Key Economic News to Watch This Week: January 7

Last week’s US budget deal and better-than-expected jobs data helped lift the S&P500 to a five-year high. But expectations for the New Year are subdued: the clock is ticking on a resolution for the $16.4 trillion American debt ceiling as temporary measures installed will only provide funding until about mid-February. Over the weekend, IMF managing director Christine Lagarde warned that failure to find a solution to the US debt-ceiling debate and matters in Europe could trigger a “major world economic crisis”.

Monday, January 7

Last week’s US budget deal and better-than-expected jobs data helped lift the S&P500 to a five-year high. But expectations for the New Year are subdued: the clock is ticking on a resolution for the $16.4 trillion American debt ceiling as temporary measures installed will only provide funding until about mid-February. Over the weekend, IMF managing director Christine Lagarde warned that failure to find a solution to the US debt-ceiling debate and matters in Europe could trigger a “major world economic crisis”.

Monday, January 7

Google Inc. executive chairman Eric Schmidt and former New Mexico governor Bill Richardson will arrive in North Korea today for a private-four day “humanitarian mission”. The United States State Department last week criticised the timing of the visit given the isolated regime’s December long-range rocket launch in defiance of international sanctions.

President of Afghanistan, Hamid Karzai, meets with Barack Obama in Washington for talks on the role of the United States in Afghanistan after 2014.

Related News: China Pursues Greater Afghan Role as Western Influence Wanes

Related News: Afghanistan Requires $7bn in Aid Each Year

Tuesday, January 8

The World Economic Forum is set to release its Global Risk Report for 2013. Published annually ahead of the WEF’s annual meeting in Davos, the report offers a snapshot of how 1,000 experts perceive the risks facing the global economy, the environment, technology, and society.

South African President Jacob Zuma delivers speech to African National Congress on priorities for year ahead.

North Korea marks the birth of its leader, Kim Jong-Eun, with a public holiday. Kim is believed to have been born in 1983 or 1984.  

Related News: North Korean Leader Calls For “Radical” Economic Shift, Improved Ties with South

Thursday, January 10

The official launch of the Irish presidency of the Council of the European Union takes place in Dublin. Ireland has pledged to use its six-month presidency to focus on ensuring sustainable growth and job creation.