Wednesday’s macroeconomic calendar will focus primarily on the preliminary September PMI readings . Before noon, data from France, Germany, and the broader Eurozone will show whether the European economy is maintaining its moderate pace of recovery. In Poland, the August unemployment rate will be released, while in the afternoon the main focus will shift to U.S. PMI data. Consensus forecasts continue to point to significantly stronger economic activity in the U.S. than in Europe, particularly in the services sector. Beyond macroeconomic data, markets remain focused on the situation in the Middle East and the Strait of Hormuz , which continues to be an important driver of oil prices, inflation expectations, and global risk sentiment. In commodities, another key event will be the weekly EIA report on U.S. oil inventories . Later in the day, investors will also watch the auction of 5-year U.S. Treasury notes, which could have implications for Treasury yields and the U.S. dollar.

• 07:15 AM BST – France: Flash Manufacturing, Services and Composite PMIs
• 07:30 AM BST– Germany: Flash Manufacturing, Services and Composite PMIs
• 07:30 AM BST – Indonesia: Bank Indonesia interest rate decision
• 08:00 AM BST – Eurozone: Flash Manufacturing, Services and Composite PMIs
• 01:00 PM BST – US: MBA Mortgage Applications
• 02:45 PM BST – US: Flash Manufacturing, Services and Composite PMIs
• 03:05 PM BST – US: Speech by Fed’s Michael Barr
• 03:30 PM BST – US: EIA report on crude oil, gasoline and distillate inventories
• 06:00 PM BST – US: 5-year Treasury note auction