The Swiss National Bank's monetary policy announcement on Thursday heads a data-packed trading week running September 21–25, 2026, as investors brace for a flurry of central bank decisions and economic indicators from around the globe.
Thursday's calendar is particularly crowded. Alongside the SNB, Norges Bank, Sweden's Riksbank, and Mexico's Banxico will each release policy statements. The SNB is broadly expected to leave rates unchanged, with inflation sitting within its 0–2% target band. However, August consumer price data came in hotter than forecast: Swiss CPI rose 0.4% month over month versus a flat reading economists had projected, while year-on-year inflation climbed to 0.8% from an expected 0.5%. SNB Chairman Thomas Jordan (referred to as Schlegel in some reporting) has acknowledged the upside surprise in price pressures.
In Beijing, the People's Bank of China is widely expected to hold both its one-year loan prime rate at 3.00% and its five-year LPR at 3.50% for a 16th consecutive month when it announces the monthly figure on Monday.
On Wednesday, flash purchasing managers' index readings for the eurozone and United Kingdom will offer early signals on economic momentum. The UK composite PMI is forecast to hold near 52.5, with services holding steady at 52.5 and manufacturing ticking slightly higher to 51.7. In the eurozone, last month's composite PMI rose to 52.0 from 51.9. That same day, South Africa's Reserve Bank will announce its policy rate decision, with markets pricing in roughly a 52% chance of a 25-basis-point hike. South Africa's July inflation came in at 4.3% year on year, and while 2026 average inflation expectations remain at 4.4%, outlooks for 2027 and 2028 have softened to 4.0% and 3.8% respectively.
In Australia, the August labour force report due Thursday shows markets expecting a gain of 20,000 jobs after a revised decline of 15,800 in July, with the unemployment rate forecast to hold at 4.5%. RBA Governor Michele Bullock has stated the labor market remains close to full employment. Meanwhile, Japan's flash PMI for September is expected to show manufacturing at 54.8 and services at 52.6, with the composite staying above 53.0.
Adding geopolitical weight, Chinese President Xi Jinping is scheduled to meet US President Donald Trump in Washington on September 24 for their second summit of the year, following Trump's visit to Beijing in May. Citigroup CEO Jane Fraser is expected to attend Trump's state dinner for Xi.
Monday begins with Japan's markets closed for a holiday. Friday will see Chinese markets shut for the Mid-Autumn Festival, though US durable goods orders for August will still be released. Earlier in the week, the US Federal Reserve voted unanimously to raise rates by 25 basis points to 3.75%–4.00%, with its dot plot showing a median forecast of another 25-basis-point hike later in 2026. The UK's Bank of Mexico is also expected to hold at 6.50%, while Banxico's deputy governor noted no short-term rate cuts are on the horizon. Mexico raised its 2026 GDP growth forecast to 1.5% from 1.1% and projects core and headline inflation converging toward its 3% target by Q2 2027.
