What matters most in this Global Week Ahead?

• The task of clearing the huge backlog of shutdown-delayed U.S. data begins
• The world's most valuable company Nvidia publishes its results, and 
• New inflation numbers will keep Europe's central banks on their toes

In Asia, new Japanese Prime Minister Sanae Takaichi's fiscal policy is taking shape.

In Latin America, Chile holds an election in Latin America, where pollsters are predicting another step to the right.

Next are Reuters’ Five World Market Themes, re-ordered for Equity Traders—
 

(1) On Wednesday, Nvidia Reports Quarterly Earnings

Nvidia's (NVDA Quick QuoteNVDA - Free Report) , quarterly report on Wednesday will be a critical test for the high-flying AI trade that has started to make some sputtering noises in recent weeks.

The semiconductor giant became the world's first $5 trillion company last month. It has lost a bit since, but with a staggering 8% weighting in the S&P 500 and major clout in many global indexes, it can easily sway markets on its own.

The AI bellwether's forecasts and the broader industry perspective will have ramifications for the wider tech ecosystem. It is going to either ease or feed those nagging investor concerns that this is already the next big bubble.
 

(2) After the U.S. Shutdown Ends, Clearing the Macro Data Backlog Begins

U.S. government number crunchers begin the task of shoveling out the backlog of data not released during Washington's unprecedented 43-day shutdown.

In 2013, which was the last shutdown to affect the all-important non-farm payrolls report, the figures came out five days after the government reopened.

Based on that timeline, traders could get the September numbers in the coming days, not least because the original release was planned for October 3, just a couple of days after the shutdown began.

Private data that has been published has suggested the labor market continues to weaken. That supports the case for a December Federal Reserve rate cut.

Officials are warning, though, that some data may have been lost forever, meaning the economic fog might take time to clear.
 

(3) The European Central Bank (ECB) is “In a Good Place.” Macro Data Incoming

It must be nice to be the European Central Bank right now. President Christine Lagarde says it is "in a good place" with interest rates and money markets having switched to autopilot, pricing in no move at all next year.

The coming week brings a raft of October inflation numbers, for both individual countries and the euro zone as a whole. Core consumer inflation was 2.4% in September, up from 2.3% in August but down from 2.7% last September.

The headline number has stayed around the ECB's 2% target for most of the year, however, and if the trade-weighted euro's 5.5% 2025 rise starts to drag it lower at any point Frankfurt would have room to cut again.

But the jury is out for now.
 

(4) The New Japanese Prime Minister Looks to Loosen Fiscal Policy

After initially suggesting it would leave monetary policy largely to its central bank, Japan's new government is now signaling a more hands-on approach.

Prime Minister Sanae Takaichi is looking to loosen the fiscal reins and urging the Bank of Japan to go slow on raising rates, while new Finance Minister Satsuki Katayama has argued inflation has yet to sustainably hit the BoJ's 2% target.

The bank still looks primed for a hike in December, although Governor Kazuo Ueda has been cautious about pulling the trigger. Consumer price data due on November 21 should offer clues, but it could well be the crumpled yen that holds the key.

If its weakness affects politically sensitive food and energy prices, Takaichi may have no choice but to accept some speedy rate hikes.
 

(5) On Sunday, Chile Holds Elections

Chile holds the first round of its presidential election on Sunday.

Pollsters expect the leftist coalition candidate Jeannette Jara to come out on top, but for the race to then swing to the right in the run-off in a month's time.

Almost as key is the concurrent congressional election, where the right and center-right are expected to perform strongly. A win in both houses would mark the first such result since the 1950s, and would be lapped up by investors who see possible corporate tax cuts if the right also wins the presidency.

The peso has strengthened nearly 7% year-to-date and equities in both dollar and peso terms have soared over 40% — and the rally could easily continue.

Hard-right candidate Jose Antonio Kast and moderate conservative Evelyn Matthei — both market-friendly bets — look most likely to come in second place on Sunday. Yet if far-right libertarian Johannes Kaiser makes it to the runoff against Jara, it could be a different story.
 

Zacks #1 Rank (STRONG BUY) Stocks

I picked 3 large market cap stocks, in clear up-trends, this week.

(1) Las Vegas Sands (LVS Quick QuoteLVS - Free Report) : This is a $66 a share stock, with a market cap of $44.3B. It is found in the Gaming industry. There is a Zacks Value score of C, a Zacks Growth score of B, and a Zacks Momentum score of D.
 

Image Source: Zacks Investment Research

Las Vegas Sands is a leading international developer of multi-use integrated resorts primarily operating in the U.S. and Asia.

