Week Ahead 9–13 November 2026: US CPI and PPI, Fed Speakers, UK GDP and Cisco Earnings

After one of the busiest weeks of the quarter, this one is narrower but just as important. There are no major central bank rate decisions, so inflation takes centre stage. The October US CPI report on Tuesday and PPI on Friday will decide whether markets keep pricing a Fed rate hike in December. More than a dozen Fed speeches, plus the BoE's Andrew Bailey and the ECB's Christine Lagarde, will add to that debate.

Outside the US, UK Q3 GDP lands on Thursday and China reports inflation and trade. On the earnings side, Cisco and Applied Materials report on Thursday and CoreWeave on Tuesday. All three will be read as a test of AI spending after last week's tech sell-off.

Here's everything on the economic calendar for 9–13 November 2026, what's expected, and why it matters. All times are Irish time (GMT).

The backdrop: a hike priced for December

Two things from last week set up this one. First, October payrolls rose by 165,000 and unemployment dipped to 4.1%, a firmer jobs market than many expected. Second, the US midterms delivered Democratic control of Congress, which hit AI and chip stocks on worries about tighter rules for data centres.

Going into the week, Fed funds futures price a high chance of another rate hike at the 8–9 December FOMC meeting. That makes this week's inflation data the main swing factor. Hot numbers would firm up the hike; soft numbers would give the Fed room to wait.

Central banks: no decisions, plenty of speeches

Day	Time	Speaker	Why it matters
Mon 9	13:40	Fed's Michelle Bowman (USD)	First of several appearances this week
Mon 9	17:30	BoE Governor Andrew Bailey (GBP)	First remarks since last week's hike to 4.00%
Tue 10	09:00	Fed Governor Christopher Waller (USD)	Hours before CPI
Wed 11	09:45	ECB President Christine Lagarde (EUR)	Speaks again Thursday at 19:30
Thu 12	23:30	NY Fed President John Williams (USD)	Reaction to CPI, ahead of PPI
Fri 13	17:00	SF Fed's Mary Daly (USD)	Reaction to PPI

Other Fed speakers through the week include Austan Goolsbee, Tom Barkin, Lorie Logan, Jeff Schmid, Beth Hammack and Michael Barr.

Why speeches matter in a week without decisions. With a December hike close to fully priced, any hint that officials are comfortable waiting can move the dollar and Treasury yields quickly. Speeches after Tuesday's CPI are the ones to watch, because they show how policymakers read the data.

Andrew Bailey (Monday) speaks days after the Bank of England raised Bank Rate to 4.00% on an 8–1 vote. Whether he sounds like that was the last hike or the start of more will drive GBP/USD and EUR/GBP.

US data: CPI and PPI take centre stage

Day	Time	Event	Forecast	Previous
Tue 10	13:30	CPI m/m (Oct)	0.3%	0.6%
Tue 10	13:30	Core CPI m/m (Oct)	0.2%	0.3%
Thu 12	13:30	Initial jobless claims	194K	189K
Fri 13	13:30	PPI m/m (Oct)	0.4%	1.3%
Fri 13	13:30	Core PPI m/m (Oct)	0.3%	0.7%

US CPI (Tuesday) is the event of the week. Monthly headline inflation is expected to cool to 0.3% from September's hot 0.6%, with core at 0.2%. There is no year-over-year figure this month: the BLS collected no prices in October 2025 during the government shutdown, so it is publishing only the monthly changes. September's annual rate was 3.7%, well above the Fed's 2% target.

• Hotter than expected: strengthens the case for a December hike, usually lifting the dollar and yields and weighing on rate-sensitive tech stocks.
• Cooler than expected: gives the Fed room to wait, which tends to soften the dollar and help stocks.
• Watch core, not just headline. Energy prices swing the headline number. Core CPI strips out food and energy and is closer to what the Fed targets.

PPI (Friday) measures prices that businesses pay. After a 1.3% jump in September, a big drop to the expected 0.4% would ease worries about cost pressure feeding into consumer prices later.

Veterans Day (Wednesday 11 November). US stock markets are open, but the bond market is closed. Expect thinner trading in Treasuries and the dollar that day.

Around the world: UK GDP and China data

Day	Time	Event	Forecast	Previous
Mon 9	01:30	China CPI y/y (Oct)	0.8%	0.9%
Mon 9	01:30	China PPI y/y (Oct)	5.3%	5.0%
Tue 10	03:00	China trade balance (Oct)	$126.5B	$133.5B
Thu 12	07:00	UK GDP q/q (Q3, prelim.)	0.7%	0.5%
Thu 12	07:00	UK GDP m/m (Sep)	0.0%	0.1%

UK GDP (Thursday) gives the first estimate of growth in the third quarter, just after the Bank of England's hike. A strong number supports the case that the economy can handle higher rates, which tends to support sterling. A miss would raise questions about how much further the BoE can go.

China's inflation and trade data tell two stories. Consumer prices are barely rising, while factory-gate (PPI) inflation is running above 5%. China's data matters most for the Australian and New Zealand dollars and for commodities like copper and iron ore.

Earnings this week: Cisco, Applied Materials and CoreWeave

Day	Before the open	After the close
Mon 9	KKR, Constellation Energy, Ferguson, Barrick	Take-Two, Skydance, Occidental, Rocket Lab
Tue 10	TransDigm, Sea Ltd, On Holding	CoreWeave, Petrobras
Thu 12	Brookfield, Nebius	Cisco, Applied Materials, Cerebras
Fri 13	Mitsubishi UFJ, Sumitomo Mitsui and Mizuho (Tokyo)

CoreWeave (Tuesday) rents out AI computing power, so its results and its debt and financing plans are a direct read on how much AI infrastructure is being paid for. After last week's sell-off, guidance matters more than the quarter.

Cisco and Applied Materials (Thursday) are the biggest reports of the week. Analysts expect Cisco to earn around $1.32 per share on about $18.1 billion in revenue, with demand for AI data-centre networking in focus. Applied Materials sells the equipment used to make chips, so its outlook is a read on chipmakers' spending plans. Together they set the tone for semiconductors heading into Nvidia's results on 17 November.

Constellation Energy (Monday) connects to the same theme from a different angle: power supply for data centres. Take-Two (Monday) is worth watching for any update on the timing of its next big release.

How to trade a week like this

• Mark the key times. The biggest moves will likely come at 13:30 Tuesday (CPI) and 13:30 Friday (PPI), plus after-hours on Thursday for Cisco and Applied Materials.
• Expect wider spreads at 13:30. Many traders size down or wait for the first candle to close. The position size calculator keeps your risk the same when your stop needs to be wider, and the pip value calculator shows what each pip is worth on the pairs you trade.
• Check the trade is worth it. Run the numbers with the risk/reward calculator before entering. If the target barely beats the stop, skip it.
• Journal how you traded the data. Note what you expected, what happened and how you reacted. Our guide on how to keep a trading journal shows how to turn that into patterns you can act on.

Forecasts are consensus estimates and can change before each release. Earnings dates can move; check the company's investor relations page before trading. This is market information, not investment advice.