Key Economic News to Watch This Week: October 29
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The month of November brings us a lot closer to the highly-anticipated political events of the year. The 57th quadrennial presidential elections will be held on the 6th of November, while China’s ruling Communist Party will hold a congress to appoint a new generation of central leaders from November 8. How will these events affect the markets?
The month of November brings us a lot closer to the highly-anticipated political events of the year. The 57th quadrennial presidential elections will be held on the 6th of November, while China’s ruling Communist Party will hold a congress to appoint a new generation of central leaders from November 8. How will these events affect the markets?
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Monday, October 29
Hurricane Sandy is expected to make landfall into the East Coast late Monday, bringing torrential rain, high winds and power outages. About 50 million people are in the path of the massive storm, which has already killed 66 people in the Caribbean. All US stock markets will be closed on Monday and possibly Tuesday. This would be the first time trading has been halted in all U.S. stocks since a four-day stretch after the Sept. 11, 2001, terrorist attacks.
Italian Prime Minister Mario Monti will meet his Spanish counterpart Mariano Rajoy in Madrid today to discuss a new bailout strategy. Both leaders are strong advocates for budget austerity but differ widely when it comes to whether they should seek financial assistance together.
Related News: Spain Resists ECB Bailout despite Draghi’s Urgings
Related News: “Epic Battle” At EU Summit as Growth Pact Held Up By Italy, Spain Demands
Tuesday, October 30
Mario Draghi, head of the ECB, will speak at the Macro-Prudential Research Network organized by the European System of Central Banks. He is likely to defend his bond-buying plan to ease the eurozone’s debt crisis.
The Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting holds a session in Geneva, Switzerland (to November 2).
A day of remembrance for the millions of victims of Stalin’s purges will be marked in Russia. The focus of the day is the military training ground of Butovo, 27km southeast of Moscow and site of a mass grave from the 1930s, when in excess of 20,000 people were shot and buried.
Wednesday, October 31
Indonesian president Susilo Bambang Yudhoyono makes a state visit to the UK, Indonesia’s first state visit to the country since 1979. Yudhoyono will be attending the Diamond Jubilee, marking the 60th year of the queen’s reign.
Related News: Indonesia Could Overtake Germany and UK By 2030
Related News: Queen’s Celebrations Could Hurt the UK Economy, Says King
Thursday, November 1
Party chiefs are set to meet for the Communist Party of China’s 7th Plenary Session in Beijing. This is in the lead-up to a once-in-a-decade leadership transition that is set to begin on November 8.
Irish Prime Minister Enda Kenny will meet German Chancellor Angela Merkel in Berlin for crisis talks.
Related News: Ireland to Demolish 1,850 ‘Ghost Estates’ Built During Property Bubble
