Key Economic News to Watch This Week: October 22
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As expected, there were no breakthroughs on the debt crisis at the EU Summit last week, except for the last minute deal to set up a banking union for the region by the 1st of January. This week, the Fed meets for a policy meeting and a GDP reading for the third quarter is expected to show improvements from the previous three months. Could a US recovery be on the cards?
Monday, October 22
As expected, there were no breakthroughs on the debt crisis at the EU Summit last week, except for the last minute deal to set up a banking union for the region by the 1st of January. This week, the Fed meets for a policy meeting and a GDP reading for the third quarter is expected to show improvements from the previous three months. Could a US recovery be on the cards?
Monday, October 22
Japan announces its September trade balance. As a result of the strong yen, analysts are expecting Japan’s trade deficit to widen by 740 billion yen ($9.3 billion), prompting speculation of additional easing by the Bank of Japan at its upcoming meeting on October 30.
Related News: Japan Could Overtake China as Top U.S. Debt Holder
The 62nd session of the World Health Organisation regional committee for Africa is in Luanda, Angola. Representatives from 46 nations are expected to attend the meeting.
Greg Smith, a former banker with Goldman Sachs, publishes his book “Why I Left Goldman Sachs: A Wall Street Story”. Smith had publicly claimed via a New York Times op-ed that the bank had lost its moral compass and cited Goldman’s “toxic and destructive” culture as his motivation for quitting.
Related News: Goldman Hits Back at Ex-Staff who Denounced the Bank’s “Toxic and Destructive” Culture
Tuesday, October 23
The International Finance Corporation and World Bank publish a joint-report entitled “Doing Business 2013”, ranking 183 economies on key aspects of business regulation.
Related News: World Bank Publishes List of Corrupt Companies & Individuals
Related News: Corruption Helped Cause the Eurozone Crisis: Transparency International
Wednesday, October 24
European Central Bank president Mario Draghi will speak at the Bundestag in Berlin about the EU debt crisis. He is also expected to testify and defend the ECB’s “unlimited” bond plan aimed at helping struggling eurozone countries, albeit at the expense of fiscally sound economies such as Germany.
Related News: German Compromise Ensures Banking Union Will be built in 2013
Related News: Greece and Spain “in Depression, Not Recession”: Stiglitz
Friday, October 26
Signing ceremony of Laos’ accession to World Trade Organisation takes place in Geneva.
Muslims celebrate Eid al-Adha, one of the most important festivals in their calendar.
Sunday, October 28
European Union countries move clocks back one hour at 02.00 BST as summer time ends. Daylight saving time for the United States will end on Sunday, November 4th.
