What happens across the Global Week Ahead?

Traders on the world's financial markets go into this week hoping the storm engulfing tech stocks blows itself out.

And for no new escalation in the Iran war — that sends oil prices surging again.

There are also:

• Key U.S. and Mainland Chinese macro data
• The U.N.'s 31st COP climate summit gets underway in Turkey
• Europe will be horse trading over the next ECB chief, and 
• There's a too-close-to-call election in New Zealand on the weekend

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

(1) The “Big Tech” Trade Became a House of Pain. What’s Next for the AI Rout?

The Democrats' U.S. midterm win is the latest hammer blow to the once-unstoppable Big Tech trade.

The Nasdaq's -5.5% slump on Thursday was its biggest since the Liberation Day rout of April 2025 and wiped $2.5 trillion off that one index alone.

Worries had already been intensifying about the stratospheric cost of the AI buildout.

Now, post-midterms, the prospect of tougher regulations that slow everything down is hurting just as much.

Democratic wins in Texas and Georgia reflected the voter backlash against the data centers that are at the heart of the AI boom, but are also ugly and loud and require huge amounts of energy and water.

Some sense a compromise might be struck since AI has become a key economic driver. 

But if the rout resumes this week, growth worries will likely mount and plenty will be wondering whether something somewhere in the financial system tied to it all might break.
 

(2) Tuesday morning, the U.S. Consumer Price Index for October Comes Out.

U.S. data and the direction of oil prices over the next week could determine whether the Federal Reserve hikes its interest rates one more time before the year is out.

Tuesday's U.S. Consumer Price Index (CPI) — perhaps the most closely watched inflation measure — is expected to show a monthly rise of +0.3%, according to a Reuters poll, while Friday brings another key read on producer prices.

As it stands, traders are pricing in a more than 80% chance of a Fed hike at its December 8-9 meeting.

That would take the federal funds rate — the primary driver of global borrowing costs — to 4.00%-4.25% and follow the Fed's first rise in three years back in September.

Then there's oil.

Crude prices have pulled back this week after the Republicans' hammering in the US midterms stoked bets that President Donald Trump may look to de-escalate the Iran war. Any signal either way on that will be pivotal.
 

(3) European Real Growth Data Is Due. Who Replaces the Head of the ECB?

European economic growth has been surprisingly resilient this year in the face of sky-high energy prices and rising borrowing costs.

The coming week will provide another test with quarterly employment data due, as well as a more refined estimate of quarterly GDP.

Last month's preliminary flash Q3 reading showed +0.4% growth.

If confirmed, it would boost the mood ‌at Monday's gathering of Eurozone finance ministers, where another top topic will be who replaces European Central Bank President Christine Lagarde when she leaves Frankfurt in February.

Nominations are about to be finalized and the expected candidates are former Dutch central bank governor Klaas Knot and Spain's Pablo Hernandez de Cos, the head of the Bank for International Settlements.

The E.U. hopes to appoint a new ECB president by its mid-December summit, so it will have to get a move on.

Monday's meeting could be busy.
 

(4) Tuesday, the 31st U.N. Conference of the Parties (COP) Climate Summit Starts.

The U.N.'s COP31 climate summit kicks off in Turkey on Monday, with more than 80 world leaders expected to attend against the backdrop of worsening extreme weather events that have caused a slew of devastating disasters this year.

With the U.S. not formally involved under climate-skeptic Donald Trump, his humbling in this week's midterms will be a glimmer of hope for some, although efforts to build coalitions of the willing to phase out fossil fuels and halt deforestation will need to continue.

As the Middle East war keeps oil and gas prices high, host Turkey is also pushing nations to accelerate the shift to green power so that 35% of the world's power comes from electricity by 2035, from around 23% now.

Overhanging everything, though, will be the thorny issue of money.

With development aid getting slashed by many richer countries, vulnerable developing countries will once again be looking for more help to cope with climate change.
 

(5) The Philippines Gets Itself Ready — to Host the ASEAN Nations Summit.

There will be a flurry of last-minute diplomacy in Manila next week as senior government officials start the final preparations on Friday for the following week's ASEAN nations summit.

Philippine President Ferdinand Marcos Jr, who is hosting the November 15-17 gathering, has said Chinese Premier Li Qiang will be there, while both President Trump and his Canadian sparring partner, Prime Minister Mark Carney, are expected to attend too.

Indonesia is also likely to come under pressure for its wildfires that blanketed much of the region in thick smog earlier this year, with Singapore already vowing to strengthen an agreement on transboundary haze.

Elsewhere in Asia, China releases inflation data for October on Monday and lending data later in the week, while voters in New Zealand go to the polls on Saturday in an election that looks far too close to call.
 

Zacks #1 Rank (STRONG BUY) Stocks

Next are three fresh Zacks #1 (STRONG BUY) large-cap stock picks.

(1) Nucor (NUE Quick QuoteNUE - Free Report) : This is a $246 a share steel stock, with a market cap of $60.7B.

It is found in the Zacks Steel Producers industry. The stock holds a Zacks Value score of C, a Zacks Growth score of B, and a Zacks Momentum score of A.

