Hello and welcome to the work week. Or should this 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 a vote expected to hand him an unprecedented third term.
The Financial Times spoke to more than two dozen Chinese business executives, farmers, government officials and academics, though understandably none would go on the record to give a broad picture of the country as it enters this new era.
In the United Kingdom, representatives of British workers will gather in Brighton for the annual Trade 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 begins on Thursday in Brussels.
Former White House strategist Steve Bannon interviews Arizona Republican gubernatorial candidate Kari Lake at the Conservative Political Action Conference in Dallas on August 5 © Shelby Tauber/Reuters
In the United States, the aftermath of the Capitol Hill riot of January 6, 2021 continues. Donald Trump’s former political adviser Steve Bannon is to be held in contempt of Congress on Friday after failing to comply with a subpoena issued by the committee investigating the attack.
Finally, this week’s anniversaries include an important one for a British institution, as the BBC turns 100 years old. Many people will have an opinion on this. Perhaps it’s time to revisit former FT editor Lionel Barber’s take on a century of ‘Auntie Beeb’.
Economic data
New Zealand releases consumer price index inflation rate data for the third quarter. UK inflation figures for September are likely to push the headline rate back into double digits, while GfK’s confidence reading and retail sales update are likely to underline the unlikelihood of a boosted recovery by consumers at the moment.
The Federal Reserve will release its latest Beige Book on Wednesday, with commentary on current U.S. economic conditions, and there will be an update on the increasingly fragile U.S. housing market.
China’s monthly activity indicators will likely illustrate the current impact of Covid-19 restrictions.
companies
We’re in the midst of earnings season, kicking off the week with the rest of Wall Street’s big banks reporting third-quarter data, followed by a mix of consumer goods, retail, media, airlines and technology. Earnings issuers 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 operations update from Rio Tinto.