The Global Week Ahead

The U.S. Elections Are Finally Here, Iran Prepares for Another Strike on Israel, South Korea Confers with EU Leaders over North Korean Troops in Ukraine, and Is the Fed Ready for More Rate Cuts?

November 3 - 10, 2024

It seems like it has taken forever, but the U.S. elections are finally here on Tuesday.  It is rather extraordinary when you think of all that is being voted on: A new President, 435 members of the House of Representatives, 33 members of the U.S. Senate, 11 governors, ten state attorney generals, 86 state legislatures in 44 states, and 8 U.S. territories, 22 major city mayors, and countless state and local judges will be elected.  And a myriad of state ballot measures covering everything from abortion to taxes to water rights to education reform. 

We have spent endless hours analyzing potential market outcomes and implications these past few months.  While we believe there is a slight chance the U.S. House of Representatives flips to Democratic control by a slim margin and the U.S. Senate flips to Republican control by a slim margin, we just cannot project two days out who will win the presidency.   It all comes down to who will win Pennsylvania and every poll, every data point, every anecdotal story we have heard points to the tightest of margins between former President Trump and Vice President Harris.

The question we get asked most often is: What are we going to be looking at on election night?  Our recommendation is to watch Florida first.  Trump is almost certain to win the Sunshine State – but by how much?  By what margin?  If it is a large margin, it is a possible indicator that Trump is having a big night.  It may be a good night for Harris if it is not a significant margin.  We will also be watching North Carolina – does Trump win, or does Harris surprise with a win?  Again, the Tar Heel State will be a good early indicator.  Unfortunately, our prediction is Pennsylvania will be close, complicated, and slow to reveal the victor.  And if the race is as close as it appears to be now in the Keystone State, markets had better brace for a couple of days of uncertainty.

While virtually the entire world will be glued to televisions and computer screens watching the returns' role in, there are several other major geopolitical events we are watching closely this week.   First, despite early indications Iran was not going to strike back at Israel for Israel's recent retaliatory strike on Iran, it now appears sentiment among Iran's leaders has shifted considerably.   Two senior Iranian military leaders in the last week have publicly promised to strike back at Israel is a serious and rising risk.  The change in stance appears to come as a result of Iran coming to grips with just how damaging Israel's October 25th strike actually was: crippling Iranian air defenses and destroying or crippling major drone production facilities as well as sensitive rocket fuel mixing facilities.    

Also this week, South Korean leaders will be meeting with European Union leaders to discuss the recent deployment of approximately 10,000 North Korean troops in Russia, moving to the frontlines to battle Ukrainian forces.  We see this as a significant game-changer in the Ukraine War, and South Korea clearly does too.  As the South Korean Foreign Minister said Friday, "all possible scenarios are under consideration" which means Seoul is likely to being sending weapons to Ukraine and possibly sending military advisors and observers to Ukraine.   It could also prompt NATO to reverse the current stance of not allowing NATO weapons supplied to Ukrainian forces to be used against Russian troops inside Russia – something Russian President Vladimir Putin has said would cross "a red line." 

Looking at the global economic radar screen this week, the big events are all at the central banks.  The Federal Reserve's Open Market Committee meets on Wednesday and Thursday.  Markets have factored in a likely 25 basis point cut, but with last week's feeble jobs report, some wonder if the cut will be more. 

The Bank of England, the Reserve Bank of Australia, Sweden's Riksbank, Norway's Norges Bank, and the Central Bank of Brazil will also meet this week to discuss interest rates.

Looking at economic data releases this week, in Europe, markets are watching Germany's trade balance, factory orders, and industrial production numbers.  France also releases industrial production and trade numbers.

In Asia, the Chinese Standing Committee of the National People's Congress will meet, and markets are watching for any new stimulus measures to stabilize the economy.   China will also release trade balance figures.   Meanwhile, Japan releases wage figures while the Bank of Japan releases minutes from its September meeting.

