Key Events This Week
The State Council Information Office will hold a press conference on Monday.
The State Council Information Office will hold a press conference themed on the series 'High-Quality Completion of the 14th Five-Year Plan' at 3:00 PM on September 22, 2025 (Monday). Pan Gongsheng, Governor of the People’s Bank of China; Li Yunze, Chairman of the Financial Regulatory Authority; Wu Qing, Chairman of the China Securities Regulatory Commission; and Zhu Hexin, Deputy Governor of the People’s Bank of China and Director of the State Administration of Foreign Exchange, will introduce the achievements of the financial sector during the 14th Five-Year Plan period and answer questions from journalists.
Fed officials are set to speak intensively this week, and their positions may further diverge.
On September 17, the Federal Reserve cut the key interest rate by 25 basis points. However, it tempered this move with warnings about persistent inflation, raising doubts about the pace of future easing policies. In the coming week, several senior Fed officials will deliver speeches, potentially highlighting the severity of their divided stances.
Although the Federal Reserve implemented a 25-basis-point rate cut as expected by the market, the latest dot plot indicates that there will only be two more rate cuts this year—a signal that marks a slowdown in the pace of easing policies. This contrasts sharply with the previously anticipated aggressive easing path. Marc Chandler of Bannockburn Forex pointed out that the market had been pricing in a more dovish stance from the Fed, but the current relatively tighter policy stance is forcing the market to readjust its strategies.
The schedule for this week’s Fed officials’ speeches is as follows:
At 21:45 on Monday, Williams, a permanent member of the FOMC and President of the New York Fed, will speak on monetary policy and economic prospects; at 22:00, Mosallem, a 2025 FOMC voting member and President of the St. Louis Fed, will deliver remarks on the U.S. economic outlook and monetary policy.
At 0:00 on Tuesday, Hamak, a 2026 FOMC voting member and President of the Cleveland Fed, will speak on the U.S. economy; at 0:00, Barkin, a 2027 FOMC voting member and President of the Richmond Fed, will address the economic situation; later that evening at 22:00, Bostic, a 2027 FOMC voting member and President of the Atlanta Fed, will speak on economic prospects.
At 04:10 on Thursday, Daly, a 2027 FOMC voting member and President of the San Francisco Fed, will deliver a speech; at 20:20, Goolsbee, a 2025 FOMC voting member and President of the Chicago Fed, will speak; at 21:00, Williams, a permanent member of the FOMC and President of the New York Fed, will give the welcoming remarks at the Fourth Annual Conference on the International Role of the Dollar.
At 03:30 on Friday, Daly, President of the San Francisco Fed and a voting member of the 2027 FOMC, will deliver a speech. At 21:00 on the same day, Barkin, President of the Richmond Fed and a voting member of the 2027 FOMC, will speak. Subsequently, at 22:00, Fed Governor Bowman will deliver remarks.
The September S&P Global Manufacturing PMI preliminary value, a key inflation indicator favored by the Federal Reserve, and the annual rate of the core PCE price index for August will be released.
The preliminary S&P Global Manufacturing PMI for September will be announced on September 23. In August, this data unexpectedly reached its highest level in over three years, reflecting an acceleration in manufacturing expansion and a significant rise in inflationary pressures, which had moderated market expectations for rate cuts. Although the Federal Reserve decided to cut rates in September and signaled that it might reduce rates twice more by the end of the year, if this data remains strong, it could reignite concerns about persistent inflation, adding uncertainty to the Fed’s policy trajectory.
The annualized Core PCE Price Index for August will be published on September 25. Powell previously revealed during a press conference that the U.S. PCE inflation for August is expected to increase by 2.7% year-over-year, while core PCE inflation is projected to rise by 2.9%. This forecast aligns with the trend of the July core PCE inflation rebounding to 2.9%, underscoring the stubborn nature of inflation, particularly driven by rising costs in the services sector. Powell noted that tariffs contributed approximately 0.3-0.4 percentage points to core PCE inflation, with their transmission to inflation being slower and smaller than anticipated but still impactful. The Fed’s latest Summary of Economic Projections raised its PCE inflation forecasts for this year, next year, and the following year, predicting that inflation will return to the 2% target by 2028, indicating that short-term inflationary pressures remain difficult to alleviate.
