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Joe Biden’s Busy Birthday Week

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Hello and welcome to the working week.

It’s not often that two leaders of Western powers celebrate an anniversary in the same week. Even rarer that both are in their eighth decade. Should we celebrate that age is clearly no longer a barrier to such leadership positions? King Charles III turns 74 on Monday and will be honored with a 41-gun salute and rendition of “Happy Birthday” during the changing of the guard at Buckingham Palace. But US President Joe Biden takes a bigger step by turning 80 on Sunday. He also has a more pressing week of international diplomacy and domestic politics to manage before he blows out his cake candles.

First, there is the G20 summit in Bali, or what an FT colleague called the world’s first Cold War II government gathering. Russian President Vladimir Putin is not present, but China’s Xi Jinping is expected to, so there will be pressure for Biden to speak to him.

At home, there is the little business of that of Donald Trump On Tuesday, a “very big announcement” widely followed from his Mar-a-Lago estate in Florida.

It is also the week of Asia-Pacific Economic Cooperation (Apec) in Thailand, bringing together 21 countries from the region, the first face-to-face gathering since 2018. Again the United States, China and Russia are invited, and once again Putin will not be there. French President Emmanuel Macron will be present, however, as he has been invited to speak on global trade relations.

Repair a hole

Across the Atlantic in the UK, where would-be festive roasts are having a particularly miserable season, the most important date in the diary is that of Chancellor Jeremy Hunt. financial statement Thursday.

The country is in a ‘fiscal hole’ (not my phrase, Hunt) and the Chancellor’s plan is to find around half of the required £55billion shortfall in public spending cuts, with measures including a delay on welfare reforms, a freeze on income tax thresholds and a stealth raid on inheritance tax.

The FT’s parliamentary and economic team will be on hand to translate politicians’ words and find key points buried in Treasury documents. Read this explainer to understand why the UK needs to act urgently. And if you think you can do a better job than the Chancellor, knock yourself out with our interactive “fill in the black hole”.

Stick to British policy, Nicholas Sturgeon will complete his eight years as leader of the Scottish National Party on Monday. She got the job when her predecessor and mentor Alex Salmond resigned following the 2014 independence referendum. As Westminster slashes central government spending, Holyrood launches its own austerity campaign. Will Sturgeon’s milestone spur an assessment of his record as premier at Holyrood?

The UN climate change conference COP27 ends Friday, but then (Sunday) we have the start of something that will most likely grab global news as well as sports page headlines for the next month – Fifa Qatar 2022 World Cup. To say it’s likely to be a controversial tournament would be an understatement – ​​read our magazine report here. The FT will be on hand to provide full coverage.

Finally, we have more elections. Malaysia goes to the polls on Saturday. The Nepalese will vote for seats in parliament and provincial government on Sunday and FT sister title Nikkei Asia has produced this handy guide to the key points. from Kazakhstan Sunday’s general election is noteworthy as it represents the most significant constitutional change for the oil-rich Central Asian country since it declared independence from the former Soviet Union.

How is your week going? Need more information? Hit reply or email me at [email protected]

Economic data

There are potentially important data releases next week from the United States, namely the Producer Price Index inflation rate figures, retail sales figures and other updates. day on the faltering US housing market.

The big economic event for the UK is the autumn statement, but before that UK unemployment data will be updated on Tuesday. The British government has focused its attention on their record here because it is one of the only good news for them. However, it’s not that great.

The UK will be the only developed economy with employment still below pre-pandemic levels at the start of 2023, according to a new analysis. Another ‘winter of discontent’ is also looming as a range of workers – nurses being the latest – demand wage increases in line with inflation.

Then Wednesday comes more inflation data with concern that the consumer price index measure will remain in double digits. The week will end for the UK with an update on retail sales, although hopes are not high given the gloomy predictions of the country entering recession.

The cost of living will also be at the center of EU concerns this week, with inflation data released on Thursday. There will also be an estimate of third-quarter gross domestic product on Tuesday.

Companies

The words “Elon Musk should be in the headlines again this week” could be written here at any time of the year, but this week a blast is in the paper. This time it’s on top of his $56 billion salary package at You’re here. A court in Delaware, where the electric vehicle maker is registered, will hear the lawsuit filed by a shareholder.