And bringing back to the U.S., the ISM services report, productivity and unit labor costs, and the University of Michigan consumer survey are all out this week. 

Below is what else we are closely watching around the world in the coming week:

Sunday, November 3, 2024

Global

·       G7 Development Ministers meet in Pescara, Italy.

Americas

Political/Social Events –

·       Delegations from the Colombian government and ELN guerrillas meet for peace talks in Caracas, Venezuela.

·       Today is Dominica Independence Day, celebrating when the country was granted independence from the UK.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       China Standing Committee National People's Congress will gather for meetings through November 8.  They will consider draft laws and amendments to laws dealing with mineral resources, energy, anti-money laundering, and maritime issues.  They are not expected to discuss the ongoing national economic challenges or how to deal with the debt crisis.

Europe

Political/Social Events –

Moldova holds the second round of its presidential elections.

Economic Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       The Turkish-African Summit is held in Djibouti.  Turkey has invested heavily across Africa in recent years, with President Recep Tayyip Erdogan carrying out 50 visits to 31 countries during his two decades in power.

Economic Reports/Events –

·       Nothing significant to report.

Monday, November 4, 2024

Global

·       The UN Security Council will hold a briefing on Non-proliferation/Democratic People’s Republic of Korea.

·       The UAE hosts energy industry executives at the annual ADIPEC Conference. (Abu Dhabi International Petroleum Exhibition & Conference).  This is the largest energy conference with more than 2,200 exhibiting companies and more than 17,000 participants expected to attend.

·       The 7th OECD World Forum on Well-Being is held in Paris.

·       Interpol convenes its 92nd General Assembly in Glasgow, Scotland through November 7.

Americas

Political/Social Events –

·       Today is Constitution Day in the Dominican Republic, a national holiday.

·       Boeing workers vote on improved contract offer to end strike.

Economic Reports/Events –

·       Brazil IPC-Fipe Inflation (October)/ BCB Focus Market Readout

·       Chile IMACEC Economic Activity (September)

·       Mexico Gross Fixed Investment (August)

·       USA Factory Orders (September)/ Total Vehicle Sales (October)

Asia

Political/Social Events –

·       Malaysia Prime Minister Anwar Ibrahim visits Beijing for a four-day visit.  This is his third trip to China since taking office two years ago. 

·       Indonesia and Russia will hold their first joint naval drills in Surabaya, on the northeastern coast of Java island, from Monday to Friday. Southeast Asia's largest economy has adopted a neutral foreign policy, avoiding taking sides over Russia's invasion of Ukraine, while also trying to sidestep the U.S.-China rivalry. But Indonesia's new President Prabowo Subianto is looking to boost ties with Russia, after meeting with Vladimir Putin in Moscow this summer.

·       The 11th summit of the heads of state of the Organization of Turkic States begins in Bishkek, Kyrgyzstan.

Economic Reports/Events –

·       Australia ANZ-Indeed Job Ads (October)

·       Philippines S&P Global Manufacturing PMI (October)

·       India HSBC Manufacturing PMI Final (October)

·       Pakistan Interest Rate Decision

·       Sri Lanka Unemployment Rate Q2

Europe

Political/Social Events –

·       The Eurogroup meets in Brussels. Ministers will discuss the competitiveness of the European economy, with a view to agreeing and adopting a formal statement.  Ministers will continue to follow up on the implementation of the statement of the Eurogroup in inclusive format on the future of capital markets union, in line with the high-level roadmap endorsed in May. They will also discuss how best to regularly take stock of the performance of European capital markets and monitor progress on EU and national measures.

·       South Korean and EU officials are to hold their first strategic dialogue in Seoul to discuss Russia’s deployment of North Korean troops.  The meeting may give an indication of whether South Korea will send military observers and possibly advisors to Ukraine and/or ramp up military aid to Ukraine.