This interest rate cut by the Federal Reserve was based on changes in labor market risks. The dot plot shows that a slight majority of officials expect two additional rate cuts this year (at the October and December meetings). However, Powell candidly admitted that there are significant divisions within the committee regarding the future path of rate cuts. Therefore, the actual performance of the August PCE — particularly whether core PCE and service sector inflation remain as moderate as expected, and whether the effects of tariff transmission intensify — will directly influence the market’s assessment of the pace of the Federal Reserve’s rate cuts. If inflation rebounds unexpectedly, it could complicate the Fed’s balancing act between achieving 'maximum employment' and maintaining 'price stability.'
Related Reading:Full Text of Powell's Speech: Calls for a 50-basis-point rate cut remain subdued as downside risks to employment become a material concern.
The Q2 earnings season for U.S. stocks is entering its final stretch, with results from Micron Technology, Costco, BlackBerry, and Accenture set to be released.
The Q2 earnings season for U.S. stocks is approaching its conclusion, with the Q3 reporting period imminent. Currently, the U.S. stock market is at a historical high, and expectations for profit growth among American companies remain optimistic, suggesting that the upward momentum in the stock market may continue. Data indicates that among S&P 500 companies providing third-quarter earnings guidance, over 22% expect to exceed analyst forecasts, marking the highest proportion in a year. Meanwhile, the share of companies issuing below-consensus profit projections has dropped to its lowest level in four quarters. Additionally, Wall Street analysts project a 6.9% earnings growth rate for S&P 500 companies in the third quarter, up from the 6.7% estimate at the end of May. Improved market sentiment reflects growing investor confidence in companies’ ability to withstand the impact of tariffs.
This week$Micron Technology (MU.US)$、$好市多(COST.US)$、$BlackBerry (BB.US)$、$Accenture (ACN.US)$Other companies will announce their earnings.$Micron Technology (MU.US)$The company is scheduled to release its Q4 2025 fiscal year results on September 24. The current market sentiment is optimistic. Recently, Micron Technology has notified distributors of a significant 20%-30% price increase for memory products and has suspended all product quotations. Micron had previously raised its guidance for this quarter substantially: revenue is expected to be $11.1 billion to $11.3 billion, gross margin is projected to improve to 44%-45%, and adjusted earnings per share are anticipated to be $2.78 to $2.92. The positive performance is mainly attributed to a significant improvement in DRAM pricing. These positive signals indicate that, driven by robust AI demand, the memory chip market is entering a more favorable pricing cycle, laying a solid foundation for Micron's impressive quarterly earnings report.
$好市多(COST.US)$Costco is set to release its earnings on September 26, with the market closely watching how the company balances sales against mounting tariff cost pressures. Although Costco’s Q3 revenue reached $63.2 billion, surpassing expectations, profitability fell short of consensus estimates due to tariff impacts. Chief Financial Officer Gary Millerchip noted that approximately one-third of U.S. sales come from imported goods. While management has mitigated tariff pressures by adjusting procurement strategies and increasing domestic sourcing for private-label products, the long-term impact of tariffs on profit margins remains a key concern for investors.
Alibaba's 2025 Yunqi Conference is scheduled to take place from September 24 to 26.
From September 24 to 26, the highly anticipated$Alibaba-W(09988.HK)$2025 Yunqi Conference will be held grandly at Yunqi Town, Hangzhou. Themed “Cloud-Intelligence Integration: Carbon-Silicon Symbiosis,” the conference will bring together over 2,000 guests from more than 50 countries worldwide, offering technology enthusiasts and industry professionals a spectacular feast of innovation.
During the conference, three main forums will be established: “Yunqi Vision,” “Yunqi Technology,” and “The Immeasurable Value.” These forums will delve into the latest trends in AI, cloud computing, and industrial applications, serving as vital platforms for thought exchange and experience sharing. Additionally, the conference has meticulously arranged over 110 aggregated sessions focusing on critical areas such as AI infrastructure, application expansion, and productivity transformation, aiming to comprehensively showcase cutting-edge developments and innovative achievements across industries.
