Macro
ECB finds natural gas price surges could feed eurozone inflation faster than before
The European Central Bank says recent spikes in natural gas prices may translate into inflationary pressure in the euro area more quickly than in the past.
Russia's pro-Putin party wins wartime election with over 57% of vote
Near-complete results show the ruling party securing over 57% in what is being described as a wartime election in Russia.
German state elections show AfD gains and left-wing demands, economists warn of democratic strain
Economists say the rise of the AfD in Mecklenburg-Vorpommern and the left’s victory in Berlin signal growing pressure on the political centre and threaten prospects for compromise‑based policy. They caution that populist proposals could undermine reforms and increase the likelihood of further AfD gains.
Key Markets Themes: Trade Talks, Flash PMIs, Costco Earnings This Week
U.S.-China AI and trade talks dominate as flash PMIs and Costco results round out a busy earnings and economic data week.
United Russia on track for decisive win as Ukraine launches major Moscow drone attack
United Russia leads the September 21 State Duma election with 57.5% of votes counted, while Ukraine carried out its largest drone strike on the Moscow region on the final voting day.
German Chancellor, Merz's Party Face Fallout After State Election Loss
Political repercussions are emerging after a defeat in German state elections, with economic stability concerns also being raised.
Euro Yields Hold Multi-Year Peaks as Crude Surges Ahead of Central Bank Decisions
German bunds stay near 13-year highs as Brent crude jumps to $112 a barrel on Middle East tensions, with Fed and ECB policymakers bracing for fresh inflationary pressure.
ECB wage tracker shows 2.7% negotiated wage growth projected for H1 2027
The ECB’s forward‑looking wage tracker, based on collective bargaining agreements signed through August 2026, indicates a modest rise in euro‑area wage pressures, with employee coverage still limited but expected to grow.
Putin's United Russia wins Russian parliamentary election with two-thirds majority
United Russia secures 57.9% of votes and over 300 Duma seats in election critics call a farce, giving Putin a mandate to continue the war in Ukraine.
Daily International Economic & Financial Calendar: 21 September 2026
Key corporate and macro events include Unicredit EGM, Societe Generale capital markets day, Chicago Fed activity data, and Fed speaker Goolsbee.
Swiss Economic Calendar: SNB Policy Update, Federal Votes, Roche Pharma Day This Week
The Swiss National Bank will release its balance of payments and monetary policy assessment this week, alongside federal votes on Sep 27 and earnings from firms including Hilti, Hilti and Roche.
Euro zone bond yields hold near multi-year peaks ahead of Fed rate decision
German Bund yields remain at their highest level since 2011, with short‑term Schatz rates near a three‑year high, as markets price a 92% chance of a 25‑basis‑point Federal Reserve hike. Brent crude stays above $113 a barrel, reinforcing inflation concerns that keep euro‑area debt yields elevated.
Euro Zone Yields Hold Near Multi-Year Peaks Ahead of Fed Decision
German bunds and schatz yields traded at levels unseen since 2011 and three years respectively as traders weighed a likely Fed rate hike and soaring Brent crude above $113.
US trade deficit widens to $88.6 billion in July
The deficit expanded 24.4% from June to $88.6 bn, as imports rose 2.8% and exports fell 2.1%, with capital‑goods imports jumping 11.4% – the biggest rise since 1993.
Pakistan imposes market curfew and fuel austerity as protests cost Rs120bn daily
Pakistan is closing markets at 9pm and tightening fuel-austerity rules as Finance Minister flags protests and sit-ins are inflicting around Rs120bn in daily economic losses.
Missouri Redistricting Dispute Intensifies Ahead of US Midterms
Missouri's top court subpoenas local officials amid conflicting orders over a Trump-backed electoral map less than two months before the Nov. 3 midterms.
SNB Rate Decision Leads Busy Week of Global Central Bank Announcements
The Swiss National Bank joins Norges Bank, the Riksbank, and Banxico on Thursday's slate of policy meetings, alongside Chinese LPR decisions, global flash PMIs, and a US-China summit.
Swiss Firms Could Get Up to $2 Billion in US Tariff Refunds: UBS
UBS economists say Swiss exporters may recover up to $2 billion after the US Supreme Court struck down Trump-era tariffs, though effective duty rates remain far below headline levels.
US Markets Slip on Higher Producer Prices; Oil Tops $100
The Dow fell 0.3%, the S&P 500 lost 0.5% and the Nasdaq dropped 0.7% as unexpected US producer-price growth stoked inflation worries and pushed WTI crude above $100 a barrel for the first time since May.
SMI Expected Higher After Tuesday Loss; Markets Await Fed Rate Call
The Swiss Market Index opens in positive territory ahead of a widely expected 25-basis-point rate hike by the US Federal Reserve, while oil retreats and crypto stocks stumble on regulatory headlines.
U.S. Treasury yields climb ahead of upcoming CPI data release
U.S. Treasury yields are rising as the market awaits the upcoming CPI data release.
US tariff revenue exceeds refunds paid out for the first time in months
US tariff collections have surpassed the amount refunded to importers for the first time in several months, according to recent trade data.
Swiss asking rents fall for first time in five years
Newhome data shows a 1.7% drop in national listing prices from July 2025 to July 2026, led by sharp declines in Ticino and Zurich.
US producer prices rise 0.4% in August, adding to Fed rate-hike pressure
August producer-price data came in hotter than expected, pushing 30-year Treasury yields to their highest since 2007 and lifting probability of a September rate hike to roughly 65%.
