Next week's macro outlook: Nonfarm payrolls and midterm elections take the stage together, Apple and AMD to report earnings

PANews, November 1 — According to Jinshi, in the past week's trading, the issue of returns on AI capital expenditure, the Federal Reserve's hawkish hold, and the deep correction in precious metals became market focal points. In equities, AI trades suffered a new round of selling. In commodities, spot gold closed at $3,876.89/oz on Friday, down 6.7% cumulatively in October, while silver closed at $49.13/oz, down more than 18% in October. Below are the key points markets will focus on in the new week (all Beijing time):

Tuesday, time TBD, the 2026 U.S. midterm elections;

Wednesday 18:00, euro area October CPI year-on-year preliminary reading, euro area October CPI month-on-month preliminary reading;

Wednesday 21:30, U.S. September trade balance, U.S. Treasury quarterly refunding announcement;

Wednesday 22:45, U.S. October S&P Global services PMI final reading;

Wednesday 23:00, U.S. October ISM non-manufacturing PMI;

Thursday 18:00, euro area September PPI month-on-month;

Thursday 21:30, U.S. initial jobless claims for the week ending October 31;

Friday 17:30, FOMC permanent voting member and New York Fed President Williams and ECB Chief Economist Lane participate in a discussion at the 2026 ECB Money Market Conference;

Friday 21:30, U.S. October unemployment rate, U.S. October nonfarm payrolls seasonally adjusted, U.S. October average hourly earnings year-on-year, U.S. October average hourly earnings month-on-month;

Friday 23:00, U.S. November University of Michigan consumer sentiment index preliminary reading, U.S. November one-year inflation expectations preliminary reading.

Next week is a busy week for earnings season, with more than 100 S&P 500 constituent companies set to report results. According to LSEG IBES data, more than half of S&P 500 companies have already reported, and third-quarter earnings growth is expected to reach 31.6%. Apple will release its earnings after the U.S. market close on Monday Eastern Time. AMD and Qualcomm will also report earnings next week.