·        Chancellor Olaf Scholz meets NATO Secretary General Mark Rutte, press conference follows in Berlin.  Rutte will also meet with President Frank-Walter Steinmeier and Minister of Defence Boris Pistorius, Minister of Finance Christian Lindner, and other senior officials.

·       Today is Russia’s Day of Unity, celebrating when in 1612 a popular uprising against Polish forces.

Economic Reports/Events –

·       European Central Bank Board Member Frank Elderson gives a  keynote speech at a high-level conference "10 years of SSM: Looking back and looking forward" organized by European Banking Institute in collaboration with Hessisches Ministerium für Wissenschaft und Kunst in Frankfurt, Germany.  ECB Board Member Elizabeth McCaul will also participate on a panel entitled "Competitiveness of European Banks.”

·       Romania PPI (September)

·       Turkey Inflation Rate (October)/ PPI (October)/ Foreign Exchange Reserves (October/25)/ Imports/ Exports/ Balance of Trade Prel (October)/ Auto Production & Sales (October)

·       France Budget Balance (September)/ HCOB Manufacturing PMI (October)/ New Car Registrations (October)

·       Hungary HALPIM Manufacturing PMI (October)

·       Poland S&P Global Manufacturing PMI (October)

·       Spain HCOB Manufacturing PMI (October)

·       Italy HCOB Manufacturing PMI (October)

·       Germany HCOB Manufacturing PMI (October)/ New Car Registrations (October)

·       Euro Area HCOB Manufacturing PMI (October)

·       Slovenia Balance of Trade (September)

·       Ukraine GDP Growth Rate Q3

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel M1 Money Supply (September)

Africa

Political/Social Events –

·       The Africa Energy Expo 2024 begins in Kigali, Rwanda.

Economic Reports/Events –

·       Egypt M2 Money Supply (September)

Tuesday, November 5, 2024

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       It is election day in the United States.

·       The former U.S. Navy contractor, Leonard Glenn Francis – better known as “Fat Leonard” – will be sentenced following his 2023 extradition from Venezuela in a federal court in San Diego.

Economic Reports/Events –

·       Chile Monetary Policy Meeting Minutes

·       Brazil S&P Global Composite & Services PMI (October)

·       Canada Imports/ Exports/ Balance of Trade (September)/ S&P Global Composite & Services PMI (October)

·       USA Imports/ Exports/ Balance of Trade (September)/ Redbook (November/02)/ S&P Global Composite & Services PMI (October)/ ISM Services PMI (October)/ API Crude Oil Stock Change (November/01)/ LMI Logistics Managers Index (October)

·       Uruguay Inflation Rate (October)

·       Colombia PPI (October)

Asia

Political/Social Events –

·       The annual China International Import Expo kicks off in host city Shanghai, attracting exporters from more than 70 countries. China aims to boost trade through the six-day expo as sluggish domestic demand weighs.

·       Palau will hold a presidential election.

Economic Reports/Events –

·       The Tokyo Stock Exchange extends its closing time by 30 minutes to 3:30 p.m., in a move to "further improve convenience for market users, international competitiveness, and resilience," it said. Trading will still start at 9:00 a.m.

·       South Korea Foreign Exchange Reserves (October)/ Inflation Rate (October)

·       Australia Judo Bank Composite & Services PMI Final (October)/ RBA Interest Rate Decision/ RBA Press Conference

·       Hong Kong S&P Global PMI (October)

·       Singapore S&P Global PMI (October)/ Retail Sales (September)

·       Philippines Inflation Rate (October)

·       China Caixin Composite & Services PMI (October)/ Standing Committee National People's Congress

·       Indonesia GDP Growth Rate Q3

·       Thailand Inflation Rate (October)

·       Kazakhstan S&P Global Services PMI (October)

·       Taiwan Foreign Exchange Reserves (October)

·       New Zealand Global Dairy Trade Price Index (November/05)

Europe

Political/Social Events –

·       The EU Economic and Financial Affairs Council will meet in Brussels. Ministers will discuss The Council will seek a political agreement on a package of legislation on value added tax (VAT) in the digital age. The package consists of three proposals that set out to tackle VAT fraud, support businesses and promote digitalization.  They will also take stock of the implementation of the Recovery and Resilience Facility (RRF).The Council is expected to adopt implementing decisions approving modified recovery and resilience plans, submitted by some member states.