In the U.S., the company in its Las Vegas Operations has 3 properties' The Venetian Casino, Las Vegas, The Palazzo, Las Vegas and an Expo and Convention Center.

In Asia, the company owns and operates several properties in Macao, China and one in Singapore.

These properties are as follows: Macao Operations: Las Vegas Sands' integrated resort properties and other assets in Macao are owned and operated by Sands China Ltd., which is a majority-owned subsidiary of the company.

The company's Macao business comprises the following resorts: Sands Macao, The Venetian Macao, Four Seasons Macao, The Parisian Macao and Sands Cotai Central (under development). Sands Cotai Centralis Las Vegas Sands' master-planned resort-casino project under development in the Cotai Strip, Macao.

In 2016, the company opened The Parisian Macao, an integrated resort. Marina Bay Sands, Singapore: was opened in 2010.

(2) Take Two Interactive (TTWO Quick QuoteTTWO - Free Report) : This is a $238 a share stock, with a market cap of $43.8B. It is found in the Zacks Gaming industry too. There is a Zacks Value score of F, a Zacks Growth score of A, and a Zacks Momentum score of A.

Image Source: Zacks Investment Research

Take Two Interactive Software is a leading developer and publisher of video games. Take Two's games can be played on video consoles, personal computers, mobile devices and tablets.

The company earns revenues from the sale of disk-based video game products, downloadable contents, subscription, micro-transactions and advertising.

The company develops and publishes games through Rockstar Games, 2K, Private Division, Social Point and Playdots.

Take Two's Private Division is the publisher of Kerbal Space Program. Take Two has development studios in Australia, Canada, China, Czech Republic, Hungary, India, Spain, the United Kingdom and the United States.

The company sells games both physically and digitally through direct relationships with large retail customers and third-party distributors. GameStop, Microsoft, Sony, Steam and Wal-Mart are the top customers.

(3) Gold Fields Ltd. (GFI Quick QuoteGFI - Free Report) : This is a $41 a share stock, with a market cap of $37B. It is found in the Gold Mining industry. There is a Zacks Value score of C, a Zacks Growth score of A, and a Zacks Momentum score of C.

Image Source: Zacks Investment Research

Gold Fields Ltd. is one of the world's largest unhedged gold producers with operating mines in South Africa, Ghana, and Australia.
 

Key Global Macro

Getting late U.S. macro data out again will be a welcome change, if it indeed happens.

Next Sunday, there is a G20 meeting that starts.

On Monday, the Fed’s influential Chris Waller speaks. So do the NY Fed’s Williams, Jefferson, and Kashkari.

The Bank of Canada (BoC) CPI for Oct. is out: +2.2%, down from +2.4% y/y. Monthly CPI came up to +0.2%, +0.1% seasonally adjusted.

Reserve Bank of Australia (RBA) meeting minutes come out.

On Tuesday, the U.K.’s CPI for Oct. comes out. The prior broad reading was +3.8% y/y.

On Wednesday, there is a non-monetary ECB policy meeting.

The Euro Area’s harmonized index of consumer prices (HICP) for Oct is out. The prior broad reading was +2.1% y/y. No change is expected.

The latest U.S. FOMC minutes come out.

On Thursday, U.S. initial weekly jobless claims come out. 227K is expected. 218K was the prior week’s data. Both are low. But data watchers are worried about U.S. jobs.

On Friday, the Eurozone’s HCOB manufacturing PMI comes out. The prior reading is at 50.

The U. of Michigan consumer sentiment index for NOV comes out. A very weak 50.3 was the prior reading.
 

Conclusion

On Nov. 10th, 2025 Zacks Research Director Sheraz Mian delivered his latest Q3 update.

His points:

(1) Including all reports released through Friday, November 7th, we now have Q3 results from 451 S&P500 members, or 90.6% of the index’s total membership. 
Total earnings for these companies are up +14.6% from the same period last year on +8.2% higher revenues
82.7% beat EPS estimates and 76.1% beat revenue estimates

(2) For the Tech sector, we now have Q3 results for 70.3% of the sector’s market capitalization in the S&P 500 index. 
Total earnings for these Tech companies are up +24.4% from the same period last year on +12.6% higher revenues
87.9% beat EPS estimates and 86.4% beat revenue estimates

(3) In terms of S&P500 index ‘EPS,’ these growth rates approximate to 

• $260.83 for 2025, and 
• $291.90 for 2026

In mid-November?

Traders are already focused ahead — on Q4-25 estimates and 2026 outlooks.

Best of luck, in your trading and investing!

Warm Regards,

John Blank, PhD.
Zacks Chief Equity Strategist and Economist