Indian equities should sustain their positive momentum during the week of November 15–21, underpinned by robust domestic data and favorable global shifts. India’s retail inflation sliding to a record 0.25% in October, well below the RBI’s tolerance band and bolstering hopes for a December rate cut, provides a strong tailwind for the domestic growth narrative.
Globally, risk appetite has significantly improved following encouraging inflation news from the G7, as the US October CPI eased to 3.0%, reinforcing the soft-landing outlook and minimizing central bank rate-hike fears.
Further boosting global sentiment, China reported Q4 GDP growth of 5.4%, slightly ahead of consensus, which suggests stable macro conditions internationally.
On the data front, in India, the Balance of Trade data for the month of October would be announced on Friday (14 November 2025). India’s merchandise trade deficit surged to USD 32.15 billion in September 2025, up from a revised USD 24.42 billion a year earlier, according to flash estimates.
On Friday (November 21), the HSBC Flash PMI reading data for the month of November for manufacturing, services and composite indexes would be unveiled.
The HSBC India Manufacturing PMI rose to 59.2 in October 2025, above the flash estimate of 58.4 and September’s 57.7, signaling faster growth in factory activity. New orders expanded sharply, supported by strong demand, advertising efforts, and optimism over GST reform, while output growth matched August’s pace, the joint-fastest in five years.
The HSBC India Services PMI was slightly revised higher to 58.9 in October 2025, up from a preliminary estimate of 58.8 but down from a final reading of 60.9 in September. Still, it marked the slowest expansion in the services sector since May, as new business rose at the weakest pace in five months amid stronger competition and disruptions caused by floods and landslides.
The HSBC Composite PMI stood at 60.4 in October 2025, above the flash estimate of 59.9 but below September’s 61.0, marking the lowest reading since May. Both manufacturing and services continued to expand strongly, though growth momentum softened.
In China, the year-to-date (YTD) FDI data for the ten months ended in October would be announced on Monday (17 November 2025). The foreign direct investment (FDI) in China fell 10.4% year-on-year (YoY) to CNY 573.75 billion ($80.89 billion) in the first nine months of 2025, amid global economic uncertainty.
On Thursday (20 November 2025), the one-year and the five-year loan prime rates would be made public. The People’s Bank of China (PBoC) kept key lending rates at record lows for a fifth consecutive month in October. The one-year loan prime rate (LPR) remained at 3.0%, while the five-year LPR held at 3.5%.
On Monday (17 November 2025), the NY Empire State Manufacturing Index for the month of November would be released. The NY Empire State Manufacturing Index rose 19.4 points to 10.7 in October 2025, marking its third positive reading in the last four months, signaling modest growth in business activity across New York State.
On Tuesday (18 November 2025), the NAHB Housing Market Index for the month of November would be made public. The NAHB/Wells Fargo Housing Market Index in the US rose to 37 in October 2025, the highest in six months, compared to 32 in each of the previous two months, as decline in morgage rates and imporved sales expectations boosted the sentiment.
On Wednesday (November 19), the API Crude Oil Stock Change for the week ended on 14 November 2025 would be unveiled. The US crude oil inventories increased by 1.3 million barrels in the week ending 12 November 2025, following a 6.5 million-barrel build the previous week.
On Thursday (November 20), the FOMC Minutes from the latest meeting would be released. The Federal Reserve lowered the federal funds rate by 25 bps to a target range of 3.75%–4.00% at its October 2025 meeting. The move followed a similar cut in September, bringing borrowing costs to their lowest level since 2022.
On Friday (November 21), the S&P Global Flash PMI reading data for the month of November for manufacturing, services and composite indexes would be made public.
The S&P Global US Manufacturing PMI rose to 52.5 in October 2025, up from 52.0 in September and slightly above the preliminary estimate of 52.2. The latest reading signaled the third consecutive month of expansion in the manufacturing sector.
The S&P Global US Services PMI inched higher to 54.8 in October of 2024 from 54.2 in the previous month, revised lower from the preliminary estimate of 55.2.
The S&P Global US Composite PMI rose to 54.6 in October 2025 from 53.9 in September, slightly below the 54.8 flash estimate.
Lastly, the final reading for the Michigan Consumer Sentiment for the month of November would be released on the same day. The University of Michigan’s consumer sentiment index fell to 50.3 in November, down from 53.6 in October, a preliminary estimate showed. The reading marked the second-lowest on record, just above the June 2022 low.