·       President Emmanuel Macron hosts Kazakh President Kassym-Jomart Tokayev for a state visit.

·       Italian Prime Minister Giorgia Meloni hosts NATO Secretary General Mark Rutte in Rome.

·       German. Chancellor Olaf Scholz hosts Somalia's President Hassan Sheikh Mohamud, press conference follows.

·       The French Parliament continues debates over the government's 2025 budget proposal.

·       The Berlin Peace Dialogue 2024 begins in Berlin, Germany.

·       Today is Guy Fawkes Day in the UK.

Economic Reports/Events –

·       European Central Bank President Christine Lagarde gives the keynote speech at the French Competition Authority’s 15th Anniversary Event in Paris, France.

·       European Central Bank Board Member Isabel Schnabel gives a speech at the Michael Chae Seminar on Macroeconomic Policy at Harvard University’s Department of Economics in Cambridge, Massachusetts.

·       Ireland AIB Services PMI (October)

·       Switzerland Unemployment Rate (October)

·       Hungary Balance of Trade Prel (September)

·       France Industrial Production (September)

·       Spain Unemployment Change (October)

·       Great Britain New Car Sales (October)/ S&P Global Composite & Services PMI Final (October)

·       Serbia PPI (October)

Middle East

Political/Social Events –

·       Qatar holds a constitutional referendum including a proposal to change strengthening the role of the emir and abolishment of the elections to the Consultative Assembly with its members being appointed instead.

·       The IMF will begin reviewing Egypt’s loan program.

Economic Reports/Events –

·       Saudi Arabia Riyad Bank PMI (October)

·       United Arab Emirates S&P Global PMI (October)

·       Lebanon BLOM Lebanon PMI (October)

·       Qatar Financial Centre PMI (October)

·       Jordan PPI (September)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Egypt S&P Global PMI (October)

·       Mozambique Standard Bank PMI (October)

·       South Africa S&P Global PMI (October)

·       Kenya Stanbic Bank PMI (October)

·       Ghana S&P Global PMI (October)

·       Egypt Foreign Exchange Reserves (October)

Wednesday, November 6, 2024

Global

·       The inaugural ministerial meeting of the International Atomic Energy Agency’s IAEA World Fusion Energy Group takes place in Rome.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Mexico Auto Exports & Production (October)

·       Canada Ivey PMI s.a (October)/ Bank of Canada Summary of Deliberations/Bank of Canada Deputy Governor Carolyn Rogers speaks at the Economic Club of Canada.

·       Colombia Exports (September)

·       USA EIA Crude Oil & Gasoline Stocks Change (November/01)

·       Brazil Balance of Trade (October)/ Interest Rate Decision

Asia

Political/Social Events –

·       Philippine President Ferdinand Marcos Jr. is the keynote speaker at the opening of the Manila Dialogue on the South China Sea. The forum focuses on issues surrounding the geopolitical flashpoint, with China and the Philippines locked in an increasingly tense row over the disputed waterway.

·       The Singapore FinTech Festival begins. Industry leaders, investors and policy makers will gather in Singapore for one of the world's largest financial technology exhibitions. Organized annually by the Monetary Authority of Singapore, the three-day event will discuss and showcase the latest advancements in the sector including digital banking, artificial intelligence, blockchain technology and sustainable finance.

