Newsquawk Calendar of Key events - November 2026

• Events: OPEC+ Meeting

• Events: RBA Policy Announcement & SoMP (Nov), US Midterm Elections, Riksbank Policy Announcement (Nov), US Treasury Quarterly Refunding Announcement, BoE Policy Announcement & MPR (Nov), Norges Bank Policy Announcement (Nov), Canadian Federal Budget, New Zealand General Election
• Data: US ISM Manufacturing (Oct), Swiss CPI (Oct), EZ Flash CPI (Oct), US ISM Services (Oct), US NFP (Oct), Canadian Jobs Report (Oct)

• Events: BoJ SOO (Oct), Fitch Credit Review on Germany, S&P Credit Review on Italy
• Data: Chinese Inflation (Oct), Chinese Balance of Trade (Oct), Norwegian CPI (Oct), US CPI (Oct), UK GDP (Q3/Sep), EZ GDP 2nd Estimate & Employment (Q3), US PPI (Oct)

• Events: RBA Minutes (Nov), FOMC Minutes (Oct), Moody's Credit Review on UK
• Data: Japanese GDP Prelim (Q3), Chinese Activity Data (Oct), Canadian CPI (Oct), UK Unemployment Rate (Sep), EZ/German ZEW Survey (Nov), US Retail Sales (Oct), Australian Wage Price Index (Q3), UK Inflation (Oct), Australian Jobs (Oct), Chinese LPR (Nov), Japanese CPI (Oct), UK Retail Sales (Oct)

• Events: US Thanksgiving, ECB Minutes (Oct), S&P Credit Review on France, Spanish General Election, OPEC+ Ministerial Meeting
• Data: Global Flash PMIs (Nov), German Ifo (Nov), Australian CPI (Oct), US GDP 2nd Estimate (Q3), US PCE (Oct), Japanese Tokyo CPI (Nov), Chinese Industrial Profits (Oct), French Flash CPI (Nov)

• Data: Chinese NBS PMIs (Nov), German State/National CPI (Nov), Canadian GDP (Q3/Sep)

A calendar of this density, four major central bank decisions inside a single fortnight alongside an OPEC+ meeting, a US midterm, a quarterly refunding and three sovereign rating reviews, is the kind of month where event risk clusters rather than distributes, and positioning tends to build in the week prior. The historically relevant pattern in a US midterm month is that policy-sensitive corners, rates and the dollar in particular, carry a political premium into the vote that unwinds or hardens depending on control of Congress, and gridlock outcomes have tended to be the least disruptive for the curve. The clustering of BoE, Riksbank and Norges Bank decisions on consecutive days invites relative-value framing across the European crosses, since divergence within the region, rather than any single decision, is what has typically driven the spread moves. The refunding announcement sits in the same week and has in recent episodes been as much of a duration event as the policy decisions themselves, with auction composition rather than headline size the tell. Rating reviews on Germany, Italy, the UK and France bookending the month are the slower-moving thread: Italy and France reviews have historically mattered for BTP and OAT spreads only when the outlook, not the rating, shifts. The back half is data-heavy, with US CPI and PCE bracketing the month and flash PMIs and Ifo closing it, the usual sequence by which the narrative set by the early-month decisions gets tested.