Markets Brace for Busy Week of Central Bank Decisions, Inflation Data, Earnings and Q3 GDP
A particularly eventful week is getting underway across financial markets. Following the sharp slowdown over the past week, investors are preparing to hear the rationale behind—and the decisions taken by—the ECB, Fed, BoJ and Bank of Canada. Inflation will take center stage on both sides of the Atlantic, with the euro area’s preliminary October reading and the US PCE data due for release. On the macroeconomic front, preliminary third-quarter GDP figures for both the euro area and the United States will also be in focus.
Meanwhile, quarterly earnings from Microsoft, Alphabet and Amazon will seek to ease the current risk-off mood and reignite momentum in equities and the technology sector, both of which ended last week on a weak note. Futures point to a slightly positive open in both Europe and the United States.
Market Weather Map
October 26, 2026
US Equities
Eu Equities
Asia Equities
Commodities
Bonds
Dollar Index
Technology
Gold
Oil
Crypto
Market Summary
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Financial markets are currently showing a neutral sentiment. Intermarket analysis points to a Market Health Score of 61/100. The intermarket dashboards ended the week confirming the prevailing cautious mood. Risk appetite indicators remain broadly between neutral and risk-off territory. The S&P 500/VIX ratio remains below its long-term moving average, while the S&P 500/Nasdaq ratio is holding steady above its long-term moving average. Gold continues to underperform the US dollar, although this ratio will certainly be one of the most interesting indicators to watch over the coming days, ahead of the Fed’s decision and the latest PCE inflation data.
Across asset classes, with monetary policy decisions largely priced in, global bonds are now halfway between the medium-term moving average, which represents support to be tested, and the long-term moving average, which stands as resistance and would need to be broken to confirm a genuine recovery. Global equities remain range-bound and, despite weakening, are attempting to hold their current support level. Commodities continue to trend higher.
Our market weather map confirms the neutral outlook for equities, the strength of the US dollar and oil, and the delicate technical picture for gold. Bonds remain above the 50-point score threshold.
Among the most notable weekly changes, two currency pairs stand out. The euro/dollar exchange rate has gained 10 score points over the past seven days, while the dollar/yen pair has lost 12. Both remain in a weak zone. This could signal market expectations of rate hikes by the ECB and the BoJ at their October meetings, while the Fed is almost certain to remain on hold.
Global Futures – Pre-Market Sentiment
Pre-Market Futures: Global futures point to a moderately risk-on sentiment, with an average gain of 0.29%. US futures are slightly positive (+0.26%), European futures are marginally higher (+0.13%), and Asian futures are up 0.61%.
📊 Global Futures – Pre-Market Sentiment
- CSI 300: +1.43%
- Hang Seng: +0.40%
- Taiwan: +0.39%
- CAC 40: -0.40%
- Nikkei 225: +0.01%
- IBEX 35: +0.03%
Macroeconomic calendar
The week opens with the latest update to Germany’s Ifo Business Climate Index and the release of the US Chicago Fed National Activity Index (CFNAI) for September 2026.
On the corporate earnings front, Verizon is scheduled to report today.
Assets to watch
Data as of Oct 23, 2026We have split the KBMeter scores into three bands, depending on their value: Weak, Intermediate or Strong. Here you can see which bands are most at risk of changing over the next 5 days and which ones hold.
The number on the right is the share of similar past cases in which the band had changed after 5 days. The higher it is, the more likely it is to change. The arrow in the current band appears when the asset is close to the border with the neighbouring band.
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It does not say whether the price will rise or fall and it is not investment advice.
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NOTES AND WARNINGS
Data compiled by kbmeter.com. Analysis date: 26 October 2026 - 7:37 AM GMT+1
This content is provided for informational purposes only and should not be considered financial advice. All scores and assessments are based on the previous trading day’s closing prices. Futures indications refer to the date and time of the analysis.