Economic Reports/Events –

·       New Zealand RBNZ Financial Stability Report/ Unemployment Rate Q3/ Employment Change Q3/ Labour Costs Index Q3/ Participation Rate Q3

·       Australia Ai Group Industry Index (October)/ TD-MI Inflation Gauge (October)/ RBA Chart Pack

·       Japan BoJ Monetary Policy Meeting Minutes/ Jibun Bank Composite & Services PMI Final (October)

·       Philippines Unemployment Rate (September)/ Imports/ Exports/ Balance of Trade (September)/ Industrial Production (September)

·       Vietnam Balance of Trade (October)/ Industrial Production (October)/ Inflation Rate (October)/ Retail Sales (October)/ Tourist Arrivals (October)

·       India HSBC Composite & Services PMI Final (October)

·       Malaysia Interest Rate Decision

·       Taiwan Inflation Rate (October)

·       China Standing Committee National People's Congress

Europe

Political/Social Events –

·       EU President Ursula von der Leyen meets with French Prime Minister Michel Barnier in Brussels.

·       Facing low approval polls (14 percent), Germany’s Coalition Committee of the governmental parties meets in Berlin, discussing the future of the coalition – meaning, new parliamentary elections could be called.

·       Russia's Foreign Minister Sergei Lavrov visits Kazakhstan for meetings.

·       Russia’s Upper house of parliament votes to ratify Defence treaty with North Korea.

Economic Reports/Events –

·       European Central Bank President Christine Lagarde gives the welcoming address at the 10th anniversary of the Single Supervisory Mechanism in Frankfurt, Germany.  ECB Board Member Claudia Buch will also speak.

·       European Central Bank Board Member Luis de Guindos speaks at a lunch and takes Q&A session at the Distinguished Speaker Seminar organized by European Economics and Financial Centre in London.

·       Russia S&P Global Composite & Services PMI (October)/ Summary of the Key Rate Discussion

·       Germany Factory Orders (September)

·       Hungary Industrial Production Prel (September)/ Monetary Policy Meeting Minutes

·       Spain HCOB Composite & Services PMI (October)

·       Italy HCOB Composite & Services PMI (October)

·       France HCOB Composite & Services PMI (October)

·       Euro Area HCOB Composite & Services PMI (October)/ PPI (September)

·       Great Britain S&P Global Construction PMI (October)

·       Ireland Unemployment Rate (October)

·       Ukraine Foreign Exchange Reserves (October)

·       Poland Interest Rate Decision (November)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel Tourist Arrivals (October)

Africa

Political/Social Events –

·       Angolan President Joao Lourenco will meet French President Emmanuel Macron in Paris.

·       South Africa will host the Critical Minerals Africa Summit in Cape Town through November 7.

Economic Reports/Events –

·       Nothing significant to report.

Thursday, November 7, 2024

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       The 9th  Ministerial Conference on the Information Society in Latin America and the Caribbean Will Be Held in Santiago, Chile.

·       Nothing significant to report.

Economic Reports/Events –

·       The Federal Reserve Board’s Open Market Committee meets on the economy and interest rates.  Fed Chair Jay Powell holds a press conference afterwards.

·       Chile Imports/ Exports/ Balance of Trade (October)

·       Mexico Inflation Rate (October)

·       Brazil Car Production (October)/ New Car Registrations (October)

·       USA Initial Jobless Claims (November/02)/ Continuing Jobless Claims (October/26)/ Wholesale Inventories (September)/ EIA Natural Gas Stocks Change (November/01)/ 15- & 30-Year Mortgage Rate (November/06)/ Consumer Credit Change (September)/ Fed Balance Sheet (November/06)/ Used Car Prices (October)

·       Costa Rica Inflation Rate (October)

·       Argentina Industrial Production (September)

·       Peru Interest Rate Decision

Asia

Political/Social Events –

·       The 7th China International Import Expo begins in Shanghai.  Chinese Premiere Li Qiang will give an opening speech.  According to Chinese press reports, leaders from other countries, including Malaysian Prime Minister Anwar Ibrahim, Uzbek Prime Minister Abdulla Aripov, Slovakia’s Prime Minister Robert Fico, Kazakh Prime Minister Olzhas Bektenov, Mongolian Prime Minister L. Oyun-Erdene, and Serbian Prime Minister Miloš Vučević will attend the opening ceremony.

