency-based equity securities trading for institutional investors.

• The Investment Management segment (6%) includes the wealth management business through which the company provides investment advisory, wealth management, and fiduciary services for high net-worth individuals and associated entities, and the private equity business, which holds interests in private equity funds which are not managed by the company. 

It also includes advising third-party investors through affiliates and historically through the Institutional Asset Management business sold in 2020.
 

Key Global Macro

Tuesday’s PMI data will be a major macro data focus.

Yes. Friday’s core PCE data from the U.S. is the Fed’s preferred measure of inflation. But this has not moved share markets, for a while.

On Monday, there is a Mainland China PBoC policy rate decision. 3.0% is their current one.

The N.Y. Fed’s Williams gives a speech. The Fed’s Musalem, Barkin, Hammack, and Miran also speak. Their blackout ended, after last week’s FOMC decisions.

In Europe, the ECB’s Nagel gives a speech, and the BoE’s Bailey gives a speech.

On Tuesday, the HCOB manufacturing PMI for SEP comes out. 50.7 is the prior reading.

The S&P global manufacturing PMI for SEP also comes out. The prior reading is 53.

Fed Chair Powell gives a speech.

On Wednesday, Australia’s monthly CPI for August comes out. +2.8% y/y was the July reading.

On Thursday, the Swiss National Bank (SNB) provides its policy update.

The U.S. Q2-25 real GDP growth rate gets a 3rd and final update. +3.3% y/y was the 2nd estimate.

On Friday, the U.S. core PCE price index for AUG comes out. +2.9% y/y is what the prior reading showed.
 

Conclusion

On Sept. 17th, 2025, Zacks Research Director Sheraz Mian published an EPS outlook.

Key points—

(1) For Q3-25, Zacks expects total S&P500 index earnings to be up +5.1% from the same period last year, on +6.0% higher revenues.

(2) The positive revisions trend makes the overall setup for the Q3 earnings season favorable. 

But it raises the odds of actual results coming up short of expectations. 

In other words, it is reasonable to worry whether expectations for the period are too high, particularly for the Tech and Finance sectors.

(3) Excluding the Tech sector contribution? 

Q3 earnings for the rest of the S&P500 index would be up only +2.0% (versus +5.1% otherwise).

(4) For the Magnificent 7 group? 

Q3 earnings are expected to be up +12.2% from the same period last year on +14.6% higher revenues.

This would follow the group’s +26.4% earnings growth, on +15.5% revenue growth in the preceding period.

In other words, even for “Mag 7” covering analysts, major share fundamentals in Q3 are looking for a haircut.

Enjoy the coming week, in trading and investing!

John Blank, PhD.
Zacks Chief Equity Strategist and Economist