What to Watch - Week of 17 November 2025

Taylor Nugent | Market Research

Past Week

• Unemployment unwound half of its September jump alongside a strong employment gain
• The NAB Business Survey saw business conditions rise, driven by trading conditions and profitability
• NAB Economics now see no further easing from the RBA, removing the final cut we had pencilled in for May next year. (See update)

Week ahead

• Australia’s Wage Price Index (Wednesday) for Q3 is seen up 0.8%qoq and 3.4% yoy, in line with consensus and the RBA. From the RBA, November Minutes are Tuesday and Hunter speaks Thursday.
• In NZ, data include the Performance of Services Index (Monday), Selected Prices (Monday), and Merchandise Trade (Friday).
• United States data flow is likely to resume post-shutdown, but some releases (like October CPI) may be permanently impacted. FOMC minutes are Wednesday and earnings include Nvidia, Walmart and Target.
• Global preliminary PMIs are out Friday. In the eurozone, as well as PMIs, final CPI is Wednesday, EC forecasts are published Monday and ECB’s Lagarde speaks Friday.
• Japan Q3 GDP (Monday) is expected to show a contraction while CPI (Friday) is seen a tenth higher. China’s data calendar is quiet.
• UK CPI (Wednesday) should keep the BoE on track to cut in December, while Canadian CPI is likely to remain above target and leave the BoC on hold.

View the full report here

Also in the What to Watch

• Select Event Previews 
• Week Ahead Calendar 
• NAB Research Forecasts 

This document has been prepared by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 ("NAB"). Any advice contained in this document has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice in this document, NAB recommends that you consider whether the advice is appropriate for your circumstances. NAB recommends that you obtain and consider the relevant Product Disclosure Statement or other disclosure document, before making any decision about a product including whether to acquire or to continue to hold it. Please Click Here to view our disclaimer and terms of use. Please Click Here to view our NAB Financial Services Guide.

All prices and analysis at 14 November 2025.  This information has been prepared by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 ("NAB"). The content is distributed by WealthHub Securities Limited (WSL) (ABN 83 089 718 249)(AFSL No. 230704). WSL is a Market Participant under the ASIC Market Integrity Rules and a wholly owned subsidiary of National Australia Bank Limited (ABN 12 004 044 937)(AFSL No. 230686) (NAB). NAB doesn’t guarantee its subsidiaries’ obligations or performance, or the products or services its subsidiaries offer.  This material is intended to provide general advice only. It has been prepared without having regard to or taking into account any particular investor’s objectives, financial situation and/or needs. All investors should therefore consider the appropriateness of the advice, in light of their own objectives, financial situation and/or needs, before acting on the advice.  Past performance is not a reliable indicator of future performance.  Any comments, suggestions or views presented do not reflect the views of WSL and/or NAB.  Subject to any terms implied by law and which cannot be excluded, neither WSL nor NAB shall be liable for any errors, omissions, defects or misrepresentations in the information or general advice including any third party sourced data (including by reasons of negligence, negligent misstatement or otherwise) or for any loss or damage (whether direct or indirect) suffered by persons who use or rely on the general advice or information. If any law prohibits the exclusion of such liability, WSL and NAB limit its liability to the re-supply of the information, provided that such limitation is permitted by law and is fair and reasonable. For more information, please click here.