Week Ahead Economic Preview: Week of 10 November 2025

The following is an extract from S&P Global Market Intelligence's latest Week Ahead Economic Preview. For the full report, please click on the 'Download Full Report' link.

Global business outlook plus European GDP updates

Global business outlook data are accompanied in the coming week by GDP data for the UK and eurozone, plus a detailed UK labour market update.

After October PMI surveys showed the global economy sustaining robust growth at the start of the fourth quarter, we will get more forward-looking sentiment data from the S&P Global Business Outlook survey, which is the largest worldwide poll of business expectations for the year ahead. The Outlook survey includes views not just on anticipated output trends but also on hiring, pricing and capex intentions across all major developed and emerging economies.

Updated perspectives on how investors perceive the current market climate will meanwhile be provided via the Investment Manager Index, the October edition of which showed reviving risk appetite following the FOMC’s rate cut.

A lack of official US data as a result of the government shutdown means we’ll get few other clues as to whether the FOMC will cut rates again when it meets in December, but the coming week does see an interesting docket of UK economic releases. The Bank of England held its policy rate steady at its November meeting, but only after a heavily split five-to-four decision among the MPC. Hence upcoming labour market data, both from the Office for National Statistics and the REC/KPMG recruitment industry survey, will be gleaned for clues as to whether the recent downturn in UK employment could be coming to an end. The data follow the PMI, where the employment index showed a near-stabilisation of payroll numbers after past heavy declines.

The UK also sees GDP data for the third quarter, including monthly updates for components such as manufacturing, services and construction for September. Note that the PMI data saw the UK economy hit by the JLR shutdown in September, but more recent data have brought welcome signs of sustained growth.

The eurozone also sees a revised estimate of third quarter GDP, initially thought to have risen by 0.2%, with an update to industrial production for September. Recent PMI data have signalled an encouraging, though nascent, revival of eurozone manufacturing.

In Asia, the key releases to watch are industrial production, retail sales and investment for mainland China, which will set the initial scene for fourth quarter GDP growth. GDP rose at a 4.8% pace in the third quarter, which was the weakest for a year.