Economic Reports/Events –

·       South Korea Current Account (September)

·       Japan Average Cash Earnings (September)/ Overtime Pay (September)/ Foreign Bond Investment (November/02)/ Stock Investment by Foreigners (November/02)/ Foreign Exchange Reserves (October)

·       Australia Imports/ Exports/ Balance of Trade (September)/ Building Permits Final (September)

·       Philippines GDP Growth Rate Q3/ Foreign Exchange Reserves (October)

·       China Imports/ Exports/ Balance of Trade (October)/ Foreign Exchange Reserves (October)/ Standing Committee National People's Congress

·       Indonesia Foreign Exchange Reserves (October)

·       Malaysia Retail Sales (September)

·       Sri Lanka Tourist Arrivals (October)

·       Hong Kong Foreign Exchange Reserves (October)

·       Singapore Foreign Exchange Reserves (October)

·       Thailand Consumer Confidence (October)

Europe

Political/Social Events –

·       Russian President Vladimir Putin speaks at Valdai Discussion Club meeting in Moscow.  The title of his speech is reported to be “titled "Security for Each and Everyone. Together Into a New World."

Economic Reports/Events –

·       European Central Bank Board Member Isabel Schnabel gives opening remarks at the ECB Conference on Money Markets in Frankfurt, Germany.

·       European Central Bank Board Member Frank Elderson participates on a panel entitled "Stepping up: a new era for international climate leadership" at Friends of Europe’s flagship Festival of politics and Ideas "Voices, choices and leadership: a tipping point for Europe?" in Brussels, Belgium.

·       European Central Bank Board Member Philip R. Lane gives a speech at a conference entitled "Public Debt: Past Lessons, Future Challenges" organized by Bank of Greece in Athens, Greece.

·       European Central Bank Board Member Claudia Buch participates on a panel discussion at DNB Banking Seminar (virtual).

·       Germany Imports/ Exports/ Balance of Trade (September)/ Industrial Production (September)/ HCOB Construction PMI (October)

·       Romania Retail Sales (September)

·       Great Britain Halifax House Price Index (October)/ BBA Mortgage Rate (October)/ BoE Interest Rate Decision/ BoE Monetary Policy Report/ BoE MPC Vote Cut/ BoE MPC Vote Hike/ BoE MPC Vote Unchanged/ MPC Meeting Minutes

·       Hungary Retail Sales (September)

·       France Foreign Exchange Reserves (October)/ Private Non-Farm Payrolls Q3/ HCOB Construction PMI (October)

·       Slovakia Retail Sales (September)

·       Italy HCOB Construction PMI (October)

·       Spain Industrial Production (September)

·       Switzerland Foreign Exchange Reserves (October)

·       Euro Area HCOB Construction PMI (October)/ Retail Sales (September)

·       Greece Balance of Trade (September)

·       Ireland Inflation Rate (October)

·       Serbia Interest Rate Decision

·       Turkey Foreign Exchange Reserves (November/01)/ Treasury Cash Balance (October)

·       Poland Foreign Exchange Reserves (October)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel Business Confidence (October)/ Foreign Exchange Reserves (October)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Africa Foreign Exchange Reserves (October)

Friday, November 8, 2024

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Federal Reserve Board Governor Michelle W. Bowman speaks on banking issues at

the University of Mississippi School of Business Banking and Finance Symposium, Oxford, Mississippi.

