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Hello. Welcome to weekday business.
We begin the next seven days with the start of the world’s most important climate change negotiation event, the United Nations COP29 Summit, to be held in Baku, the capital of Azerbaijan. Choosing an economy heavily dependent on oil sales as the venue for the two-week gathering of politicians, business executives and activists was a controversial decision at the time of its announcement, but last week Azerbaijan’s COP29 team The decision was further strengthened by the release of video footage showing the person in charge, El Nour. Soltanov talks about “investment opportunities” in state oil and gas companies.
To make matters worse, the summit, dubbed the “Financial COP” by organizers, was shunned by prominent financial figures, including executives from Bank of America, BlackRock, Standard Chartered and Deutsche Bank. This is expected, FT sources report. However, FT Live will be joining in on the action and hosting a discussion on the summit’s key announcements and agreements. Register for free at ftcop.live.ft.com.
Elsewhere, while the United States is still digesting the fallout from Donald Trump’s second term as president, incumbent Joe Biden is boarding a plane to South America. The prime minister will begin a state visit to Peru and Brazil on Thursday, meeting with their leaders and attending this year’s Asia-Pacific Economic Cooperation meeting in Lima.
In the UK, Prime Minister Rachel Reeves and Bank of England Governor Andrew Bailey attended the annual Mansion House Dinner (so called because it is held in the city’s official residence), where senior bankers from the country’s financial services sector met. and other executives. Mayor of London. This year’s after-dinner speech comes at a critical time, with Reeves’ October budget proposal still fresh in people’s minds and concerns raised about the challenges the central bank will subsequently face in controlling inflation.
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Economic indicators have been released this week. As for the United States, various key indicators will be released that will show the state of the economy that President Trump will inherit. There will also be new updates on inflation. Retail sales and industrial production figures are expected to rise slightly in the headline numbers, while the main inflation trend is expected to decline. The magnitude of China’s challenge to revive growth is the backdrop for the release of retail sales, industrial production and real estate data. Meanwhile, the UK’s numbers-crunching agency has received the latest labor market statistics and, along with Japan and the EU, has received its first look at third-quarter GDP.
There have also been a number of results announcements, including mobile and broadband provider Vodafone, which has just received approval from the Competition and Markets Authority for its £16.5bn merger with Three UK, and fashion brand Burberry, which is itself a takeover target in a depressed market. Maybe there is. Luxury item.
One more thing. . .
Last week, my newsletter colleague Harvey filled me in, reviewing pre-Christmas GCSE mock exams and helping my two youngest children at home for a few days over the half-term break to complete the dreaded exam. Thank you for calling me. Statement for University Applications. As we move into the season of preparing for Christmas, FT’s HTSI has been quick to pick out the best luxury advent calendars for date-conscious people.
Major economic and corporate reports
Here’s a more complete list of what to expect in terms of company reports and economic data this week:
Monday
UK: CIPD Labor Market Outlook
Results: Continental 9M, Direct Line Q3 Trading Update, IAC Q3,
Tuesday
OPEC November Oil Market Report
Germany: Consumer Price Index (CPI) and Harmonized Consumer Price Index (HICP) inflation data for October
India: October CPI inflation data
UK: November labor market statistics including unemployment rate
United States: National Federation of Independent Business (NFIB) October Economic Optimism Index
Results: AstraZeneca Q3, Bayer Q3, Home Depot Q3, Infineon Technologies Q4, Oxford Instruments HY, Softbank Q2, Spotify Q3, Vodafone HY
Wednesday
France: ILO Q3 unemployment rate
Russia: First quarterly GDP released
US: October CPI inflation data
Results: ABN AMRO Bank Q3, Allianz Q3, Alstom HY, Bertelsmann Q3, Cisco Systems Q1, Experian HY, Fuller, Smith & Turner HY, RTL Q3, RWE Q3, Shareholders Smith Group Q1 trading update ahead of general meeting, SSE HY, Tencent Q3
Thursday
Bank of England Governor Andrew Bailey speaks alongside British Prime Minister Rachel Reeves at the annual Financial and Professional Services Dinner at Mansion House in the City of London
Federal Reserve Chairman Jay Powell attends “Global Perspectives” event in Dallas
Reserve Bank of Australia Governor Michelle Bullock speaks at a panel discussion on economic conditions at the ASIC Annual Forum in Sydney
IEA Oil Market Report
EU: Q3 GDP estimates
UK: RICS Housing Market Research
United States: October Producer Price Index (PPI) inflation data
Results: 3i Group HY, Applied Materials Q4, Asahi Q3, Aviva Q3 Trading Update, B&M European Value Retail HY, Burberry HY, Deutsche Telekom Q3, Aeon Q3, First Group HY, Foxconn Q3, Great Portland Estates HY, Keller Group Trading Statement, Kia Group Trading Update, Metrobank Q3, Premier Foods HY, Kinetic HY, Siemens FY, Swiss Re 9M, United Utilities HY, Walt Disney Company Fourth Quarter, WHSmith Fiscal Year
Friday
China: October industrial production and retail sales
EU: Autumn economic forecasts for GDP, inflation, employment and public finances in the eurozone region
France: October CPI and HICP inflation data
India: Guru Nanak’s birthday. Financial markets are closed
Japan: Q3 GDP preliminary figures
UK: Latest Q3 GDP and productivity estimates.
United States: October retail sales and industrial production statistics.
Results: Alibaba Q3, Land Securities HY, Lenovo Q2
world events
Finally, we’ll summarize other events and milestones from this week.
Monday
Armistice Day commemorates the end of World War I in 1918 (Veterans Day is a federal holiday in the United States). On this day, countries currently pause to pay tribute to all those who gave their lives during conflicts.
Azerbaijan: COP29 begins at Baku Stadium, bringing together 197 governments and the EU to review progress towards achieving climate goals
China: Singles’ Day is an annual holiday reserved for unmarried people, and is used by retailers as an opportunity to increase sales in their stores.
UK: New Conservative Party leader Kemi Badenoch is expected to give evidence about her time as Business and Trade Secretary in the Post Office Horizon IT Inquiry, a scandal in which a subpostmaster was falsely accused of stealing software. . The system they were using was faulty.
Tuesday
China: The 15th China Air Show opens in Zhuhai. The biennial event runs through Sunday.
UK: The Booker Prize, the most prestigious award given to English novel writers, is announced at a ceremony in London.
Wednesday
Somaliland: Presidential elections will be held in Somalia’s breakaway region, the outcome of which could affect the future of a port agreement with Ethiopia, raising tensions with Mogadishu
Thursday
Sri Lanka: parliamentary elections
UK: King Charles’ 76th birthday. To commemorate this occasion, gun salutes are held across the country.
United States: President Joe Biden begins state visit to Peru and Brazil
Friday
Saturday
Sunday
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