Market news

The Week Ahead: US Economic Updates, Palantir Earnings, and Bank of England Decision

Market Insights for the Week Beginning Monday 3 November

The coming week promises several key market events and data releases that could drive volatility across global markets. With the ongoing US government shutdown continuing to restrict access to official economic data, traders will be turning to private-sector reports and corporate earnings for direction.

Meanwhile, the Bank of England is set to announce its latest interest rate decision, and Palantir Technologies will release its third-quarter results – both of which are likely to attract close attention from investors.

US Manufacturing and Services Data

Monday 3 November – ISM Manufacturing PMI
Wednesday 5 November – ISM Services PMI

With government data frozen due to the shutdown, this week’s ISM purchasing managers’ index (PMI) readings will be among the few reliable indicators of US economic momentum.

Together with ADP’s private payroll report (due Wednesday), traders should get a clearer picture of the strength of US manufacturing, services, and employment heading into year-end.

The USD/JPY pair remains one to watch. Following the Bank of Japan’s decision to delay rate hikes, the yen continues to weaken against the dollar. The pair is testing a key resistance level near ¥154.50, and while stronger US data could push it towards ¥158, the RSI near 70 suggests overbought conditions – potentially signalling short-term consolidation.

Palantir Q3 Earnings

Monday 3 November

Analysts expect Palantir Technologies (NYSE: PLTR) to deliver another strong set of results, with Q3 earnings forecast to rise 68.4% year-on-year to $0.17 per share, on revenues of around $1.1 billion – a 50% increase.

Looking ahead, Q4 earnings are projected at $0.19 per share, with revenue growth nearing 44% to $1.2 billion.

Palantir’s share price has already gained an impressive 170% year-to-date, trading above $202 ahead of results. However, the options market is signalling caution: implied volatility for near-term contracts is expected to exceed 100%, suggesting traders anticipate sharp post-earnings swings.

If the stock holds current levels, a move towards $210 is possible – but bearish RSI divergence hints at potential downside. A disappointing report could see the stock retrace towards $160–$145 support levels.

Bank of England Rate Decision

Thursday 6 November

The Bank of England (BoE) is widely expected to hold interest rates at 4% at its upcoming meeting. However, markets are still pricing in a 90% probability of a rate cut by April 2026, so investors will be listening closely to the tone of the Monetary Policy Committee’s statement.

Any suggestion of an earlier-than-expected rate cut could pressure the British pound, particularly with the Federal Reserve now signalling a slower pace of easing.

The GBP/USD pair is currently hovering near a crucial support level around $1.31. A break below could open the door to a deeper pullback towards $1.275.

Key Economic and Company Events

Monday 3 November

China: October Manufacturing PMI
Switzerland: October CPI
US: ISM Manufacturing PMI
Earnings: Loews (Q3), On Semiconductor (Q3), Palantir Technologies (Q3), Vertex Pharmaceuticals (Q3)

Tuesday 4 November

Australia: RBA Interest Rate Decision
Japan: BoJ Meeting Minutes
New Zealand: Q3 Employment and Unemployment
Earnings: AMD, Amgen, Apollo Global, Arista Networks, Associated British Foods (FY), BP, Eaton, Marriott, Pfizer, Rivian, Shopify, Spotify, Super Micro Computer, Uber, Williams, Yum! Brands, Zoetis

Wednesday 5 November

China: October Services PMI
US: ISM Services PMI, ADP Employment Data
Earnings: AppLovin, Arm, Cencora, CRH, DoorDash, Emerson Electric, Figma, Fortinet, Johnson Controls, Marks & Spencer, McDonald’s, McKesson, Qualcomm, Robinhood