Key Economic News to Watch This Week: December 31
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Global markets and headlines will remain focused on Washington this week, as US politicians scramble to strike a budget deal that would end the threat of massive spending cuts and automatic tax increases. But the budget talks have taken the spotlight away from another problem: The US government is approaching its legal debt ceiling, a dire situation that raises the threat of a default in the world’s largest economy.
Monday, December 31
WTO announces the director-general shortlist for successor to Pascal Lamy.
Global markets and headlines will remain focused on Washington this week, as US politicians scramble to strike a budget deal that would end the threat of massive spending cuts and automatic tax increases. But the budget talks have taken the spotlight away from another problem: The US government is approaching its legal debt ceiling, a dire situation that raises the threat of a default in the world’s largest economy.
Monday, December 31
WTO announces the director-general shortlist for successor to Pascal Lamy.
US government borrowing reaches its debt ceiling, the maximum amount it can legally borrow.
Tuesday, January 1
Financial markets, government offices and most businesses will be closed in observance of New Year’s Day.
Start of the so-called US fiscal cliff.
Related Infographic: Understanding the Fiscal Cliff
Related News: A “Good Year” Ahead Provided Fiscal Cliff is Avoided: Bernanke
Portugal gets ready for its own “fiscal earthquake” as Lisbon plans to lift income tax revenue by more than 30 percent, raising the effective average rate by more than a third from 9.8 to 13.2 percent.
Related Story: Portugal Unveils “Enormous” Tax Hikes As Part Of Harsh Austerity Budget
Pakistan takes over presidency of UN Security Council.
Thursday, January 3
The trial of six men accused of raping a 23-year-old girl in a Delhi bus on the night of December 16 is set to begin at a fast-track court of the Delhi High Court.
Friday, January 4
The US releases its December unemployment report and analysts are forecasting 160,000 new jobs, just enough to keep the unemployment rate at 7.7 percent, the lowest level in four years.
Related Story: The Global Stock Market Rally Is Over… & the Worst Is Yet To Come: Nouriel Roubini