Vodafone, which reports interim results on Tuesday, has been under pressure to review its operations. Shareholders will consider how much the company was able to reduce its debt after it announced the sale of a stake in its Vantage mast business last week.

Fashions change and so do management teams as a British brand Burberry discovered this year. Investors will be eager to see what new chief executive Jonathan Akeroyd has on offer to spur growth when the company releases first-half numbers on Thursday. Analysts expect it to focus on improving profit margins, which have historically lagged those of big rivals France and Italy.

Main economic and corporate reports

Here’s a more comprehensive list of what to expect in terms of corporate reports and economic data this week.

Monday

  • Monthly data on EU and Eurozone industrial production

  • India, October Consumer Price Index (CPI) inflation rate figures

  • Japan, Q3 GDP flash figures

  • United Kingdom, Rightmove monthly house price index

  • Results: Embrace Q3, Tyson Foods Q4

Tuesday

  • China, October retail sales and industrial production data

  • EU, Q3 GDP figures

  • France, October CPI and Harmonized Index of Consumer Prices (HICP) data

  • Germany, Zew survey on the economic climate

  • UK, September unemployment rate, plus October insolvency data.

  • U.S. Producer Price Index (PPI) inflation rate data for October

  • Results: BAE systems commercial statement, Home deposit Q3, Imperial Marks AF, Infineon Technologies Q4, Land titles H1, Melrose business update, ProSiebenSat. 1 Q3, Vodafone H1, walmart Q3

Wednesday

  • Canada, October CPI inflation data

  • Japan, October trade balance data

  • UK, October CPI, PPI and other inflation rates

  • October retail sales and industrial production figures in the United States

  • Results: Alcon Q3, bridge stitch business update, British land H1, CMC Markets H1, Experian H1, Hill & Smith business update, first foods H1, Wise AF, SSE H1, Tencent Q3

Thursday

  • EU, October HICP inflation data

  • Japan, October CPI inflation rate figures

  • Results: Ali Baba Q3, Burberry H1, Fuller, Smith and Turner H1, International Distribution Services H1, Investec H1, Kier business update, Friendship H1, Siemens Q4

Friday

Global Events

Finally, here’s a look at some of the other events and milestones from this week.

Monday

  • UK, 100th anniversary of the first BBC radio broadcast

  • United Kingdom, King Charles turns 74

  • In the United States, the trial begins in the Delaware Chancery Court over Elon Musk’s $56 billion compensation at Tesla. A shareholder claims that the amount paid to the co-founder and managing director is an excessive payment.

Tuesday

  • Indonesia, the summit of heads of state and government of the G20 opens in Bali

  • UK Foreign Secretary James Cleverly answers questions from a parliamentary committee on the UK’s future relationship with the EU

  • In the United States, Donald Trump’s announcement from his Mar-a-Lago home is expected to focus on his intention to run in the 2024 presidential election. midterm elections was seen as a setback to his ambitions to run again.

Wednesday

  • UK, Bank of England Governor Andrew Bailey testifies before the Treasury Committee in Westminster

  • In the United States, Nasa hopes to launch the Artemis I test flight mission around the Moon from its Kennedy Space Center, subject to unstable local weather conditions. The longer term plan is to create a permanent moon base to support missions to Mars.

Thursday

  • China, third anniversary of the first person confirmed to have the disease which will later be responsible for the Covid-19 pandemic

  • Spain, the annual session of the NATO Parliamentary Assembly opens in Madrid

  • UK, Chancellor Jeremy Hunt delivers his autumn statement to parliament as the Office for Budget Responsibility releases its economic and fiscal outlook

  • Huw Pill, Chief Economist of the Bank of England in the UK, speaks at the conference What Next for Central Banks? round table, as part of the Bristol Festival of Economics

Friday

Saturday

  • Malaysia, general elections

  • Monaco, national holiday

  • UK, Men’s and Women’s Rugby World Cup 2021 Finals held at Old Trafford, Manchester

Sunday

  • Equatorial Guinea, presidential, parliamentary and local elections

  • Italy, the Nitto ATP Finals tennis tournament ends in Turin with the finals of the singles and doubles competitions

  • Kazakhstan, early parliamentary elections called for September

  • Nepal, parliamentary and provincial elections

  • Qatar, the FIFA World Cup Qatar 2022 begins

  • United States, 80th birthday of Joe Biden

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