Key Earnings Calendar for the Upcoming Week
Related Reading:Earnings Finale: Micron Technology and Costco Take the Stage – A Weekly Financial Events Briefing (September 22–26))
Monday, September 22
Keywords: China’s one-year Loan Prime Rate (LPR), State Council Information Office press conference, Firefly Aerospace earnings, different groups announce lottery results, Chery Automobile subscription ends.
In terms of economic data on Monday, at 09:00 a.m., China’s one-year Loan Prime Rate (LPR) as of September 22 will be released; at 10:00 p.m., the Eurozone will release its preliminary consumer confidence index for September.
Regarding financial events, at 15:00, the State Council Information Office will hold a press conference. Pan Gongsheng, Governor of the People's Bank of China, Li Yunze, Chairman of the National Financial Regulatory Administration, Wu Qing, Chairman of the China Securities Regulatory Commission, and Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, will introduce the achievements of the financial industry during the '14th Five-Year Plan' period and answer questions from reporters; at 21:45, Williams, permanent voter of the FOMC and President of the Federal Reserve Bank of New York, will speak on monetary policy and economic prospects; at 22:00, Musalem, a 2025 FOMC voter and President of the St. Louis Fed, will deliver remarks on the U.S. economic outlook and monetary policy.
In terms of earnings, $Firefly Aerospace(FLY.US)$Will announce earnings after the U.S. stock market closes; $Genfit(GNFT.US)$Will announce earnings today; Hong Kong stocks$Bit Origin Metaverse (08645.HK)$earnings reports will be released on the same day.
In the IPO segment,$Different Group (06090.HK)$Announced the lottery results today,$Chery Automobile (09973.HK)$The subscription ended today, whisky merchant$Agencia Comercial Spirits (AGCC.US)$, and regenerative medicine company$Regentis Biomaterials (RGNT.US)$Will be listed in the U.S.
Tuesday, September 23
Keywords: U.S. S&P Global Manufacturing PMI Preliminary for September, U.S. S&P Global Services PMI Preliminary for September, Bostic's speech on economic outlook, Micron Technology earnings, different group listings, Japanese stock market closed.
On Tuesday, regarding economic data, the U.S. Q2 current account will be released at 20:30; subsequently, at 21:45, the U.S. will announce the preliminary S&P Global Manufacturing and Global Services PMI for September.
In terms of financial events, at 00:00, Loretta Mester, a voting member of the 2026 FOMC and President of the Cleveland Federal Reserve, will deliver a speech on the U.S. economy; at 00:00, Thomas Barkin, a voting member of the 2027 FOMC and President of the Richmond Federal Reserve, will speak on the economic situation; later in the evening, at 22:00, Raphael Bostic, a voting member of the 2027 FOMC and President of the Atlanta Federal Reserve, will give a speech on the economic outlook.
In terms of performance, the Hong Kong stock market$Chevalier Group (00131.HK)$will announce its earnings today;$Micron Technology (MU.US)$、$AAR Corp (AIR.US)$is scheduled to release its earnings after the US stock market closes;$AutoZone (AZO.US)$is set to announce its earnings before the US stock market opens.
In the IPO segment,$Different Group (06090.HK)$is going to be listed in Hong Kong, an ESG consulting firm,$DT House (DTDT.US)$Will be listed in the U.S.
The Japanese stock market will be closed for a day.
Wednesday, September 24
Keywords: Weekly EIA crude oil inventories, KB Home earnings, Chery Automobile’s lottery results announcement, Zijin Gold International and Cipani subscription closure.
On Wednesday, regarding economic data, at 04:30, the U.S. API crude oil inventory for the week ending September 19 (in million barrels) will be released; at 22:00, the U.S. will announce the annualized total new home sales for August (in hundred thousand units); followed by the release of the U.S. EIA crude oil inventories for the week ending September 19 (in million barrels) and the U.S. EIA Strategic Petroleum Reserve inventory for the week ending September 19 (in million barrels) at 22:30.
