European Week Ahead September 21 September 27

Economics Research 18 September 2026 | 9:31PM BST

European Week Ahead: September 21 - September 27

The key data releases this week are preliminary consumer confidence in the Euro area; flash Sven Jari Stehn | composite, manufacturing and services PMIs in France, Germany, the Euro area and the UK; Goldman Sachs International

and monetary-policy decisions from the Riksbank, Norges Bank and the Swiss National Filippo Taddei | Bank. Goldman Sachs International

Alexandre Stott Euro Area | Goldman Sachs Bank Europe SE - Paris Branch Monday 21 September James Moberly 16:00 ECB’s Lagarde speaks | Goldman Sachs International Ms Lagarde delivers opening remarks at the ECB roundtable on the Pontes launch in Niklas Garnadt Frankfurt am Main, Germany. | Goldman Sachs Bank Europe SE 16:10 ECB’s Cipollone speaks Katya Vashkinskaya | Mr Cipollone chairs a panel discussion at the ECB roundtable on the Pontes launch in Goldman Sachs International Frankfurt am Main, Germany. Giovanni Pierdomenico | Tuesday 22 September Goldman Sachs International

07:00 German German Federal Spending, Aug (GS 45.7EUR Bn, last 51.8EUR Bn)

15:00 Euro Area Consumer Confidence, Sep P (consensus -16.0, last -15.5)

Wednesday 23 September 8:00 ECB’s Vujčić speaks

Mr Vujčić takes part in a fireside chat at the Supervision Innovators Conference 2026, “Digital banking, digital supervision: innovation, resilience and scale,” in Frankfurt, Germany.

08:15 French Composite PMI, Sep P (GS 48.7, consensus 48.7, last 48.5)

08:15 French Manufacturing PMI, Sep P (GS 51.0, consensus 50.9, last 51.1)

08:15 French Services PMI, Sep P (GS 48.4, consensus 48.3, last 48.0)

08:30 German Composite PMI, Sep P (GS 51.3, consensus 51.8, last 51.8)

08:30 German Manufacturing PMI, Sep P (GS 53.8, consensus 54.0, last 54.3)

08:30 German Services PMI, Sep P (GS 49.8, consensus 49.9, last 49.7)

09:00 Euro Area Composite PMI, Sep P (GS 51.7, consensus 51.6, last 52.0)

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Goldman Sachs European Week Ahead

09:00 Euro Area Manufacturing PMI, Sep P (GS 52.7, consensus 52.6, last 52.7)

09:00 Euro Area Services PMI, Sep P (GS 51.4, consensus 51.4, last 51.6)

We expect the upcoming Euro area flash composite PMI to tick down by 0.3pt to 51.7. Across components, we look for a slight tickdown in services on the back of a further moderation in consumer sentiment in early September and an unchanged reading in manufacturing as a moderation in Germany is offset by a pick-up in the periphery.

Mr Cipollone delivers remarks followed by a panel discussion at a Fondazione ResPublica event in Milan, Italy.

Mr Lane delivers a lecture at the International Center for Monetary and Banking Studies in Geneva, Switzerland.

Thursday 24 September 07:45 French Business Confidence, Sep (consensus 98.0, last 98.0)

07:45 French Manufacturing Confidence, Sep (consensus 103.0, last 103.0)

07:45 French Consumer Confidence, Sep (consensus 85.0, last 86.0)

08:00 Spanish PPI YoY, Aug (last 9.2%yoy)

Ms Schnabel takes part in the opening conversation at the Women Economic Forum Europe 2026 in Salsomaggiore Terme, Italy.

09:00 German IFO Business Climate, Sep (consensus 89.0, last 88.8)

Mr Lane delivers a lecture at the University of Lausanne in Lausanne, Switzerland.

Friday 25 September 08:00 Spanish GDP QoQ, 2Q F (GS 0.7%qoq, consensus 0.7%qoq, last 0.7%qoq)

09:00 Euro Area M3 Money Supply YoY, Aug (consensus 3.5%yoy, last 3.4%yoy)

Mr Vujčić takes part in a policy panel at the Inflation Conference jointly organised by the Federal Reserve Bank of Cleveland and the ECB in Cleveland, United States.

United Kingdom Tuesday 22 September 07:00 Public Sector Net Borrowing, Aug (consensus 15.6GBP Bn, last 1.8GBP Bn)