F12M P/E: 13.7:

Image Source: Zacks Investment Research

Nucor is a leading producer of structural steel, steel bars, steel joists, steel deck and cold finished bars in the United States.

It also produces direct reduced iron ('DRI') that is used in its steel mills.

The company has operating facilities, primarily in the United States and Canada. Also, most of its operating facilities and customers are located in North America.

Over the years, the company has grown through acquisitions as well as by tapping new markets and expanding geographically.

Through its network of ‘mini-mills,' the company produces steel sheets, bars, plates as well as various structural and other products.

(2) UCB (UCBJY Quick QuoteUCBJY - Free Report) : This is a $161 a share drug stock, with a market cap of $60.3B.

It is found in Zacks Medical-Drugs industry. The stock holds a Zacks Value score of D, a Zacks Growth score of C, and a Zacks Momentum score of F.

F12M P/E: 21.4:

Image Source: Zacks Investment Research

UCB SA is a Belgium-based biopharma and specialty chemical company that specializes in providing therapy for central nervous system disorders, including epilepsy, diabetic neuropathic pain, sclerosis, and Parkinson's disease.

It also provides therapy in the areas of oncology, immunology, inflammation, allergy and respiratory diseases.

UCB delivers small and large molecule solutions to specialists for use in the treatment of severe diseases.

(3) Cheniere Energy (LNG Quick QuoteLNG - Free Report) : This is a $45 a share LNG stock, with a market cap of $59.6B.

It is found in the Zacks Oil & Gas Exploration & Production industry. The stock holds a Zacks Value score of C, a Zacks Growth score of C, and a Zacks Momentum score of A.

F12M P/E: 20.4:
 

Image Source: Zacks Investment Research

Cheniere Energy is primarily engaged in businesses related to liquefied natural gas (or LNG) through its two business segments: LNG terminal; and LNG and natural gas marketing.

The company, through its controlling interest in Cheniere Energy Partners L.P., owns and operates the Sabine Pass LNG terminal in Louisiana - North America's first large-scale liquefied gas export facility.

Furthermore, Cheniere Energy owns and operates the 94-mile Creole Trail Pipeline — an interconnect between the Sabine Pass receiving terminal and the downstream markets — through its subsidiary.
 

Key Global Macro

On Sunday, Mainland China’s CPI for OCT looks to be up +0.8% y/y. The prior reading was up +0.9% y/y. That is very modest consumer price inflation.

Mainland China’s PPI for OCT looks to be up +5.4% y/y. The prior reading was up +5.0% y/y. That is very strong downstream PPI data.

On Monday, the Bank of England (BoE) Governor Bailey gives a speech. That central bank raised its policy rate last week.

On Tuesday, the Fed’s Waller gives a speech.

The U.S. Consumer Price Index (CPI) data for October comes out.

The core U.S. CPI for October looks to rise a lower +0.2% m/m, after a +0.3% m/m rise in September.

In annual terms? The broad U.S. CPI was up +3.7% y/y in September. The core U.S. CPI was up +2.6% y/y in September.

On Wednesday, U.K. Q3 real GDP growth data comes out. This preliminary GDP reading should be up +0.7% q/q, after rising +0.5% q/q in the prior reading.

On Thursday, the FOMC’s Hammack, Goolsbee, Daly, & Williams give speeches.

On Friday, the Euro Area Q3 GDP data comes out. Consensus look for +1.3% y/y real growth in Q3 to follow 1.3% y/y in Q2.
 

Conclusion

On Nov. 4th, 2026 Zacks Research Director Sheraz Mian shared his Q3-26 EPS update.

Key points:

(1) The Q3-26 earnings season has reconfirmed the broad-based strength that we have been seeing in recent reporting cycles.

The earnings and revenue growth pace remains strong and broad-based.

Even more notably, the revisions trend remains positive, with estimates for Q4-26 and full-year 2027 continuing to rise.

(2) Total Q3-26 earnings for the 372 S&P500 members that have reported results already?

They are up +24.8% from the same period last year, on +14.0% higher revenues.

82.3% beat EPS estimates and 73.4% beat revenue estimates.

The proportion of these 372 index members beating both EPS and revenue estimates (the ‘blended’ beats percentage) is 64.8%.

(3) For the Tech sector, we now have Q3-26 results from 68.8% of the sector’s market capitalization in the index.

Total earnings for these companies are up +33.1% from the same period last year on +28.8% higher revenues.

83.6% beat EPS estimates and 88.5% beat revenue estimates.

(4) Micron (MU Quick QuoteMU - Free Report) and Nvidia (NVDA Quick QuoteNVDA - Free Report) continue to be material contributors to the Tech sector’s growth picture.

Excluding Nvidia, Micron, and Alphabet (GOOGL Quick QuoteGOOGL - Free Report) , which enjoyed an outsized gain in the preceding period?

Q3-26 earnings for the rest of the Tech sector would be up +27.7% (vs. +44.2% otherwise).

That’s it!

For this Global Week Ahead.

Best of luck, trading & investing.

John Blank, PhD.
Zacks Chief Equity Strategist and Economist