Navigate cautiously into the new week
(Bloomberg) — Ready for another week? From Tiananmen Square to Threadneedle Street, here’s what to expect.
The Big Speech: Facing “Dangerous Storms,” Chinese President Xi Jinping delivered his key speech to party delegates, setting the tone for China’s ambitions at home and abroad for the next five years. In a sweeping speech that touched on everything from the crackdown in Hong Kong to the country’s declining birthrate, local technology, Taiwan and the need to protect the environment, Xi stressed that development remains a top priority, an indication of the pressing need to steer the economy through global headwinds while maintaining the Covid Zero policy that has been a drag on China’s recovery.
The big data: Amid the Communist Party Congress, China is to release a trio of blockbuster economic statistics to show how the leaders are faring, with third-quarter GDP, industrial production and retail sales to be released on Tuesday.
The Big Green Earnings: A pair of earnings results this week will provide clues to the progress of the global electric vehicle market, two industry titans report. Results from Elon Musk’s Tesla in the US and battery giant CATL in China could indicate just how dire and costly the shortage of battery metals has become.
The Big Walk: Want a truly depressing summary of the state of the world? Here is Indonesian Finance Minister Sri Mulyani Indrawati at the G-20 summit in Washington on Friday: “We now face a growing and aggravated risk, high inflation, weak growth, energy and food insecurity or crisis, climate risk and geopolitical fragmentation. He also warned of a growing risk of recession. Against that sobering backdrop, Indonesia’s central bank is expected to raise its benchmark rate on Thursday.
The big debut: Hong Kong Chief Executive John Lee makes his inaugural policy speech on Thursday, which could include measures to reduce the brain drain and support the declining property market, as well as roll back some of the restrictions on Longest Covid in town.
The big mess: Bank of England Governor Andrew Bailey insisted that the British central bank’s rescue mission for the UK pension system and bond market would end last week, wrote John Authers. But it will? And if it does, what are the repercussions for the global financial system? The new Chancellor of the Exchequer, Jeremy Hunt, has tried to calm things down, winning Bailey’s support for his plan to stabilize public finances. Still, expect a lively open for the UK debt market on Monday.
The Big Opinion: It’s hard not to have an opinion on what’s been going on in the British government over the past week, and whether a lettuce would make a better prime minister than mistake-prone Liz Truss. Here is a summary of some of the moments of shock and disbelief.
The Big Show: If you’re recovering from last night’s globally broadcast BTS concert and eagerly awaiting the second season of Squid Game, you may be wondering how you can get a piece of the billions generated by the global explosion of South Korean entertainment. If so, listen to this.
Have a frugal World Food Day and a rewarding week.
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