·       Chile Inflation Rate (October)

·       Brazil Inflation Rate (October)

·       Canada Unemployment Rate (October)/ Employment Change (October)/ Participation Rate (October)/ Average Hourly Wages (October)/ Full & Part Time Employment Change(October)

·       Ecuador Inflation Rate (October)

·       USA Michigan Consumer Sentiment Prel (November)/ Michigan Current Conditions Prel (November)/ Michigan Inflation Expectations Prel (November)/ WASDE Report/ Baker Hughes Total Rigs Count (November/08)

·       Colombia Inflation Rate (October)

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Japan Reuters Tankan Index (November)/ Household Spending (September)/ Coincident Index Prel (September)/ Leading Economic Index Prel (September)

·       New Zealand Business Inflation Expectations Q4

·       Indonesia Consumer Confidence (October)/ Motorbike Sales (October)/ Car Sales (October)

·       Malaysia Industrial Production (September)/ Unemployment Rate (September)

·       Taiwan Imports/ Exports/ Balance of Trade (October)

·       China Current Account Prel Q3

·       India Foreign Exchange Reserves (November/01)

Europe

Political/Social Events –

·       There will be an informal meeting of EU heads of state in Budapest, Hungary hosted by Hungarian Prime Minister Viktor Orbán.  Hungary is Chairing the European Council until the end of December.

·       Greek Foreign Minister Giorgos Gerapetritis hosts Turkey's Foreign Minister Hakan Fidan in Athens.

Economic Reports/Events –

·       European Central Bank Board Member Elizabeth McCaul participates on a  panel discussion at 11th anniversary of McKinsey’s and Quantum Black’s flagship EMEA Data & AI Summit in Versailles, France.

·       European Central Bank Board Member Piero Cipollone moderates a panel at a high-level event on Italy and the World Bank Group: "Partnering for Africa's prosperity" co-organized by the World Bank Group, Banca d'Italia, and the Italian Ministry of Economy and Finance in Rome, Italy.

·       Bank of England Chief Economist Huw Pill will give a monetary policy report national agency briefing in London.

·       Great Britain RICS House Price Balance (October)

·       Netherlands Manufacturing Production (September)

·       Turkey Inflation Report

·       France Imports/ Exports/ Balance of Trade (September)/ Current Account (September)

·       Slovakia Balance of Trade (September)/ Industrial Production (September)

·       Switzerland Consumer Confidence (October)

·       Italy Industrial Production (September)/ Retail Sales (September)

·       Greece Inflation Rate (October)

·       Ireland Industrial Production (September)

·       Romania Interest Rate Decision

·       Russia Foreign Exchange Reserves (October)/ Vehicle Sales (October)

·       Ukraine Inflation Rate (October)

·       Hungary Budget Balance (October)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Foreign Ministers of the Russia-Africa partnership forum meet in Sochi, Russia.

Economic Reports/Events –

·       Tanzania Inflation Rate (October)

Saturday, November 9, 2024

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       China Inflation Rate (October)/ PPI (October)

Europe

Political/Social Events –

·       Today is the 35th anniversary of the fall of the Berlin Wall.

Economic Reports/Events –

·       European Central Bank President Christine Lagarde participates in a the closing event "Climate risks, adaptation and mitigation: what do central banks make of their economic effects?" at Green Swan Conference 2024 "Impact of climate change on the real economy: what does it mean for business and for monetary policy?" co-organized by Bank for International Settlements, Bank of Japan, Bank of Spain and Network for Greening the Financial System in Basel, Switzerland.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Nigerian Foreign Minister Yusuf Tuggar will travel to Russia through November 10. 

Economic Reports/Events –

·       Nothing significant to report.

Sunday, November 10, 2024

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Today is Primer Grito de Independencia Day in Panama, a public holiday.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       The Asia-Pacific Economic Cooperation (APEC) Summit 2024 begins in Lima, Peru and runs through November 16.

·       Mauritius holds parliamentary elections.

·       Today is Cambodia Independence Day, celebrating when in 1945 Cambodian King Norodom Sihanouk proclaimed the country an independent kingdom.

Economic Reports/Events –

·       China Vehicle Sales (October)

Europe

Political/Social Events –

·       Today is Remembrance Day, marking the anniversary of the end of World War I in 1918.

Economic Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Saudi Arabia Industrial Production (September)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.