Hello and welcome to the work week. Or should that be workers’ week? The 20th national congress of the Chinese Communist Party is underway in Beijing and all eyes are on President Xi Jinping ahead of the highly anticipated vote to grant him an unprecedented third term.
The Financial Times has spoken to more than two dozen Chinese business executives, farmers, government officials and academics, though understandably none wanted to go on the record, to provide a broad picture of the country as it enters this new era.
In the UK, representatives of British workers will meet in Brighton for the annual Trades Union Congress, which was rescheduled due to the death of Queen Elizabeth II last month. Given the state of the economy and industrial unrest, there will be plenty to discuss. Pensions, the cost of living crisis and the defense of the right to strike are on the agenda.
Economic problems will be high on the agenda of the European Council meeting between EU heads of state, which starts in Brussels on Thursday.
In the US, the fallout from the January 6, 2021 Capitol riots continues. On Friday, Donald Trump’s former political adviser, Steve Bannon, will be sentenced for contempt of Congress after failing to comply with a subpoena issued by the committee investigating the attack.
Finally, among the anniversaries this week is an important one for a British institution, as the BBC turns 100 years old. Many people will have an opinion on this. Maybe it’s time to revisit former FT editor Lionel Barber’s take on an “Auntie Beeb” century.
New Zealand releases third quarter Consumer Price Index inflation rate data. UK inflation figures for September are likely to see another double-digit headline rate increase, while the GfK confidence reading and retail sales update will likely underline just how unlikely a consumer-led recovery is in this moment.
The Federal Reserve will publish its latest Beige Book on Wednesday, offering commentary on current US economic conditions, and there will be an update on the increasingly fragile US housing market.
China’s monthly activity indicators will most likely illustrate the continued impact of the Covid-19 restrictions.
We’re deep into earnings season, starting the week with the rest of Wall Street’s big banks reporting third-quarter numbers, followed by a mix of consumer goods, retail, media, airlines and technology. Earnings releases include third-quarter data from Bank of America, Bank of New York Mellon, Charles Schwab, a semi-annual report from Naked Wines and a third-quarter trading update from Rio Tinto.