In terms of performance, the Hong Kong stock market$Visionary Holdings (00862.HK)$、Nine Dragons Paper (02689.HK)will announce its earnings today;$Thor Industries (THO.US)$will announce its earnings before the U.S. stock market opens.$KB Home (KBH.US)$、$Steelcase (SCS.US)$will announce earnings after the US stock market closes,$Cintas (CTAS.US)$will announce its Earnings Reports today.
In the IPO segment,$Chery Automobile (09973.HK)$announced the lottery results,$Zijin Gold International (02259.HK)$、$Cipuney (02583.HK)$申购结束。
Thursday, September 25
Keywords: Initial jobless claims for the week, final annualized quarterly rate of core PCE price index, Costco, Accenture, BlackBerry earnings, Chery Automobile's IPO, Texxon Holding's U.S. stock listing.
On Thursday, in terms of economic data, the U.S. initial jobless claims for the week ending September 20, the final annualized quarterly rate of Q2 real GDP, the final quarterly rate of real personal consumption expenditures, the final annualized quarterly rate of the core PCE price index, and the monthly rate of durable goods orders for August will be released at 20:30; subsequently, at 22:00, the U.S. will announce the annualized total existing home sales for August; the weekly EIA natural gas inventory as of September 19 will be published at 22:30.
In terms of financial events, at 04:10, Daly, the FOMC voter for 2027 and president of the San Francisco Federal Reserve, will deliver a speech; at 09:20, China will have 300 billion yuan worth of one-year medium-term lending facility (MLF) and 487 billion yuan worth of seven-day reverse repurchase agreements maturing; Goolsbee, the FOMC voter for 2025 and president of the Chicago Federal Reserve, will speak at 20:20; subsequently, at 21:00, Williams, the permanent FOMC voter and president of the New York Federal Reserve, will deliver opening remarks at the Fourth Annual Conference on the International Role of the U.S. Dollar.
In terms of performance, the Hong Kong stock market$China Smart Energy (01004.HK)$、$CMB International Financial Holdings (00188.HK)$will announce its earnings today;$Accenture (ACN.US)$、$BlackBerry (BB.US)$、$Jabil (JBL.US)$will release their earnings reports before the US stock market opens.$好市多(COST.US)$will announce their earnings after the U.S. market closes.
In terms of new listings, $Chery Automobile (09973.HK)$Listed on the Hong Kong Stock Exchange today, a supply chain management service provider$Texxon Holding(NPT.US)$Will be listed in the U.S.
Friday, September 26th
Keywords: U.S. August Core PCE Price Index Year-over-Year, Fed Governor Barr’s speech on bank stress tests, Fed Governor Bowman’s speech, Dali Group’s earnings, Zijin Gold International, Cipuni’s release of lottery results.
On Friday, in terms of economic data, the annual rate of the U.S. core PCE price index for August and the monthly rate of U.S. personal spending for August will be released at 20:30. At 22:00, the U.S. will announce the final reading of the one-year inflation rate expectation for September and the final reading of the University of Michigan Consumer Sentiment Index for September.
In terms of financial events, Fed Governor Barr will deliver a speech on bank stress tests at 01:00; at 03:30, Daly, President of the San Francisco Federal Reserve and a voting member of the 2027 FOMC, will give a speech; at 21:00, Barkin, President of the Richmond Federal Reserve and also a voting member of the 2027 FOMC, will speak; followed by a speech from Fed Governor Bowman at 22:00.
In terms of earnings,$KNOT Offshore(KNOP.US)$is scheduled to release earnings before the US stock market opens; Hong Kong stocks$Dahli Group(00029.HK)$、$Daihang Kegong (02543.HK)$will announce its Earnings Reports today.
In the IPO segment,$Zijin Gold International (02259.HK)$、$Cipuney (02583.HK)$the allotment results have been announced.
Stay ahead of major financial events and discover investment opportunities early! Open Futubull > Market > US Stocks >Economic Calendar/Select key macroeconomic data, and seize the investment opportunities early!
In the new week, I wish fellow investors successful investments!
Editor/Melody
